Insteel Industries, Inc. Announces Unaudited Consolidated Earnings Results for the First Quarter Ended December 30, 2017; Provides Capital Expenditure Guidance for the Full Year of Fiscal 2018
January 18, 2018 at 06:30 am
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Insteel Industries, Inc. announced unaudited consolidated earnings results for the first quarter ended December 30, 2017. For the quarter, the company announced net sales of $97,741,000 compared to $93,888,000 for the same period a year ago. Earnings before income taxes were $5,927,000 compared to $6,726,000 for the same period a year ago. Net earnings were $8,111,000 compared to $4,460,000 for the same period a year ago. Net earnings per share, diluted were $0.42 compared to $0.23 for the same period a year ago. Net cash provided by operating activities was $14,764,000 compared to $3,894,000 for the same period a year ago. Capital expenditures were $6,080,000 compared to $5,417,000 for the same period a year ago.
The company provided capital expenditure guidance for the full year of fiscal 2018. Capital outlays for fiscal 2018 are expected to total up to $21.0 million largely related to additional investments in engineered structural mesh manufacturing capabilities, the purchase of the leased Houston facility and further upgrades of production technology and information systems.
Insteel Industries, Inc. is a manufacturer of steel wire reinforcing products for concrete construction applications. The Company's operations are focused on the manufacture and marketing of steel wire reinforcing products for concrete construction applications. The Company's concrete reinforcing products consist of two product lines: prestressed concrete strand (PC strand) and welded wire reinforcement (WWR). Its PC strand is a seven-wire strand that is used to impart compression forces into precast concrete elements and structures, providing reinforcement for bridges, parking decks, buildings, and other concrete structures. Its WWR is produced as either a standard or a specially engineered reinforcing product for use in nonresidential and residential construction. Its products are sold to manufacturers of concrete products that are used in nonresidential construction. The Company sells its products nationwide across the United States, Canada, Mexico, and Central and South America.
Insteel Industries, Inc. Announces Unaudited Consolidated Earnings Results for the First Quarter Ended December 30, 2017; Provides Capital Expenditure Guidance for the Full Year of Fiscal 2018
INSTEEL INDUSTRIES, INC. 
