Insteel Industries (IIIN) Misses Q4 EPS by 1c, Sales Miss

October 20, 2016 6:36 AM EDT
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Insteel Industries (NASDAQ: IIIN) reported Q4 EPS of $0.60, $0.01 worse than the analyst estimate of $0.61. Revenue for the quarter came in at $103.1 million versus the consensus estimate of $125.11 million.


"As we move into fiscal 2017, it is unclear whether the softening in shipments we experienced during the fourth fiscal quarter represents a temporary lull or will persist," commented H.O. Woltz III, Insteel's president and CEO. "Although recent macro indicators for our construction end-markets have been mixed, customer sentiment remains positive and we expect demand for our products will be favorably impacted by the FAST Act together with increased infrastructure spending at the state and local level.

"The expansion of our Houston PC strand facility remains on track to begin start-up activities before the end of the first quarter of fiscal 2017. The investments we are making realign the plant's capacity with the requirements of the Texas market and should position it to achieve costs that are comparable to our other strand facilities."

For earnings history and earnings-related data on Insteel Industries (IIIN) click here.

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