Insteel Q3 net earnings drop to $6.6M; sales fall 12% on pricing pressure

INSTEEL INDUSTRIES INC

2024-Q3 EPS reported $0.75 revenue$394,894,000

Net earnings $6.6M ($0.34/sh) vs $10.6M ($0.54) prior year; gross margin narrowed to 10.6% from 12.3%.
Net sales $145.8M, down 12% YoY; avg selling prices -16.3% partially offset by 5.1% higher shipments.
Operating cash flow $18.7M; ended debt-free with $97.7M cash, $100M revolver undrawn.
Capex guidance up to $25M for FY2024; management optimistic on infrastructure spending and rate cuts.
Nine-month net earnings $14.6M ($0.75/sh) vs $26.8M ($1.37) prior year.

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