Insteel Industries falls as Q1 sales decline

Insteel Industries

18/01/2024 13:53

** Shares of construction materials co Insteel Industries
 IIIN.N  fall 1.4% to $35.6 premarket 
    ** Co reported Q1 net income of $1.1 mln, down from $11.1
mln a year ago  
    ** Q1 net sales decreased to $121.7 mln from $166.9 mln in
the prior-year quarter, due to narrowing of gap between average
selling price and cost of raw materials 
    ** Q1 capital expenditures increased to $12.3 mln from $8.2
mln in the prior-year quarter
    ** Says shipments declined 16.1% from Q4 2023, also
reflecting the typical seasonal slowdown in construction
activity
    ** Stock rose 24.9% in the last 12 months   

 (Reporting by Sneha S K)
 ((Sneha.SK@thomsonreuters.com;))