Insteel Industries slips on lower Q1 results

Insteel Industries

19/01/2023 20:18

** Shares of construction materials co Insteel Industries
 IIIN.N  fall 12.7% to $27.09 
    ** Q1 net sales decreased 6.5% to $166.9 mln from $178.5 mln
in the prior year quarter
    ** Net earnings for the quarter fell to $0.57 per share,
from $1.18 in the same period a year ago
    ** Lower shipments partially offset by increase in average
selling prices unfavorably impacted quarterly results - co
    ** IIIN expects higher cost inventories and weather-related
slowdown in construction activity will continue to affect Q2
results
    ** Shares fell 26% in 2022
 (Reporting by Khushi Singh)
 ((Khushi.Singh@thomsonreuters.com;))