Insteel Industries +1.3% post Q1 earnings beat

Jan. 16, 2020 9:20 AM ETInsteel Industries, Inc. (IIIN) StockIIINBy: Vandana Singh, SA News Editor
  • 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)

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