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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. (NasdaqGS: IIIN) announced it will transfer its common stock listing from NASDAQ to the New York Stock Exchange (NYSE), effective March 17, 2021. The company previously traded on the NYSE from 1992 to 2002. H.O. Woltz III, President and CEO, expressed pleasure in returning to the NYSE, aiming to enhance long-term shareholder value. John Tuttle from the NYSE welcomed Insteel, highlighting the advantages of their market model and services. Insteel is the largest U.S. manufacturer of steel wire reinforcing products for concrete construction, operating ten manufacturing facilities nationwide.
Insteel Industries announced a quarterly cash dividend of $0.03 per share on February 16, 2021. This dividend will be payable on March 26, 2021 to shareholders on record as of March 12, 2021. Insteel, the largest manufacturer of steel wire reinforcing products for concrete construction, operates ten manufacturing facilities across the United States. The company focuses primarily on the nonresidential construction market, serving manufacturers of concrete products and contractors.
Insteel Industries reported strong financial results for Q1 2021, with net earnings of $8.1 million ($0.42/share), a significant increase from $0.6 million ($0.03/share) the previous year. Net sales rose 22.6% to $119.6 million, driven by a 21.6% increase in shipments and a 1.0% rise in average selling prices. Gross margin expanded to 16.6% from 6.4% due to improved pricing spreads. The company also paid a special cash dividend of $29.0 million and ended the quarter debt-free. However, uncertainties regarding COVID-19 and infrastructure funding remain a concern.
Insteel Industries (NasdaqGS: IIIN) will host a webcast for its Q1 2021 earnings conference call on January 21, 2021 at 10:00 a.m. ET, following the release of financial results at 6:30 a.m. ET. This live event can be accessed via the Company's website and will be archived for later replay. As the largest U.S. manufacturer of steel wire reinforcing products for concrete, Insteel serves concrete contractors and product manufacturers primarily for nonresidential construction projects, operating ten facilities across the country.
On November 17, 2020, Insteel Industries (IIIN) announced a quarterly cash dividend of $0.03 per share and a special cash dividend of $1.50 per share, payable on December 18, 2020, to shareholders of record as of December 1, 2020. This move aims to return capital to shareholders while supporting a robust capital investment program and maintaining financial flexibility for potential acquisitions. Insteel is the leading manufacturer of steel wire reinforcing products for concrete construction in the U.S.
Insteel Industries reported strong financial results for Q4 and fiscal year 2020, driven by rising demand in construction markets. Q4 net earnings were $7.4 million ($0.38/share), a recovery from a net loss of $1.8 million a year prior. Sales surged 21.9% to $138.2 million, while shipments hit a record high. Fiscal 2020 earnings reached $19.0 million ($0.98/share), up from $5.6 million. Gross margins improved significantly, though the company anticipates vulnerabilities in FY 2021 due to economic uncertainties and construction market conditions, despite optimism for ongoing strategic initiatives.
Insteel Industries, Inc. (NasdaqGS: IIIN) has announced a live webcast of its fourth quarter 2020 earnings conference call set for October 22, 2020, at 10:00 a.m. ET. This follows the release of their financial results at 6:30 a.m. ET on the same day. As the largest manufacturer of steel wire reinforcing products in the U.S., Insteel supplies products primarily to the nonresidential construction market. The conference call can be accessed through the company's website and will be archived for replay.
Insteel Industries, Inc. (NasdaqGS: IIIN) declared a quarterly cash dividend of $0.03 per share, scheduled for payment on September 25, 2020. Shareholders on record as of September 11, 2020, will receive this dividend. As the largest manufacturer of steel wire reinforcing products in the U.S., Insteel serves nonresidential construction markets from its ten manufacturing facilities. This dividend reflects the company's commitment to returning value to shareholders.
Insteel Industries reported third-quarter fiscal 2020 net earnings of $6.7 million ($0.34/share), up from $2.2 million ($0.11/share) a year earlier, driven by improved margins despite a 3.4% drop in net sales to $122 million. The decrease in revenue was attributed to an 11.7% decline in average selling prices, though shipments rose by 9.5%. Gross margin improved to 12.1%, up 560 basis points year-over-year. The company ended Q3 with $61.4 million in cash, underscoring its financial stability amid challenges, including potential impacts from COVID-19 on future markets.
Insteel Industries (NasdaqGS: IIIN) will host a live webcast for its third quarter 2020 earnings conference call on July 16, 2020, at 10:00 a.m. ET. This follows the release of financial results at 6:30 a.m. ET on the same day. Investors can access the call via the company's website, where it will also be archived for later viewing. As the largest manufacturer of steel wire reinforcing products in the U.S., Insteel primarily serves the nonresidential construction sector.