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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 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.