Insteel Industries (IIIN) Reports Mixed Q3 Results
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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.
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