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MOUNT AIRY, N.C. -On Thursday, Insteel Industries Inc. (NYSE:IIIN) reported second quarter earnings and revenue that surpassed analyst expectations.
The company’s shares were up 4.98% in premarket trading following the release.
The steel wire reinforcing products manufacturer posted earnings per share of $0.52 for the quarter ended March 29, 2025, beating the analyst consensus of $0.29 by $0.23. Revenue came in at $160.7 million, topping estimates of $149.85 million.
Net earnings rose to $10.2 million from $6.9 million in the same period last year. The company benefited from recovering demand for its concrete reinforcement products and lower unit manufacturing costs on higher production volume.
Net sales increased 26.1% YoY, driven by a 28.9% rise in shipments, partially offset by a 2.2% decline in average selling prices. Gross margin expanded to 15.3% from 12.3% a year ago.
"We are encouraged by the strengthening demand for our products that began during our first quarter," said H.O. Woltz III, President and CEO of Insteel. "The positive momentum we experienced through our second fiscal quarter was driven by improving business conditions and rising customer confidence."
Looking ahead, Woltz said the company is "encouraged by the pace of activity in our markets and believe it is likely to continue through the summer and into the fall."
Insteel ended the quarter with $28.4 million in cash and no debt outstanding.
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