Insteel reports record FY2022 net earnings $125M ($6.37 EPS); Q4 EPS $1.24 vs $1.28

INSTEEL INDUSTRIES INC

2022-FY EPS reported $6.37 revenue$826,832,000

FY2022 record net earnings $125.0M ($6.37 diluted EPS) vs $66.6M ($3.41) prior year; net sales up 40% to $826.8M.
Q4 net earnings $24.3M ($1.24) vs $25.2M ($1.28); net sales up 21.4% to $208.0M.
Q4 gross margin 19.1% down 420bps YoY; ASPs up 26.1% but shipments down 3.7% and 6% sequentially.
Debt-free with $48.3M cash; FY2023 capex up to $30M for structural mesh growth and cost improvements.
Outlook optimistic on non-residential demand and Infrastructure Act benefits; monitoring residential weakness.

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