Insteel Industries: Jumps as price increases drive robust Q2 results

Insteel Industries

22/04/2021 16:36

** Shares in construction materials co  IIIN.N  rise 7.6% to
$34.37, gain for a second straight day 
    ** IIIN says Q2 net earnings rose to $14.9 mln from $4.4 mln
a year earlier due to continued strong demand for its
reinforcing products  urn:newsml:reuters.com:*:nPn1wfrxsa
    ** Net sales increased 21% to $139 mln, driven by a 15% rise
in average selling prices and a 5.2% increase in shipments
    ** Average selling price rise was largely the result of
price increases implemented across product lines during the
quarter, helping recover from rapidly escalating raw material
costs - IIIN
    ** Co expects solid performance in the second half of the
fiscal year, given favorable trends in non-residential
construction markets along with the usual seasonal upturn in
demand
    ** Shares in the company up ~54% so far this year

 (Reporting by Arundhati Sarkar in Bengaluru)
 ((Arundhati.Sarkar@thomsonreuters.com;
twitter.com/Arundhati_05; +1 646 223 8780 Ext: 2776))