Insteel Q4 net income $5.6M ($0.29/sh); net sales down 24.3% YoY

INSTEEL INDUSTRIES INC

2023-FY EPS reported $1.66 revenue$649,188,000

Net sales $157.5M, down 24.3% YoY; shipments up 4.9% but average selling prices dropped 27.8%.
Gross margin narrowed to 8.9% from 19.1% due to spread compression and higher manufacturing costs.
Operating cash flow $38.6M vs -$9.4M prior year; record cash $125.7M with no debt.
Fiscal 2023 net income $32.4M ($1.66/sh) vs $125.0M ($6.37/sh) prior year.
CEO cautious but optimistic; infrastructure spending expected to lift demand in FY2024.

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