Insteel Industries (IIIN) Tops Q1 EPS by 14c, Revenues Beat

Insteel Industries (NASDAQ: IIIN) reported Q1 EPS of $0.03, $0.14 better than the analyst estimate of ($0.11). Revenue for the quarter came in at $97.57 million versus the consensus estimate of $90.97 million.

Outlook

"Looking ahead to the remainder of fiscal 2020, we should benefit from continued growth in infrastructure construction driven primarily by higher state and local spending in many of our markets together with modest increases in nonresidential construction," commented H.O. Woltz III, Insteel\'s president and CEO. "We also expect to make significant progress on our primary organic growth initiative, the expansion of our cast-in-place business, as we further our penetration of the rebar market where engineered structural mesh ("ESM") can serve as a more cost-effective solution for many concrete reinforcing applications.

Our markets that are susceptible to imports, however, will continue to be unfavorably impacted by increased pricing pressure until a solution is reached on the Section 232 tariffs that restores the competitiveness of domestic manufacturers of downstream products relative to foreign producers. In the interim, we will maintain our focus on those factors we can control in aggressively pursuing further process improvements and strategic acquisition opportunities."

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

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