Insteel reports record Q2 net earnings of $39M ($1.99 EPS); sales up 53% YoY

INSTEEL INDUSTRIES INC

2022-Q2 EPS reported $3.17 revenue$391,668,000

Record Q2 net earnings of $39.0M ($1.99 diluted EPS) vs $14.9M ($0.76) a year ago.
Net sales rose 53% to $213.2M; average selling prices up 65.4%, shipments down 7.2%.
Gross margin widened to 26.8% from 21.7% on higher spreads between selling prices and raw material costs.
Debt-free with $69.7M cash; no borrowings on $100M revolver; capex expected up to $25M in FY2022.
CEO cites robust demand across non-residential markets and expects continued strong performance.

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