Latest news with #InsteelIndustriesInc
Yahoo
7 days ago
- Business
- Yahoo
Insteel Industries: Fiscal Q3 Earnings Snapshot
MOUNT AIRY, N.C. (AP) — MOUNT AIRY, N.C. (AP) — Insteel Industries Inc. (IIIN) on Thursday reported net income of $15.2 million in its fiscal third quarter. The Mount Airy, North Carolina-based company said it had profit of 78 cents per share. The maker of steel wire reinforcing for the concrete and construction industry posted revenue of $179.9 million in the period. _____ This story was generated by Automated Insights ( using data from Zacks Investment Research. Access a Zacks stock report on IIIN at
San Francisco Chronicle
7 days ago
- Business
- San Francisco Chronicle
Insteel Industries: Fiscal Q3 Earnings Snapshot
MOUNT AIRY, N.C. (AP) — MOUNT AIRY, N.C. (AP) — Insteel Industries Inc. (IIIN) on Thursday reported net income of $15.2 million in its fiscal third quarter. The Mount Airy, North Carolina-based company said it had profit of 78 cents per share. The maker of steel wire reinforcing for the concrete and construction industry posted revenue of $179.9 million in the period. _____
Business Wire
7 days ago
- Business
- Business Wire
Insteel Industries Reports Third Quarter 2025 Results
MOUNT AIRY, N.C.--(BUSINESS WIRE)--Insteel Industries Inc. (NYSE: IIIN) ('Insteel' or the 'Company'), the largest manufacturer of steel wire reinforcing products for concrete construction applications in the United States, today announced financial results for its third quarter of fiscal 2025 ended June 28, 2025. Third Quarter 2025 Highlights Net earnings of $15.2 million, or $0.78 per share Net sales of $179.9 million Gross profit of $30.8 million, or 17.1% of net sales Operating cash flow of $28.2 million Net cash balance of $53.7 million and no debt outstanding as of June 28, 2025 Navigating near-term challenges with cautiously optimistic outlook Net earnings for the third quarter of fiscal 2025 increased to $15.2 million, or $0.78 per share, from $6.6 million, or $0.34 per share, for the same period a year ago. The results for the current quarter include $0.9 million in restructuring charges and acquisition-related costs, which collectively reduced net earnings per share by $0.03. Insteel's third quarter performance was driven by higher shipments of its concrete reinforcement products along with wider spreads between selling prices and raw material costs, partially offset by an increase in selling, general and administrative expense driven by higher incentive plan expense. Net sales rose 23.4% to $179.9 million from $145.8 million in the prior year quarter, driven by an 11.7% rise in average selling prices and a 10.5% increase in shipments. Higher average selling prices reflect pricing actions taken across all product lines to recover escalating raw material and operating costs. The rise in shipments was driven by the incremental volume generated from acquisitions completed earlier in the year and improved demand in construction markets. Sequentially, average selling prices increased by 8.2% from the second quarter of fiscal 2025, while shipments were up 3.5%. Gross profit improved to $30.8 million from $15.4 million in the prior year quarter, and gross margin expanded to 17.1% from 10.6%, reflecting the improvement in market conditions. Operating activities generated $28.2 million of cash during the quarter compared with $18.7 million in the prior year quarter due to a combination of higher net earnings and the relative change in net working capital. Net working capital provided $9.4 million in the current year, compared to $7.8 million in the prior year quarter. Nine Month 2025 Results Net earnings for the first nine months of fiscal 2025 were $26.5 million, or $1.35 per diluted share, compared with $14.6 million, or $0.75 per share, for the same period a year ago. Insteel's earnings for the current year period reflect $2.5 million of restructuring charges and acquisition-related costs, which collectively reduced net earnings per share by $0.10. Net sales increased to $470.3 million from $394.9 million for the prior year period, driven by a 16.5% increase in shipments and a 2.2% rise in average selling prices. Gross profit increased to $64.8 million from $37.4 million in the same period a year ago, and gross margin widened to 13.8% from 9.5% due to improved conditions in reinforcing markets. Operating activities generated $44.2 million of cash compared with $42.0 million in the prior year period due to a combination of higher net earnings and the relative change in net working capital. Capital Allocation and Liquidity Capital expenditures for the first nine months of fiscal 2025 decreased to $6.5 million from $17.5 million in the comparable prior year period. Capital outlays for fiscal 2025 are expected to total up to approximately $11.0 million, primarily focused on cost and productivity improvement initiatives as well as recurring maintenance requirements. During fiscal 2025, the Company's investment program in its facilities was temporarily slowed by integration activities related to recent acquisitions. Insteel ended the quarter debt-free with $53.7 million of cash and no borrowings outstanding on its $100.0 million revolving credit facility. Outlook 'As we had previously indicated, we experienced sourcing challenges during our third quarter related to reduced domestic capacity to produce steel wire rod, our primary raw material,' said H.O. Woltz III, President and CEO of Insteel. 'Reduced domestic supplies of wire rod disrupted our production schedules, extended lead times, and impacted our ability to fully meet customer demand. As we indicated we would do, we turned to international markets to fill the supply gap, which will ease supply constraints moving forward into the fourth quarter. 'Alongside these availability challenges, we experienced sharply escalating wire rod prices in both domestic and international markets. Contributing to the upward pressure on prices was the unexpected decision by the Administration to double the Section 232 tariff on steel imports, which will affect our cost for substantial quantities of offshore purchases and require disciplined pricing strategies moving forward as we seek to recover higher costs in our markets.' Mr. Woltz continued, 'Despite these challenges, we remain confident in our business outlook. Our recent acquisitions are meaningfully contributing to our performance by enhancing shipment volumes and improving our competitive positioning in certain geographies. We are encouraged that customers generally express optimism about their business prospects, and demand has improved, even as broader macroeconomic indicators for the construction activity suggest a more cautious environment. That said, we are taking proactive steps to manage our costs and remain confident in our long-term competitive positioning.' Conference Call Insteel will hold a conference call at 10:00 a.m. ET today to discuss its third quarter financial results. A live webcast of this call can be accessed on Insteel's website at and will be archived for replay. About Insteel Insteel is the nation's largest manufacturer of steel wire reinforcing products for concrete construction applications. Insteel manufactures and markets prestressed concrete strand and welded wire reinforcement, including engineered structural mesh ('ESM'), concrete pipe reinforcement and standard welded wire reinforcement. Insteel's products are sold primarily to manufacturers of concrete products and concrete contractors for use, primarily, in nonresidential construction applications. Headquartered in Mount Airy, North Carolina, Insteel operates eleven manufacturing facilities located in the United States. Cautionary Note Regarding Forward-Looking Statements This news release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. When used in this news release, the words 'believes,' 'anticipates,' 'expects,' 'estimates,' 'appears,' 'plans,' 'intends,' 'may,' 'should,' 'could' and similar expressions are intended to identify forward-looking statements. Although we believe that our plans, intentions and expectations reflected in or suggested by such forward-looking statements are reasonable, they are subject to several risks and uncertainties, and we can provide no assurances that such plans, intentions or expectations will be implemented or achieved. Many of these risks and uncertainties are discussed in detail in our Annual Report on Form 10-K for the year ended September 28, 2024 and may be updated from time to time in our other filings with the U.S. Securities and Exchange Commission (the 'SEC'). All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by these cautionary statements. All forward-looking statements speak only to the respective dates on which such statements are made, and we do not undertake any obligation to publicly release the results of any revisions to these forward-looking statements that may be made to reflect any future events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events, except as may be required by law. It is not possible to anticipate and list all risks and uncertainties that may affect our business, future operations or financial performance; however, they include, but are not limited to, the following: general economic and competitive conditions in the markets in which we operate, including uncertainty over global trade policies and the financial impact of related tariffs and retaliatory tariffs; changes in the spending levels for nonresidential and residential construction and the impact on demand for our products; changes in the amount and duration of transportation funding provided by federal, state and local governments and the impact on spending for infrastructure construction and demand for our products; the cyclical nature of the steel and building material industries; credit market conditions and the relative availability of financing for us, our customers and the construction industry as a whole; the impact of rising interest rates on the cost of financing for our customers; fluctuations in the cost and availability of our primary raw material, hot-rolled carbon steel wire rod, from domestic and foreign suppliers; competitive pricing pressures and our ability to raise selling prices in order to recover increases in raw material or operating costs; changes in United States or foreign trade policy affecting imports or exports of steel wire rod or our products; unanticipated changes in customer demand, order patterns and inventory levels; the impact of fluctuations in demand and capacity utilization levels on our unit manufacturing costs; our ability to further develop the market for ESM and expand our shipments of ESM; legal, environmental, economic or regulatory developments that significantly impact our business or operating costs; unanticipated plant outages, equipment failures or labor difficulties; the impact of cybersecurity breaches and data leaks: and the 'Risk Factors' discussed in our Annual Report on Form 10-K for the year ended September 28, 2024, and in other filings made by us with the SEC. INSTEEL INDUSTRIES INC. AND SUBSIDIARIES (In thousands) (Unaudited) (Unaudited) June 28, March 29, December 28, September 28, June 29, 2025 2025 2024 2024 2024 Assets Current assets: Cash and cash equivalents $ 53,665 $ 28,424 $ 35,951 $ 111,538 $ 97,745 Accounts receivable, net 83,264 79,792 49,442 58,308 61,234 Inventories 119,171 96,033 98,670 88,840 89,379 Other current assets 7,442 6,536 8,422 8,608 8,766 Total current assets 263,542 210,785 192,485 267,294 257,124 Property, plant and equipment, net 131,083 133,944 136,379 125,540 127,889 Intangibles, net 17,034 17,514 17,998 5,341 5,528 Goodwill 37,755 37,755 35,641 9,745 9,745 Other assets 22,478 21,862 22,196 14,632 14,329 Total assets $ 471,892 $ 421,860 $ 404,699 $ 422,552 $ 414,615 Liabilities and shareholders' equity Current liabilities: Accounts payable $ 73,424 $ 42,998 $ 36,724 $ 37,487 $ 34,827 Accrued expenses 16,301 11,427 10,360 9,547 9,888 Total current liabilities 89,725 54,425 47,084 47,034 44,715 Other liabilities 25,959 26,022 25,965 24,663 23,885 Commitments and contingencies Shareholders' equity: Common stock 19,410 19,412 19,431 19,452 19,445 Additional paid-in capital 88,368 87,959 86,919 86,671 85,599 Retained earnings 249,038 234,650 225,908 245,340 241,254 Accumulated other comprehensive loss (608 ) (608 ) (608 ) (608 ) (283 ) Total shareholders' equity 356,208 341,413 331,650 350,855 346,015 Total liabilities and shareholders' equity $ 471,892 $ 421,860 $ 404,699 $ 422,552 $ 414,615 Expand INSTEEL INDUSTRIES INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) (Unaudited) Three Months Ended Nine Months Ended June 28, June 29, June 28, June 29, 2025 2024 2025 2024 Cash Flows From Operating Activities: Net earnings $ 15,159 $ 6,565 $ 26,470 $ 14,636 Adjustments to reconcile net earnings to net cash provided by operating activities: Depreciation and amortization 4,694 3,837 13,726 11,412 Amortization of capitalized financing costs 12 12 38 38 Stock-based compensation expense 427 508 2,115 1,903 Deferred income taxes (548 ) 869 (541 ) 3,638 Asset impairment charges 408 - 1,001 - Loss on sale and disposition of property, plant and equipment 52 26 86 50 Increase in cash surrender value of life insurance policies over premiums paid (458 ) - (152 ) (1,029 ) Net changes in assets and liabilities (net of assets and liabilities acquired): Accounts receivable, net (3,472 ) (5,685 ) (24,956 ) 2,190 Inventories (23,138 ) 3,151 (17,861 ) 13,927 Accounts payable and accrued expenses 36,035 10,367 42,612 (2,492 ) Other changes (972 ) (912 ) 1,632 (2,295 ) Total adjustments 13,040 12,173 17,700 27,342 Net cash provided by operating activities 28,199 18,738 44,170 41,978 Cash Flows From Investing Activities: Acquisition of businesses (600 ) - (72,056 ) - Capital expenditures (1,597 ) (3,235 ) (6,490 ) (17,460 ) Increase in cash surrender value of life insurance policies (109 ) (45 ) (471 ) (443 ) Proceeds from sale of assets held for sale 57 - 57 - Proceeds from sale of property, plant and equipment 62 1 99 4 Proceeds from surrender of life insurances policies 20 20 50 25 Net cash used for investing activities (2,167 ) (3,259 ) (78,811 ) (17,874 ) Cash Flows From Financing Activities: Proceeds from long-term debt 88 96 223 230 Principal payments on long-term debt (88 ) (96 ) (223 ) (230 ) Cash dividends paid (582 ) (584 ) (21,178 ) (50,359 ) Payment of employee tax withholdings related to net share transactions (47 ) (101 ) (150 ) (262 ) Cash received from exercise of stock options 62 - 62 428 Repurchases of common stock (224 ) (994 ) (1,966 ) (1,836 ) Net cash used for financing activities (791 ) (1,679 ) (23,232 ) (52,029 ) Net increase (decrease) in cash and cash equivalents 25,241 13,800 (57,873 ) (27,925 ) Cash and cash equivalents at beginning of period 28,424 83,945 111,538 125,670 Cash and cash equivalents at end of period $ 53,665 $ 97,745 $ 53,665 $ 97,745 Supplemental Disclosures of Cash Flow Information: Cash paid during the period for: Income taxes, net $ 4,876 $ 2,543 $ 5,153 $ 3,267 Non-cash investing and financing activities: Purchases of property, plant and equipment in accounts payable 1,435 2,624 1,435 2,624 Restricted stock units and stock options surrendered for withholding taxes payable 47 101 150 262 Expand IIIN – E
Yahoo
17-03-2025
- Business
- Yahoo
Insteel Industries Announces Second Quarter 2025 Conference Call
MOUNT AIRY, N.C., March 17, 2025--(BUSINESS WIRE)--Insteel Industries Inc. (NYSE: IIIN) today announced that its second quarter 2025 earnings conference call will be webcast live over the internet on Thursday, April 17, 2025, at 10:00 a.m. ET following the release of the Company's second quarter financial results at 6:30 a.m. ET on that same day. The conference call can be accessed on the Company's website at and will be archived for replay. About Insteel Insteel is the nation's largest manufacturer of steel wire reinforcing products for concrete construction applications. Insteel manufactures and markets prestressed concrete strand and welded wire reinforcement, including engineered structural mesh, concrete pipe reinforcement and standard welded wire reinforcement. Insteel's products are sold primarily to manufacturers of concrete products and concrete contractors for use primarily in nonresidential construction applications. Headquartered in Mount Airy, North Carolina, Insteel operates eleven manufacturing facilities located in the United States. IIIN – G View source version on Contacts Scot JafroodiVice President,Chief Financial Officer and TreasurerInsteel Industries Inc.(336) 786-2141 Sign in to access your portfolio
Associated Press
17-03-2025
- Business
- Associated Press
Insteel Industries Announces Second Quarter 2025 Conference Call
MOUNT AIRY, N.C.--(BUSINESS WIRE)--Mar 17, 2025-- Insteel Industries Inc. (NYSE: IIIN) today announced that its second quarter 2025 earnings conference call will be webcast live over the internet on Thursday, April 17, 2025, at 10:00 a.m. ET following the release of the Company's second quarter financial results at 6:30 a.m. ET on that same day. The conference call can be accessed on the Company's website at and will be archived for replay. About Insteel Insteel is the nation's largest manufacturer of steel wire reinforcing products for concrete construction applications. Insteel manufactures and markets prestressed concrete strand and welded wire reinforcement, including engineered structural mesh, concrete pipe reinforcement and standard welded wire reinforcement. Insteel's products are sold primarily to manufacturers of concrete products and concrete contractors for use primarily in nonresidential construction applications. Headquartered in Mount Airy, North Carolina, Insteel operates eleven manufacturing facilities located in the United States. IIIN – G CONTACT: Scot Jafroodi Vice President, Chief Financial Officer and Treasurer Insteel Industries Inc. (336) 786-2141 SOURCE: Insteel Industries Inc. Copyright Business Wire 2025. PUB: 03/17/2025 10:00 AM/DISC: 03/17/2025 10:02 AM
