Insteel Industries (IIIN) Misses Q2 EPS by 14c, Slight Beat on Revenues

Insteel Industries (NASDAQ: IIIN) reported Q2 EPS of $0.31, $0.14 worse than the analyst estimate of $0.45. Revenue for the quarter came in at $107.4 million versus the consensus estimate of $107.3 million.

Insteel's second-quarter results were unfavorably impacted by narrower spreads between selling prices and raw material costs partially offset by higher shipments and a lower effective tax rate relative to the prior year quarter.

Outlook

"As we move into the second half of fiscal 2018, we expect improved business conditions driven by the usual seasonal pickup in demand together with continued growth in the construction sector," commented H.O. Woltz III, Insteel's president and CEO. "We believe the infrastructure-related portion of our business will benefit from the funding increases provided for in the recently passed federal omnibus spending bill together with state and local initiatives. The outlook for private nonresidential construction remains positive as well based on most recent leading indicators and industry forecasts, with the potential for additional investment spurred by the new tax law."

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

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