Insteel Industries, Inc. - IIIN STOCK NEWS

Insteel Industries (NYSE: IIIN) has appointed Blake Doyle to its board of directors, with a term extending through the 2025 annual meeting of shareholders. Doyle will serve on the Audit Committee. She currently serves as Managing Director at Chevy Chase Trust Company, where she heads Institutional Sales and Product Development. Her prior experience includes roles at Height Securities, FBR Capital Markets, and Audax Group. The company, headquartered in Mount Airy, North Carolina, is the nation's largest manufacturer of steel wire reinforcing products for concrete construction applications, operating eleven manufacturing facilities across the United States.

Insteel Industries (NYSE: IIIN) announced the closure of its Warren, Ohio facility, with operations expected to cease by November 2024. The facility, acquired through the purchase of Engineered Wire Products, will have its manufacturing operations consolidated into the company's remaining welded wire reinforcement facilities. The closure will result in up to 35 job eliminations and incur a restructuring charge of $1.9 million. The decision was attributed to low capacity utilization levels and dim prospects for improvement, aimed at reducing operating costs and strengthening competitive position.

Insteel Industries (NYSE: IIIN) has declared two dividends: a regular quarterly cash dividend of $0.03 per share and a special cash dividend of $1.00 per share. Both dividends will be payable on December 13, 2024, to shareholders of record as of November 29, 2024. The company remains debt-free and plans to continue its share buyback program while pursuing growth opportunities. Insteel is the largest U.S. manufacturer of steel wire reinforcing products for concrete construction applications, operating twelve manufacturing facilities nationwide.

Insteel Industries Inc. (NYSE: IIIN) reported its Q4 and fiscal 2024 results. Q4 highlights include net sales of $134.3 million, gross profit of $12.3 million (9.1% of net sales), and net income of $4.7 million ($0.24 per share). The company ended with a net cash balance of $111.5 million and no debt.

Fiscal 2024 results show net earnings decreased to $19.3 million ($0.99 per share) from $32.4 million in the prior year. Net sales decreased 18.5% to $529.2 million, driven by lower average selling prices. Gross margin narrowed to 9.4% from 10.1%.

The company anticipates gradual improvement in business conditions for fiscal 2025, with potential benefits from declining inflation, lower interest rates, and infrastructure spending. However, import-related challenges are expected to persist in PC strand markets.

Insteel Industries Inc. (NYSE: IIIN), the largest U.S. manufacturer of steel wire reinforcing products for concrete construction, has announced its fourth quarter 2024 earnings conference call. The call is scheduled for Thursday, October 17, 2024, at 10:00 a.m. ET, following the release of financial results at 6:30 a.m. ET. Investors can access the webcast on the company's website at https://investor.insteel.com, where it will also be archived for replay.

Insteel specializes in products such as prestressed concrete strand, welded wire reinforcement, and engineered structural mesh, primarily serving the nonresidential construction sector. The company operates ten manufacturing facilities across the United States and is headquartered in Mount Airy, North Carolina.

Insteel Industries (NYSE: IIIN), the largest U.S. manufacturer of steel wire reinforcing products for concrete construction, has declared a quarterly cash dividend of $0.03 per share. The dividend is payable on September 27, 2024, to shareholders of record as of September 13, 2024.

Insteel specializes in prestressed concrete strand and welded wire reinforcement products, primarily serving manufacturers in the nonresidential construction sector. The company operates ten manufacturing facilities across the United States and is headquartered in Mount Airy, North Carolina.

Insteel Industries (NYSE: IIIN) reported its Q3 2024 financial results. Net earnings decreased to $6.6 million ($0.34 per share) from $10.6 million ($0.54 per share) year-over-year. Net sales fell 12.0% to $145.8 million, driven by a 16.3% decrease in average selling prices, partially offset by a 5.1% increase in shipments. Gross profit declined to $15.4 million (10.6% margin) from $20.4 million (12.3% margin) due to narrower spreads between selling prices and raw material costs.

The company ended the quarter with a strong financial position, having $97.7 million in cash and no debt. Despite challenges, management expressed optimism about the business outlook for fiscal 2025, citing potential benefits from easing inflation, lower interest rates, and infrastructure spending.

Insteel Industries (NYSE: IIIN) has announced that it will host a webcast for its third quarter 2024 earnings conference call on July 18, 2024, at 10:00 a.m. ET. The company's third-quarter financial results will be released at 6:30 a.m. ET the same day. The webcast will be accessible through Insteel's investor relations website and will be archived for future replay.

Insteel Industries is the largest U.S. manufacturer of steel wire reinforcing products for concrete construction applications, including prestressed concrete strand and welded wire reinforcement. The company operates ten manufacturing facilities across the United States.

For more information, contact Scot Jafroodi, Vice President, Chief Financial Officer, and Treasurer, at (336) 786-2141.

Insteel Industries (NYSE: IIIN) announced that its board of directors has declared a regular quarterly cash dividend of $0.03 per share. This dividend will be payable on June 28, 2024, to shareholders recorded as of June 14, 2024.

Insteel is the largest U.S. manufacturer of steel wire reinforcing products for concrete construction, offering a range of products including prestressed concrete strand and welded wire reinforcement. The company operates ten manufacturing facilities across the United States and primarily serves nonresidential construction markets.