Insteel Industries drops after reporting surprise loss

Insteel Industries

17/10/2019 16:25

** Shares of steel wire reinforcing products maker  IIIN.O 
fall ~8% to an over one-month low of $18.5 
    ** Posts surprise loss vs. analysts' expectations of a
profit; reports a 6.6% dip in Q4 sales, hit by a drop in average
selling prices  urn:newsml:reuters.com:*:nPnc53z61a
    ** IIIN misses EPS est. for third straight quarter
    ** Shipments for current year were hit by escalating volumes
of low-priced imports that have surged following the imposition
of tariffs on imports of upstream steel products - IIIN 
    ** Stock set for its worst day in 3 months and among worst
performers across all U.S. exchanges 
    ** Including session's losses, stock down ~23% this year

 (Reporting by Abhishek Manikandan in Bengaluru)
 ((Abhishek.Manikandan@thomsonreuters.com))