Insteel Q3 Profit Falls 41% on Higher Costs Despite Revenue Beat
IIIN sits 25% above its 52-week low of $24.35.
Summary
Insteel's Q3 EPS dropped to $0.46 from $0.78 a year ago, a 41% decline, as cost inflation in wire rod, freight, and operations outpaced 8% higher selling prices. Revenue rose 9.9% to $197.7M, beating the $192M consensus, and shipments edged up 1.7%. The company beat EPS estimates by a penny and repurchased 75,000 shares for $1.9M, ending the quarter debt-free. Management cut full-year capex guidance to $15M from $20M and expects to recover higher costs through pricing over time. This follows a Q2 where EPS nearly halved year-over-year, confirming sustained margin pressure despite healthy infrastructure demand.
At the time of this announcement, IIIN was trading at $30.42 on NYSE in the Manufacturing sector, with a market capitalization of approximately $576M. The 52-week trading range was $24.35 to $41.64. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: Reuters.