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 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.
Insteel Industries reported strong financial results for Q2 2021, with net earnings reaching $14.9 million ($0.76 per share) compared to $4.4 million ($0.23 per share) in Q2 2020. Net sales increased by 21.0% to $139.0 million, driven by a 15.0% rise in average selling prices and a 5.2% increase in shipments. The gross margin expanded 840 basis points to 21.7%. The company remains debt-free with $58.9 million in cash and an optimistic outlook due to favorable trends in non-residential construction. However, it anticipates tight supply conditions for steel wire rod.
Insteel Industries, Inc. (NYSE: IIIN) will host a second quarter 2021 earnings conference call on April 22, 2021, at 10:00 a.m. ET, following the release of its first quarter financial results at 6:30 a.m. ET. The call will be available for live webcast and archived replay on the Company's website. Insteel is the largest manufacturer of steel wire reinforcing products for concrete construction in the U.S., with ten manufacturing facilities nationwide.
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.