Insteel Industries Q2 EPS $0.35; net sales $127.4M, down 19.9% YoY

INSTEEL INDUSTRIES INC

2024-Q2 EPS reported $0.41 revenue$249,119,000

Net earnings $6.9M ($0.35 diluted EPS) vs $5.1M ($0.26) a year ago; gross margin widened to 12.3% from 8.3%.
Net sales decreased 19.9% to $127.4M from $159.1M, driven by 17.3% lower average selling prices and 3.2% lower shipments.
Company ended quarter debt-free with $83.9M cash and no borrowings on $100M revolver; capex guidance ~$30M for fiscal 2024.
Management cites improving demand environment, seasonal upturn, and optimism from infrastructure spending.

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