Insteel Industries, Inc. - IIIN STOCK NEWS

Insteel Industries Inc. (NYSE: IIIN) has announced a quarterly cash dividend of $0.03 per share, payable on September 30, 2022, to shareholders of record as of September 16, 2022. Headquartered in Mount Airy, North Carolina, Insteel is the nation's largest manufacturer of steel wire reinforcing products used in concrete construction. The company operates ten facilities across the United States, focusing primarily on nonresidential concrete product manufacturers.

Insteel Industries Inc. (NYSE: IIIN) reported a net earnings increase for Q3 2022, achieving $38.6 million ($1.96/share), up from $18.4 million ($0.94/share) a year prior. Net sales soared to $227.2 million, a 41.4% rise due to a 53.9% hike in average selling prices, despite an 8.2% drop in shipments. Gross profit reached $58.1 million, enhancing gross margin to 25.6%. While labor market challenges persisted, the company remains optimistic about continued performance through Q4, despite some softness in the standard welded wire reinforcement market related to new home construction.

Insteel Industries Inc. (NYSE: IIIN) will host a third quarter 2022 earnings conference call on July 21, 2022, at 10:00 a.m. ET. The call follows the release of financial results earlier that day at 6:30 a.m. ET. Investors can access the call via the Company’s website, where it will also be archived for replay. As the largest U.S. manufacturer of steel wire reinforcing products for concrete, Insteel serves nonresidential construction applications from its ten manufacturing facilities across the country.

Insteel Industries Inc. (NYSE: IIIN) has declared a quarterly cash dividend of $0.03 per share, payable on June 24, 2022, to shareholders on record as of June 10, 2022. Insteel is the largest manufacturer of steel wire products for concrete construction in the U.S., operating ten manufacturing facilities. The company focuses on prestressed concrete strand and welded wire reinforcement for nonresidential construction. Forward-looking statements are included in the release, highlighting the inherent risks in financial predictions.

Insteel Industries (NYSE: IIIN) reported record second-quarter net earnings of $39.0 million ($1.99 per diluted share), up from $14.9 million ($0.76 per diluted share) year-over-year. Net sales soared to $213.2 million, driven by a 65.4% increase in average selling prices, despite a 7.2% decline in shipments. Gross profit rose to $57.1 million with a gross margin of 26.8%. For the first half of 2022, net earnings hit $62.1 million, while cash from operating activities decreased to $20.1 million due to increased working capital. The company ended the quarter debt-free, with $69.7 million in cash.

Insteel Industries Inc. (NYSE: IIIN) will host its second quarter 2022 earnings conference call on April 21, 2022, at 10:00 a.m. ET, following the release of financial results at 6:30 a.m. ET. Investors can access the conference via the company’s website at investor.insteel.com. Insteel is the largest manufacturer of steel wire reinforcing products for concrete construction in the U.S., with a focus on nonresidential applications.

Insteel Industries Inc. (NYSE: IIIN) has declared a quarterly cash dividend of $0.03 per share, payable on March 25, 2022, to shareholders of record as of March 11, 2022. As the largest manufacturer of steel wire reinforcing products for concrete construction in the U.S., Insteel focuses on nonresidential construction markets, offering products like prestressed concrete strands and welded wire reinforcement. The company operates ten manufacturing facilities across the U.S. and continues to monitor forward-looking statements that include potential risks affecting its business.

Insteel Industries Inc. (NYSE: IIIN) reported first-quarter 2022 financial results with record revenue of $178.5 million and net earnings of $23.1 million ($1.18 per diluted share), significantly up from $8.1 million ($0.42 per diluted share) a year prior. Demand for concrete reinforcing products remained strong despite an 11.9% decline in shipments due to tight raw material supplies. Average selling prices rose 69.4%, primarily to offset increased costs. Insteel ended the quarter debt-free with $63 million in cash and declared a $38.8 million special dividend.

Insteel Industries Inc. (NYSE: IIIN) will host a live webcast of its first quarter 2022 earnings conference call on January 20, 2022, at 10:00 a.m. ET, following the release of financial results at 6:30 a.m. ET. The call can be accessed via the company’s investor website and will also be archived for later playback. As the largest U.S. manufacturer of steel wire reinforcing products for concrete construction, Insteel is headquartered in Mount Airy, North Carolina, with ten manufacturing facilities nationwide.