Insteel Industries, Inc. Reports Earnings Results for the Full Year Ended October 1, 2022
October 21, 2022 at 08:00 am
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Insteel Industries, Inc. reported earnings results for the full year ended October 1, 2022. For the full year, the company reported sales was USD 826.83 million compared to USD 590.6 million a year ago. Net income was USD 125.01 million compared to USD 66.61 million a year ago.
Basic earnings per share from continuing operations was USD 6.41 compared to USD 3.44 a year ago. Diluted earnings per share from continuing operations was USD 6.37 compared to USD 3.41 a year ago.
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.