Insteel Industries Q3 EPS $1.96, sales $227.2M; both up sharply YoY

INSTEEL INDUSTRIES INC

2022-Q3 EPS reported $5.13 revenue$618,841,000

Net earnings $38.6M ($1.96 diluted EPS) vs $18.4M ($0.94) a year ago.
Net sales $227.2M, up 41% YoY; average selling prices +53.9%, shipments -8.2%.
Gross margin widened 600 bps to 25.6% due to higher price-cost spreads.
Ended quarter debt-free with $63M cash; FY2022 capex expected up to $20M.
CEO sees strong Q4 but notes softening in standard welded wire and tight labor.

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