Insteel Industries Earnings: Here’s Why Investors Don’t Like These Results
Insteel Industries Inc. (NASDAQ:IIIN) delivered a profit and missed Wall Street’s expectations, BUT beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are down 2.52%.
Insteel Industries Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased 280% to $0.19 in the quarter versus EPS of $0.05 in the year-earlier quarter.
Revenue: Rose 3.63% to $97 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Insteel Industries Inc. reported adjusted EPS income of $0.19 per share. By that measure, the company missed the mean analyst estimate of $0.27. It beat the average revenue estimate of $95.1 million.
Quoting Management: “Conditions in our construction end-markets have continued to gradually improve from historically depressed levels, although we have yet to see a significant pick up in momentum,” commented H.O. Woltz III, Insteel’s president and CEO. “We believe the rate of recovery will remain modest until there is more meaningful and sustained growth in the overall economy and in the employment market.”
Key Stats (on next page)…