Insteel Industries Q3 FY2023 EPS falls to $0.54 from $1.96 YoY; revenue down 27% to $165.7M

INSTEEL INDUSTRIES INC

2023-Q3 EPS reported $1.37 revenue$491,664,000

Net earnings $10.6M ($0.54/diluted share) vs $38.6M ($1.96) in prior-year quarter.
Net sales $165.7M, down 27.1% from $227.2M; average selling prices declined 24.7% YoY.
Gross margin narrowed to 12.3% from 25.6% due to lower spreads and higher-cost inventory.
Ended quarter debt-free with $91.7M cash; FY2023 capex expected up to $35M.
Management expects modest Q4 recovery driven by nonresidential and residential construction.

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