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 June 24, 2022, to shareholders on record as of June 10, 2022. Insteel is the largest manufacturer of steel wire products for concrete construction in the U.S., operating ten manufacturing facilities. The company focuses on prestressed concrete strand and welded wire reinforcement for nonresidential construction. Forward-looking statements are included in the release, highlighting the inherent risks in financial predictions.
Insteel Industries (NYSE: IIIN) reported record second-quarter net earnings of $39.0 million ($1.99 per diluted share), up from $14.9 million ($0.76 per diluted share) year-over-year. Net sales soared to $213.2 million, driven by a 65.4% increase in average selling prices, despite a 7.2% decline in shipments. Gross profit rose to $57.1 million with a gross margin of 26.8%. For the first half of 2022, net earnings hit $62.1 million, while cash from operating activities decreased to $20.1 million due to increased working capital. The company ended the quarter debt-free, with $69.7 million in cash.
Insteel Industries Inc. (NYSE: IIIN) will host its second quarter 2022 earnings conference call on April 21, 2022, at 10:00 a.m. ET, following the release of financial results at 6:30 a.m. ET. Investors can access the conference via the company’s website at investor.insteel.com. Insteel is the largest manufacturer of steel wire reinforcing products for concrete construction in the U.S., with a focus on nonresidential applications.
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.