Insteel Industries Q1 earnings drop to $0.57/share from $1.18; sales down 6.5%

INSTEEL INDUSTRIES INC

2023-FY EPS reported $0.57 revenue$166,899,000

Net earnings $11.1M ($0.57 per share) vs $23.1M ($1.18) in prior year Q1.
Net sales $166.9M, down 6.5% YoY; shipments fell 10.0%, partially offset by 3.9% higher average selling prices.
Gross margin narrowed to 10.7% from 23.7% due to spread compression and consumption of higher cost inventory.
Paid special cash dividend of $2.00/share on Dec 23, 2022; ended quarter with $42.6M cash and no revolver borrowings.
Expect continued headwinds from higher cost inventories in Q2, but positive on nonresidential demand and IIJA benefits in H2.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

INSTEEL INDUSTRIES INC reported first quarter ended December 31, 2022 results: revenue $166.9 million, net income $11.1 million, EPS $0.57 per share.

Period: first quarter ended December 31, 2022
Revenue: $166.9 million
Net income: $11.1 million
EPS: $0.57 per share
Result: reported results

Exact text from the filing

first quarter results were unfavorably impacted by lower shipments and the narrowing of spreads between selling prices and raw material costs. Net sales decreased 6.5% to $166.9 million from $178.5 million in the prior year quarter primarily from a 10.0% decrease in shipments partially offset by a 3.9% increase in average selling prices. Shipments into

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Source: SEC EDGAR

accession 0001437749-23-001397

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