Insteel Q2 earnings drop 87% to $0.26/share; sales down 25% on destocking

INSTEEL INDUSTRIES INC

2023-Q2 EPS reported $0.83 revenue$325,950,000

Net earnings $5.1M ($0.26 per share) vs $39.0M ($1.99) a year ago; gross margin fell to 8.3% from 26.8%.
Net sales $159.1M, down 25.4% from $213.2M; average selling prices down 14.5%, shipments down 12.8%.
CEO says destocking headwinds nearly run their course; expects good 2023 despite weak start.
Cash $80.2M, debt-free; capex guidance up to $30M for fiscal 2023.
Operating cash flow $46.6M in Q2 vs $6.3M last year, driven by working capital reduction.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

INSTEEL INDUSTRIES INC reported financial results for its fiscal 2023 second quarter ending on April 1, 2023.

Period: its fiscal 2023 second quarter ending on April 1, 2023
Result: reported results

Exact text from the filing

On April 20, 2023, Insteel Industries, Inc. issued a news release regarding its financial results for its fiscal 2023 second quarter ending on April 1, 2023.

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INSTEEL INDUSTRIES INC filing history →

Source: SEC EDGAR

accession 0001437749-23-010775

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