- Insteel Industries (NASDAQ:IIIN) up 1.3% in pre-market as the Q1 earnings came in above expectations; however, sales decreased 6.3% Y/Y to $97.6M driven by 16.1% decrease in average selling prices, offset by 11.7% increase in shipments.
- The company says that despite favorable conditions in the Company's construction end-markets, Insteel's Q1 results continued to be adversely affected by low-priced import competition.
- Gross margin narrowed to 6.4% from 10.5%.
- For the remainder of 2020, the company expects markets that are susceptible to imports, however, will continue to be unfavorably impacted by increased pricing pressure.
- Previously: Insteel EPS beats by $0.17, beats on revenue (Jan. 16)