Insteel Industries (IIIN) Reports Mixed Q3 Results
IIIN Hot Sheet
EPS Growth %: -86.7%Financial Fact:
Cost of sales: 81.54M
Today's EPS Names:
DATE, MLAB, ZLC, More
Insteel Industries (Nasdaq: IIIN) reports Q3 EPS of ($0.10), 5 cents below the analyst estimate of ($0.05). Revenue for the quarter was $57 million, versus the consensus of $49.17 million.
Insteel's financial results for the third quarter were unfavorably impacted by the reductions in shipments and selling prices, the consumption of higher cost inventory purchased prior to the collapse in steel prices during the current fiscal year and the escalation in unit conversion costs resulting from reduced operating schedules. Selling prices and margins for prestressed concrete strand ("PC strand") continued to be adversely affected by exorbitantly low-priced imports from China. The Company's overall capacity utilization for the quarter dropped to 42% from 67% in the same period last year.
Insteel's financial results for the third quarter were unfavorably impacted by the reductions in shipments and selling prices, the consumption of higher cost inventory purchased prior to the collapse in steel prices during the current fiscal year and the escalation in unit conversion costs resulting from reduced operating schedules. Selling prices and margins for prestressed concrete strand ("PC strand") continued to be adversely affected by exorbitantly low-priced imports from China. The Company's overall capacity utilization for the quarter dropped to 42% from 67% in the same period last year.
You May Also Be Interested In
- UPDATE: Bristow Group (BRS) Reports Better-Than-Expected Q4 Results; Offers FY13 Outlook
- Pandora (P) Blows Up Expectations as Listener Hours Rip; Guides FY13 Ahead of Views
- hhgregg, Inc. (HGG) Tops Q4 EPS by 2c; Issues FY13 Outlook
Create E-mail Alert Related Categories
EarningsSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
