---
schema_version: "secwatch.filing_event.v1"
accession: "0001437749-23-010775"
form_type: "8-K"
ticker: "IIIN"
cik: "0000764401"
company_name: "INSTEEL INDUSTRIES INC"
filed_at: "2023-04-21T23:59:59+00:00"
generated_at: "2026-06-16T21:53:54.475147+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001437749-23-010775
- form_type: 8-K
- ticker: IIIN
- cik: 0000764401
- company_name: INSTEEL INDUSTRIES INC
- filed_at: 2023-04-21T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/764401/000143774923010775/0001437749-23-010775-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/764401/000143774923010775/iiin20230417_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001437749-23-010775
- JSON: https://secwatch.observer/filing/0001437749-23-010775.json
- Plain text: https://secwatch.observer/filing/0001437749-23-010775.txt

## Key facts
- Earnings Releases
  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
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/764401/000143774923010775/0001437749-23-010775-index.htm

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