Insteel Industries (NASDAQ: IIIN) reported Q2 EPS of $0.23, $0.14 better than the analyst estimate of $0.09. Revenue for the quarter came in at $114.9 million versus the consensus estimate of $100.28 million.

Outlook

"As we move into the third quarter, our visibility is limited due to the ongoing uncertainty surrounding the impact of COVID-19 and the additional mitigation measures that may be pursued by governmental authorities to combat the pandemic," commented H.O. Woltz III, Insteel\'s president and CEO. "Considering our debt-free balance sheet, significant cash on hand and highly variable cost structure, we believe that Insteel is well-positioned to successfully navigate through this challenging environment.

Our integration of the STM acquisition and closure plans for the Summerville facility are proceeding as planned. The consolidation of facilities should strengthen our competitive position as we contend with the surge in low-priced imports of PC strand resulting from the increased production of downstream products by foreign producers to circumvent the Section 232 tariffs and expand their market share in the U.S."

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