Insteel Industries Q1 Profit Down - Quick Facts

(RTTNews) - Insteel Industries Inc. (IIIN) reported that its net earnings for the first quarter of fiscal 2024 decreased to $1.13 million or $0.06 per share, from $11.12 million or $0.57 per share, in the same period a year ago.

The prior year result included a $3.3 million or $0.13 per share gain on the sale of property, plant and equipment. Insteel's first quarter results were unfavorably impacted by the narrowing of spreads between selling prices and raw material costs, together with elevated unit manufacturing costs on lower production levels.

Net sales for the first quarter decreased 27.1% to $121.73 million from $166.90 million in the prior year quarter, driven entirely by a decrease in average selling prices.

"...As we look toward the remainder of fiscal 2024, we anticipate stronger market fundamentals and look forward to increasing contributions from the capital investments we have made," said H.O. Woltz III, Insteel's President and CEO.

For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com