---
schema_version: "secwatch.filing_event.v1"
accession: "0001437749-23-001397"
form_type: "8-K"
ticker: "IIIN"
cik: "0000764401"
company_name: "INSTEEL INDUSTRIES INC"
filed_at: "2023-01-20T23:59:59+00:00"
generated_at: "2026-06-20T12:47:08.282298+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001437749-23-001397
- form_type: 8-K
- ticker: IIIN
- cik: 0000764401
- company_name: INSTEEL INDUSTRIES INC
- filed_at: 2023-01-20T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/764401/000143774923001397/0001437749-23-001397-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/764401/000143774923001397/iiin20230116_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001437749-23-001397
- JSON: https://secwatch.observer/filing/0001437749-23-001397.json
- Plain text: https://secwatch.observer/filing/0001437749-23-001397.txt

## Key facts
- Earnings Releases
  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
  source text: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/764401/000143774923001397/0001437749-23-001397-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.