secwatch.observer — SEC 8-K summary
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Issuer:     INSTEEL INDUSTRIES INC (IIIN)
CIK:        0000764401
Form:       8-K
Filed at:   2023-07-20T23:59:59+00:00
Accession:  0001437749-23-020260
Event type: earnings
Sentiment:  negative
Materiality: 0.75
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/764401/000143774923020260/0001437749-23-020260-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/764401/000143774923020260/iiin20230718_8k.htm
  HTML page:      https://secwatch.observer/filing/0001437749-23-020260

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