Insteel Industries (NASDAQ: IIIN) reported Q2 EPS of $0.39, $0.12 worse than the analyst estimate of $0.51. Revenue for the quarter came in at $101.2 million versus the consensus estimate of $102.46 million.

Outlook

"Looking ahead to the second half of fiscal 2017, we expect increasing shipments driven by continued growth in the construction sector together with the usual seasonal upturn in demand," commented H.O. Woltz III, Insteel's president and CEO. "Recent leading indicators for private construction are signaling further expansion, which should be supported by rising public construction activity later in the year. We expect the higher operating volumes coupled with targeted process improvements will translate into lower manufacturing costs at our facilities. We should also benefit from the cost reductions anticipated at our Houston PC strand facility as we begin to ramp up the new raw material cleaning and production lines."

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