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Insteel Industries, Inc. (IIIN) reports developments tied to steel wire reinforcing products for concrete construction applications in the United States. The company manufactures and markets prestressed concrete strand and welded wire reinforcement, including engineered structural mesh, concrete pipe reinforcement and standard welded wire reinforcement for manufacturers of concrete products and concrete contractors.
Recurring updates cover fiscal results, shipment volumes, average selling prices, raw-material cost spreads, unit manufacturing costs and demand from nonresidential, infrastructure and commercial construction markets. Company news also includes regular and special cash dividend announcements, earnings call notices and operating commentary on weather and seasonality.
Insteel Industries Inc. (NYSE: IIIN) has declared a quarterly cash dividend of $0.03 per share, payable on March 25, 2022, to shareholders of record as of March 11, 2022. As the largest manufacturer of steel wire reinforcing products for concrete construction in the U.S., Insteel focuses on nonresidential construction markets, offering products like prestressed concrete strands and welded wire reinforcement. The company operates ten manufacturing facilities across the U.S. and continues to monitor forward-looking statements that include potential risks affecting its business.
Insteel Industries Inc. (NYSE: IIIN) reported first-quarter 2022 financial results with record revenue of $178.5 million and net earnings of $23.1 million ($1.18 per diluted share), significantly up from $8.1 million ($0.42 per diluted share) a year prior. Demand for concrete reinforcing products remained strong despite an 11.9% decline in shipments due to tight raw material supplies. Average selling prices rose 69.4%, primarily to offset increased costs. Insteel ended the quarter debt-free with $63 million in cash and declared a $38.8 million special dividend.
Insteel Industries Inc. (NYSE: IIIN) will host a live webcast of its first quarter 2022 earnings conference call on January 20, 2022, at 10:00 a.m. ET, following the release of financial results at 6:30 a.m. ET. The call can be accessed via the company’s investor website and will also be archived for later playback. As the largest U.S. manufacturer of steel wire reinforcing products for concrete construction, Insteel is headquartered in Mount Airy, North Carolina, with ten manufacturing facilities nationwide.
On November 16, 2021, Insteel Industries Inc. (NYSE: IIIN) announced a regular quarterly cash dividend of $0.03 and a special cash dividend of $2.00 per share, payable on December 17, 2021. This marks the fifth special dividend of at least $1 per share since 2016. The company reported a record financial performance in 2021, allowing for capital returns to shareholders while still maintaining financial flexibility for future investments and acquisitions.
Insteel Industries (NYSE: IIIN) announced record financial results for Q4 and fiscal 2021, reporting net earnings of $25.2 million ($1.28 per diluted share) for Q4, up from $7.4 million ($0.38) year-over-year. Net sales surged 23.9% to $171.3 million, driven by a 56.1% rise in average selling prices, despite a 20.6% decline in shipments. For the fiscal year, net earnings rose to $66.6 million ($3.41 per share) with a 25% increase in net sales to $590.6 million. The company ended 2021 debt-free, with $89.9 million in cash. However, challenges persist in steel supply and labor markets as they look to 2022.
Insteel Industries Inc. (NYSE: IIIN) will host its fourth quarter 2021 earnings conference call on October 21, 2021, at 10:00 a.m. ET. The call follows the release of financial results scheduled for 6:30 a.m. ET on the same day. The event will be available for live streaming on the company’s website and archived for later access.
Insteel is the largest manufacturer of steel wire reinforcing products used in concrete construction, focusing on nonresidential applications.
Insteel Industries (NYSE: IIIN) declared a quarterly cash dividend of $0.03 per share, payable on September 24, 2021, to shareholders of record as of September 10, 2021. As the largest manufacturer of steel wire reinforcing products for concrete applications in the U.S., Insteel specializes in prestressed concrete strand and welded wire reinforcement. The company operates ten manufacturing facilities across the United States and primarily serves nonresidential construction markets.
Insteel Industries reported a strong third quarter for 2021, with net earnings soaring to $18.4 million or $0.94 per diluted share, a significant increase from $6.7 million or $0.34 in Q3 2020. Net sales rose 31.8% to a record $160.7 million, driven by a 32.9% increase in average selling prices, although shipment volumes fell by 1.0%. The gross margin expanded to 19.6%, up 750 basis points year-over-year. Operating cash generated was $36.2 million, reflecting strong financial performance against tightening raw material supplies.
Insteel Industries announced its third quarter 2021 earnings conference call, scheduled for July 22, 2021, at 10:00 a.m. ET. Prior to the call, the company's financial results will be released at 6:30 a.m. ET. Investors can access the live webcast and find further details on Insteel's website. As the largest manufacturer of steel wire reinforcing products in the U.S., Insteel provides essential materials for concrete construction, primarily targeting nonresidential applications through its ten manufacturing facilities.
Insteel Industries Inc. (NYSE: IIIN) declared a quarterly cash dividend of $0.03 per share on May 18, 2021. This dividend is payable on June 25, 2021 to shareholders on record as of June 11, 2021. Insteel is the largest manufacturer of steel wire reinforcing products for the concrete construction industry, operating ten facilities across the U.S. The company focuses on producing prestressed concrete strands and welded wire reinforcement primarily for nonresidential construction.