Insteel Industries (NASDAQ: IIIN) reported Q1 EPS of $0.42, $0.13 better than the analyst estimate of $0.29. Revenue for the quarter came in at $119.6 million versus the consensus estimate of $102.78 million.

"We are encouraged by the resilience of our markets during the first quarter which is seasonally the weakest period of the year," commented H.O. Woltz III, Insteel's President and CEO. "Momentum has remained strong through the first weeks of our second quarter driven by solid demand from customers and substantial price increase initiatives which are required to recover rapidly rising raw material costs."

Woltz continued, "We are pleased to report that on January 8, 2021 the International Trade Commission ruled in our favor with respect to PC Strand trade cases pending against eight countries resulting in the implementation of duties on their exports to U.S. markets ranging from 24% to 194% of value. We are pleased with this outcome and expect the duties to level the playing field with eight countries that had ignored U.S. trade law in recent years to the detriment of the domestic industry and its employees. Final determinations against seven additional countries are expected during our third fiscal quarter. Separately, we expect final determinations in our standard welded wire reinforcing trade cases against Mexico before the end of the current quarter."

"While our full year outlook for 2021 is cautiously optimistic, it remains subject to uncertainties surrounding COVID-19 effects on the economy and related uncertainties with respect to funding availability for non-residential construction projects. We are hopeful that the new Administration and Congress are successful in negotiating an infrastructure initiative that would shore up confidence in these markets and address critical infrastructure deficiencies."

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