Insteel Industries, Inc. - IIIN STOCK NEWS

Insteel Industries (NYSE: IIIN) announced record financial results for Q4 and fiscal 2021, reporting net earnings of $25.2 million ($1.28 per diluted share) for Q4, up from $7.4 million ($0.38) year-over-year. Net sales surged 23.9% to $171.3 million, driven by a 56.1% rise in average selling prices, despite a 20.6% decline in shipments. For the fiscal year, net earnings rose to $66.6 million ($3.41 per share) with a 25% increase in net sales to $590.6 million. The company ended 2021 debt-free, with $89.9 million in cash. However, challenges persist in steel supply and labor markets as they look to 2022.

Insteel Industries Inc. (NYSE: IIIN) will host its fourth quarter 2021 earnings conference call on October 21, 2021, at 10:00 a.m. ET. The call follows the release of financial results scheduled for 6:30 a.m. ET on the same day. The event will be available for live streaming on the company’s website and archived for later access.

Insteel is the largest manufacturer of steel wire reinforcing products used in concrete construction, focusing on nonresidential applications.

Insteel Industries (NYSE: IIIN) declared a quarterly cash dividend of $0.03 per share, payable on September 24, 2021, to shareholders of record as of September 10, 2021. As the largest manufacturer of steel wire reinforcing products for concrete applications in the U.S., Insteel specializes in prestressed concrete strand and welded wire reinforcement. The company operates ten manufacturing facilities across the United States and primarily serves nonresidential construction markets.

Insteel Industries reported a strong third quarter for 2021, with net earnings soaring to $18.4 million or $0.94 per diluted share, a significant increase from $6.7 million or $0.34 in Q3 2020. Net sales rose 31.8% to a record $160.7 million, driven by a 32.9% increase in average selling prices, although shipment volumes fell by 1.0%. The gross margin expanded to 19.6%, up 750 basis points year-over-year. Operating cash generated was $36.2 million, reflecting strong financial performance against tightening raw material supplies.

Insteel Industries announced its third quarter 2021 earnings conference call, scheduled for July 22, 2021, at 10:00 a.m. ET. Prior to the call, the company's financial results will be released at 6:30 a.m. ET. Investors can access the live webcast and find further details on Insteel's website. As the largest manufacturer of steel wire reinforcing products in the U.S., Insteel provides essential materials for concrete construction, primarily targeting nonresidential applications through its ten manufacturing facilities.

Insteel Industries Inc. (NYSE: IIIN) declared a quarterly cash dividend of $0.03 per share on May 18, 2021. This dividend is payable on June 25, 2021 to shareholders on record as of June 11, 2021. Insteel is the largest manufacturer of steel wire reinforcing products for the concrete construction industry, operating ten facilities across the U.S. The company focuses on producing prestressed concrete strands and welded wire reinforcement primarily for nonresidential construction.

Insteel Industries reported strong financial results for Q2 2021, with net earnings reaching $14.9 million ($0.76 per share) compared to $4.4 million ($0.23 per share) in Q2 2020. Net sales increased by 21.0% to $139.0 million, driven by a 15.0% rise in average selling prices and a 5.2% increase in shipments. The gross margin expanded 840 basis points to 21.7%. The company remains debt-free with $58.9 million in cash and an optimistic outlook due to favorable trends in non-residential construction. However, it anticipates tight supply conditions for steel wire rod.

Insteel Industries, Inc. (NYSE: IIIN) will host a second quarter 2021 earnings conference call on April 22, 2021, at 10:00 a.m. ET, following the release of its first quarter financial results at 6:30 a.m. ET. The call will be available for live webcast and archived replay on the Company's website. Insteel is the largest manufacturer of steel wire reinforcing products for concrete construction in the U.S., with ten manufacturing facilities nationwide.

Insteel Industries, Inc. (NasdaqGS: IIIN) announced it will transfer its common stock listing from NASDAQ to the New York Stock Exchange (NYSE), effective March 17, 2021. The company previously traded on the NYSE from 1992 to 2002. H.O. Woltz III, President and CEO, expressed pleasure in returning to the NYSE, aiming to enhance long-term shareholder value. John Tuttle from the NYSE welcomed Insteel, highlighting the advantages of their market model and services. Insteel is the largest U.S. manufacturer of steel wire reinforcing products for concrete construction, operating ten manufacturing facilities nationwide.