Thu, Jul 18, 4:14 PM (51 days ago)
Insteel Industries Inc. reported a 12.0% decrease in net sales for Q3 2024, totaling $145.8 million, primarily due to a 16.3% drop in average selling prices, partially offset by a 5.1% increase in shipments. Gross profit fell by 24.4% to $15.4 million, reflecting lower spreads between selling prices and raw material costs. Selling, general, and administrative expenses remained stable at $7.9 million. Net earnings dropped 37.9% to $6.6 million, or $0.34 per share. For the first nine months of 2024, net sales decreased by 19.7% to $394.9 million, and net earnings fell by 45.4% to $14.6 million. The company maintained a strong cash position with $97.7 million in cash and cash equivalents, despite a decrease from $125.7 million at the beginning of the period. No long-term debt was reported, and the company continued its share repurchase program, buying back $1.8 million in shares. The outlook anticipates continued pricing pressures but expects improving market conditions driven by increased construction activity.