Insteel Q1 net sales down 27% to $121.7M; EPS $0.06 vs $0.57 a year ago

INSTEEL INDUSTRIES INC

2024-Q1 EPS reported $0.06 revenue$121,725,000

Net sales fell 27.1% YoY to $121.7M; net income was $1.1M ($0.06/sh) vs $11.1M ($0.57/sh).
Gross margin compressed to 5.2% from 10.7% on lower spreads and higher manufacturing costs.
Paid $2.50/sh special dividend ($48.6M) on Dec 22; ended quarter with $85.6M cash, no debt.
CEO states pricing is turning upward and inventory liquidations are complete; expects stronger H2.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 1.0

INSTEEL INDUSTRIES INC reported first quarter of fiscal 2024 ended December 30, 2023 results: revenue $121.7 million, net income $1.1 million, EPS $0.06 per share.

Period: first quarter of fiscal 2024 ended December 30, 2023
Revenue: $121.7 million
Net income: $1.1 million
EPS: $0.06 per share
Result: reported results

Exact text from the filing

First Quarter 2024 Highlights ● Net sales of $121.7 million ● Gross profit of $6.3 million, or 5.2% of net sales ● Net income of $1.1 million, or $0.06 per share ● Operating cash flow of $21.8 million ● Payment of special cash dividend totaling $48.6 million, or $2.50 per share ● Net cash balance of $85.6 million and no debt outstanding as of December 30, 2023 ● Favorable demand profile with improving market fundamentals and macroeconomics outlook First Quarter 2024 Results Net earnings for the first quarter of fiscal 2024 decreased to $1.1 million, or $0.06 per share, from earnings of $11.1 million, or $0.57 per share, in the same period a year ago.

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Earnings Releases SEC 8-K Item 2.02 confidence 1.0

INSTEEL INDUSTRIES INC reported first quarter of fiscal 2024 ended December 30, 2023 results: revenue $121.7 million, net income $1.1 million, EPS $0.06 per share.

Period: first quarter of fiscal 2024 ended December 30, 2023
Revenue: $121.7 million
Net income: $1.1 million
EPS: $0.06 per share
Result: reported results

Exact text from the filing

applications in the United States, today announced financial results for its first quarter of fiscal 2024 ended December 30, 2023. First Quarter 2024 Highlights ● Net sales of $121.7 million ● Gross profit of $6.3 million, or 5.2% of net sales ● Net income of $1.1 million, or $0.06 per share ● Operating cash flow of $21.8 million ● Payment of special cash dividend

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Source: SEC EDGAR

accession 0001437749-24-001578

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