Published on 25 Apr 2024 on GuruFocus.com via Yahoo Finance
Insteel Industries Inc (IIIN) Q2 Earnings: Surpasses EPS Estimates Amidst Challenging Market ...
Net Earnings: Reported at $6.9 million, or $0.35 per diluted share, surpassing the estimated earnings per share of $0.30.Revenue: Totaled $127.4 million, falling short of estimates of $134.89 million.Gross Profit: Increased to $15.7 million from $13.3 million year-over-year, with gross margin expanding to 12.3% from 8.3%.Operating Cash Flow: Generated $1.4 million during the quarter, significantly lower compared to $46.6 million in the prior year quarter.Net Cash Position: Ended the quarter with a strong net cash balance of $83.9 million and no debt outstanding.Capital Expenditures: Decreased to $14.2 million for the first six months of fiscal 2024, down from $15.4 million in the comparable prior year period.Outlook: Positive with anticipated growth in infrastructure construction and improving macroeconomic conditions.
Insteel Industries Inc (NYSE:IIIN), a leading manufacturer of steel wire reinforcing products for concrete construction, disclosed its financial outcomes for the second quarter of fiscal 2024 on April 25, 2024. The company announced a net earning of $6.9 million, or $0.35 per diluted share, outperforming the analyst's EPS estimate of $0.30. However, net sales fell short of expectations, totaling $127.4 million against the anticipated $134.89 million. For more details, view the company's 8-K filing.
