Insteel Industries plunges after reporting lower Q3 profit

Insteel Industries

18/07/2019 18:21

** Shares of the maker of steel wire reinforcing products
 IIN.O  drop as much as ~15% at $17.79 after reporting lower Q3
profit, marginal decline in revenue from last year
    ** Stock now down ~13%, on track for its worst day in 3
months 
    ** Co says Q3 shipments declined due to low-priced import
competition  urn:newsml:reuters.com:*:nASB01TLA
    ** Says https://bit.ly/2Gg5MJG the import competition was
spurred by cheaper raw materials available to offshore
competitors following the March 2018 implementation of steel
tariffs 
    ** Rev misses est. fourth time in a row, second consecutive
EPS miss in the last 8 quarters
    ** Stock is among the worst performers across all exchanges 
    ** Including today's losses, IIN down ~25% this year, 
compared with a ~24% rise in the Nasdaq industrial index  .IXID 

 (Reporting by C Nivedita in Bengaluru)
 ((C.Nivedita@thomsonreuters.com; +1 646 223 8780 ;))