Insteel Q1 revenue $178.5M record; EPS $1.18 up 181% YoY; special dividend $2.00

INSTEEL INDUSTRIES INC

2022-Q1 EPS reported $1.18 revenue$178,459,000

Record quarterly revenue of $178.5M, up 49.2% YoY; net earnings $23.1M ($1.18 diluted EPS).
Gross margin widened 710 bps to 23.7% from 16.6% on higher spreads between selling prices and raw material costs.
Shipments fell 11.9% YoY due to tight raw material supply; average selling prices rose 69.4%.
Paid $38.8M special cash dividend ($2.00/share) on Dec 17, 2021, plus regular $0.03/share quarterly dividend.
Outlook: optimistic with Infrastructure Bill expected to boost demand in late 2022; capex up to $25M in FY2022.

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