Brief: Insteel Industries Reports Q2 Results

Insteel Industries

18/04/2019 12:18

April 18 (Reuters) - Insteel Industries Inc  IIIN.O :
    * INSTEEL INDUSTRIES REPORTS SECOND QUARTER 2019 RESULTS
    * Q2 EARNINGS PER SHARE $0.05
    * Q2 SALES ROSE 4.2 PERCENT TO $111.9 MILLION
    * INSTEEL INDUSTRIES - AS CO MOVES INTO H2 OF FISCAL 2019,
EXPECTS
INCREASING SHIPMENTS DRIVEN BY CONTINUED GROWTH IN CONSTRUCTION
END-MARKETS
    * SHIPMENTS FOR CURRENT YEAR QUARTER WERE UNFAVORABLY
IMPACTED BY
ADVERSE WEATHER CONDITIONS IN MANY OF INSTEEL'S MARKETS
    * QTRLY GROSS MARGIN NARROWED 810 BASIS POINTS TO 6.3% DUE
TO
LOWER SPREADS, HIGHER MANUFACTURING COSTS
    * PURSUING SOLUTIONS WITH ADMINISTRATION THAT WOULD
ELIMINATE
PENALTY TARIFFS CONSTITUTE FOR DOWNSTREAM CONSUMERS OF STEEL
    * SECOND-QUARTER RESULTS FOR FISCAL 2019 WERE UNFAVORABLY
IMPACTED
BY NARROWER SPREADS BETWEEN SELLING PRICES AND RAW MATERIAL
COSTS

Source text for Eikon:  ID:nPn828k4Za 
Further company coverage:  IIIN.O 

 (Reuters.Briefs@thomsonreuters.com)