Insteel Industries (IIIN) Misses Q2 EPS by 6c; Sees 'Significant Improvement' in FY15 Results

Insteel Industries (NASDAQ: IIIN) reported Q2 EPS of $0.18, $0.06 worse than the analyst estimate of $0.24. Revenue for the quarter came in at $101.8 million versus the consensus estimate of $111.1 million.

Outlook

"As we move into the second half of the year, we expect significant improvement in our financial results driven by the usual seasonal upturn in demand, the ongoing recovery in our nonresidential construction end-markets and the consumption of lower cost inventory," commented H.O. Woltz III, Insteel's president and CEO. "We should also benefit from lower conversion costs through the consolidation of our PC strand facilities and ongoing process improvement initiatives at our other locations. The closure of our Newnan facility, which was completed in March, is expected to generate approximately $3.0 million of annualized cost savings beginning in the current quarter. We also anticipate lower costs at our Hazleton, Pennsylvania and Gallatin, Tennessee facilities as we ramp up operating volumes following the recent completion of major capital projects."

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

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