Insteel Industries (IIIN) Tops Q3 EPS by 19c; Guides Q4, FY17

Insteel Industries (NASDAQ: IIIN) reported Q3 EPS of $0.71, $0.19 better than the analyst estimate of $0.52. Revenue for the quarter came in at $115.6 million versus the consensus estimate of $119.35 million.

Outlook

"We expect strong results for our fiscal fourth quarter driven by the favorable conditions in our construction end-markets and usual seasonal strength in demand together with further reductions in our manufacturing costs," commented H.O. Woltz III, Insteel's president and CEO. "Although spreads are likely to narrow from the third quarter due to the consumption of higher cost inventory, we believe they will remain at improved levels.

"As we move into 2017, we are optimistic that the infrastructure-related portion of our business will benefit from the higher degree of funding certainty provided by the recently passed FAST Act. Our strong balance sheet and financial flexibility position us to continue making the investments that are necessary to maintain world-class facilities and pursue additional growth opportunities."

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

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