Insteel Industries, Inc. posts increased Q3 earnings
Insteel Industries, Inc. (Nasdaq: IIIN) posted third-quarter net earnings of $8.3 million, or $0.45 per share, compared with $7.8 million, or $0.43 per share, in the same period of last year. Wall Street analysts were expecting EPS of $0.39.
The Mount Airy, N.C.-based company reported that earnings from continuing operations fell to $13 million, from $14.4 million a year earlier. The steel wire products manufacturer said third-quarter sales were $78.9 million, down from $91.6 million in third quarter 2006.
"Insteel posted strong results for the third quarter, particularly in view of the soft demand that we experienced in certain of our markets," CEO H.O. Woltz said in a statement.
In pre-market trading, Insteel shares are up $1.05, or 5.22%, at $20.10.
