Insteel Industries, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended July 01, 2023
July 20, 2023 at 06:30 am EDT
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Insteel Industries, Inc. reported earnings results for the third quarter and nine months ended July 01, 2023. For the third quarter, the company reported sales was USD 165.71 million compared to USD 227.17 million a year ago. Net income was USD 10.57 million compared to USD 38.56 million a year ago. Basic earnings per share from continuing operations was USD 0.54 compared to USD 1.97 a year ago. Diluted earnings per share from continuing operations was USD 0.54 compared to USD 1.96 a year ago.
For the nine months, sales was USD 491.66 million compared to USD 618.84 million a year ago. Net income was USD 26.79 million compared to USD 100.71 million a year ago. Basic earnings per share from continuing operations was USD 1.37 compared to USD 5.16 a year ago. Diluted earnings per share from continuing operations was USD 1.37 compared to USD 5.13 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. 
