Insteel Q3 net earnings drop to $9.0M from $15.2M; sales up 9.9% but margins compress

INSTEEL INDUSTRIES INC

Net earnings $9.0M ($0.46 EPS) vs $15.2M ($0.78) prior year; gross margin 10.2% vs 17.1%.
Net sales $197.7M, up 9.9% on 8% higher prices and 1.7% higher shipments.
Cash $22.9M, no debt; repurchased 75,000 shares for $1.9M during quarter.
Capex guidance reduced to ~$15M from ~$20M due to project timing.
CEO cites temporary cost headwinds but positive demand outlook.

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