Insteel Industries, Inc. Reports Earnings Results for the Second Quarter and Six Months Ended April 01, 2023
April 20, 2023 at 06:30 am EDT
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Insteel Industries, Inc. reported earnings results for the second quarter and six months ended April 01, 2023. For the second quarter, the company reported sales was USD 159.05 million compared to USD 213.21 million a year ago. Net income was USD 5.1 million compared to USD 39.02 million a year ago. Basic earnings per share from continuing operations was USD 0.26 compared to USD 2 a year ago. Diluted earnings per share from continuing operations was USD 0.26 compared to USD 1.99 a year ago.
For the six months, sales was USD 325.95 million compared to USD 391.67 million a year ago. Net income was USD 16.22 million compared to USD 62.15 million a year ago. Basic earnings per share from continuing operations was USD 0.83 compared to USD 3.19 a year ago. Diluted earnings per share from continuing operations was USD 0.83 compared to USD 3.17 a year ago.
Insteel Industries, Inc. is a manufacturer of steel wire reinforcing products for concrete construction applications. The Company's operations are focused on the manufacture and marketing of steel wire reinforcing products for concrete construction applications. The Company's concrete reinforcing products consist of two product lines: prestressed concrete strand (PC strand) and welded wire reinforcement (WWR). Its PC strand is a seven-wire strand that is used to impart compression forces into precast concrete elements and structures, providing reinforcement for bridges, parking decks, buildings, and other concrete structures. Its WWR is produced as either a standard or a specially engineered reinforcing product for use in nonresidential and residential construction. Its products are sold to manufacturers of concrete products that are used in nonresidential construction. The Company sells its products nationwide across the United States, Canada, Mexico, and Central and South America.
INSTEEL INDUSTRIES, INC. 
