Insteel Industries (IIIN) Tops Q1 EPS by 20c, Beats on Revenues

Insteel Industries (NASDAQ: IIIN) reported Q1 EPS of $0.42, $0.20 better than the analyst estimate of $0.22. Revenue for the quarter came in at $97.74 million versus the consensus estimate of $94.9 million.

Outlook

"We are encouraged by the improving demand trends during the first quarter following the weakness we experienced over the second half of fiscal 2017," commented H.O. Woltz III, Insteel\'s president and CEO. "As we move into the second quarter, however, we expect our results will be affected by the usual weather-related slowdown in construction activity.

"Looking ahead to the remainder of fiscal 2018, the leading indicators for the construction sector are signaling continued growth which should drive improvement in our volumes, spreads and costs. We also expect to benefit from our recent acquisition of Ortiz Engineered Products as we intensify our efforts to penetrate the rebar market with the substitution of engineered structural mesh for cast-in-place applications and leverage our newly combined engineering and sales capabilities."

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

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