The following is a summary of the Insteel Industries, Inc. (IIIN) Q2 2024 Earnings Call Transcript:
Financial Performance:
Insteel Industries reported Q2 net earnings of $6.9 million, up from $5.1 million in comparison to the previous year, with earnings per share also rising to $0.35 per diluted share.
Shipments rose 1.9% from Q1 but fell 3.2% year-over-year, however, April shipments were above expected levels.
Average selling prices rose 2.7% from Q1, but faced a decrease of 17.3% year-over-year.
Gross profit increased to $15.7 million with a gross margin of 12.3% and total capital expenditures for the quarter were $2 million with a full-year target of $30 million.
Business Progress:
Insteel Industries has seen a steady acceleration in its markets since the start of the year and expects this trend to continue into Q3.
Despite various challenges like project delays, market weaknesses, and competition, Insteel continues to invest in technology to enhance product capabilities and reduce production costs.
The company is also actively exploring growth opportunities, including potential acquisitions.
More details: Insteel Industries IR
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