Insteel Industries Reports First Quarter 2023 Results
Insteel Industries Inc. (NYSE: IIIN) today announced financial results for its first quarter ended December 31, 2022
By AP News
Published - Jan 19, 2023, 06:33 AM ET
Last Updated - Apr 30, 2024, 02:02 PM EDT
MOUNT AIRY, N.C.--(BUSINESS WIRE)--Jan 19, 2023--
Insteel Industries Inc. (NYSE: IIIN) today announced financial results for its first quarter ended December 31, 2022.
First Quarter 2023 Results
Net earnings for the first quarter of fiscal 2023 decreased to $11.1 million, or $0.57 per share, from record earnings of $23.1 million, or $1.18 per diluted share, in the same period a year ago. Earnings for the current year quarter benefited from a $3.3 million, or $0.13 per share gain on the sale of property, plant and equipment. Insteel’s first quarter results were unfavorably impacted by lower shipments and the narrowing of spreads between selling prices and raw material costs.
