Insteel Industries Plunges Despite Improved Quarterly Results

(RTTNews) - Shares of Insteel Industries, Inc. (IIIN) are falling more than 14% Thursday morning despite reporting improved results in the third quarter.

Insteel makes steel wire reinforcing products for concrete construction applications.

For the third quarter, the company reported net earnings of $38.6 million, or $1.96 per share, up from $18.4 million, or $0.94 per share, for the same period a year ago.

Net sales also increased to $227.2 million from $160.7 million for the prior year quarter driven by increase in average selling prices.

IIIN is at $34.76 currently. It has traded in the range of $32.38-$47.70 in the past 52 weeks.