Insteel(IIIN)

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Insteel(IIIN) - 2022 Q2 - Quarterly Report
2022-04-21 15:25
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended April 2, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________ to ________ Commission File Number: 1-9929 Insteel Industries, Inc. (Exact name of registrant as specified in its charter) North Carolina (State or other jurisdi ...
Insteel(IIIN) - 2022 Q1 - Earnings Call Presentation
2022-01-25 14:14
INDUSTRIES INC. Investor Presentation January 20, 2022 Quant Roll 2017 NE r B Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. When used in this presentation, the words "believes," "anticipates," "expects," "estimates," "appears," "plans," "intends," "may," "should," "could" and similar expressions are intended to identify forward-looking statements. Although we believe t ...
Insteel(IIIN) - 2022 Q1 - Quarterly Report
2022-01-20 16:42
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended January 1, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________ to ________ Commission File Number: 1-9929 Insteel Industries, Inc. (Exact name of registrant as specified in its charter) North Carolina (State or other juris ...
Insteel(IIIN) - 2022 Q1 - Earnings Call Transcript
2022-01-20 16:35
Insteel Industries, Inc. (NYSE:IIIN) Q1 2022 Earnings Conference Call January 20, 2022 10:00 AM ET Company Participants H.O. Woltz - Chairman, President and Chief Executive Officer Mark Carano - Senior Vice President, Chief Financial Officer and Treasurer Conference Call Participants Tyson Bauer - Kansas City Capital Associates Julio Romero - Sidoti & Company Disclaimer*: This transcript is designed to be used alongside the freely available audio recording on this page. Timestamps within the transcript are ...
Insteel(IIIN) - 2021 Q4 - Annual Report
2021-10-28 14:51
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended October 2, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 1-9929 INSTEEL INDUSTRIES, INC. (Exact name of registrant as specified in its charter) North Carolina (State or other jurisdiction of incorporation or ...
Insteel(IIIN) - 2021 Q4 - Earnings Call Transcript
2021-10-21 18:10
Financial Data and Key Metrics Changes - Insteel reported record financial performance for Q4 2021, with net earnings more than tripling to $25.2 million from $7.4 million a year ago, and earnings per diluted share rising to $1.28 from $0.38 [6][28] - Gross profit for the quarter increased by $20.5 million year-over-year, with gross margin expanding to 23.3% due to a widening in spreads as average selling prices outpaced rod cost increases [12] - SG&A expense decreased by $2 million to $7.3 million, and as a percentage of sales, it decreased 240 basis points to 4.3% [13] Business Line Data and Key Metrics Changes - Average selling prices in Q4 were up 56.1% year-over-year and increased 18.8% sequentially from Q3 2021, marking the third consecutive quarter of price increases greater than 10% [9] - Shipments for the quarter decreased 20.6% from last year and 10.3% sequentially from Q3 2021, attributed to tight global rod supply rather than lack of demand [10][11] Market Data and Key Metrics Changes - The construction end markets remained strong with no signs of a slowdown, supported by leading indicators and consensus growth estimates for construction spending [19] - Non-residential construction spending has rebounded dramatically since January 2021, with the Architectural Billings Index registering its highest monthly score in history during the summer [20][24] Company Strategy and Development Direction - The company plans to pursue important transactions for non-buy America applications to fill voids created by domestic production challenges [33] - Capital expenditures for 2022 are estimated to be between $20 million and $25 million, aimed at supporting growth in the engineered structural mesh product line and improving production quality [37] Management's Comments on Operating Environment and Future Outlook - Management expressed that the current conditions in the market are unprecedented and unsustainable, with tight supplies of hot-rolled steel rod leading to substantial price increases [28][30] - The company expects robust demand to continue supporting price increases through the supply chain, despite challenges in raw material availability [33][58] Other Important Information - Free cash flow for the year was $52.4 million, representing 8.9% of revenues, with $31.3 million returned to shareholders through dividends [18] - The effective tax rate for the quarter increased to 22.7% from 20.8% year-over-year, with expectations of around 23% for the next year barring changes in corporate tax rates [15] Q&A Session Summary Question: Was the decrease in shipments due to weather or tight wire rod supply? - Management indicated that while there was some production time lost due to hurricanes, the primary reason for the decrease in shipments was related to supply concerns [39] Question: Have there been any recent changes in foreign wire rod availability? - Management acknowledged that there are some opportunities emerging, but global markets remain strong, limiting imports [40] Question: What is the impact of wire rod supply on shipments? - Management confirmed that the entire shipment shortfall is related to wire rod availability, not demand, with a pro forma decrease of about 14.5% [53] Question: Will pricing soften if supply improves? - Management believes that pricing will remain firm even with increased wire rod supply due to strong market demand [58] Question: What are the implications of the infrastructure bill? - Management expressed concerns that the Bipartisan Infrastructure Bill may be inflationary and questioned the necessity of stimulating the industry at this time [61][63]
Insteel(IIIN) - 2021 Q3 - Earnings Call Transcript
2021-07-22 19:03
Insteel Industries, Inc. (NYSE:IIIN) Q3 2021 Earnings Conference Call July 22, 2021 10:00 AM ET Company Participants Howard Woltz - President, CEO & Chairman Mark Carano - SVP, CFO & Treasurer Conference Call Participants Julio Romero - Sidoti & Company Tyson Bauer - KC Capital Operator Good day, and thank you for standing by. Welcome to the Insteel Industries Third Quarter 2021 Conference Call. [Operator Instructions]. I would now like to hand the conference over to your speaker today, Mr. Woltz. Please go ...
Insteel(IIIN) - 2021 Q3 - Quarterly Report
2021-07-22 17:07
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended July 3, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________ to ________ Commission File Number: 1-9929 Insteel Industries, Inc. (Exact name of registrant as specified in its charter) North Carolina (State or other jurisdic ...
Insteel(IIIN) - 2021 Q2 - Earnings Call Transcript
2021-04-22 20:09
Insteel Industries, Inc. (NYSE:IIIN) Q2 2021 Earnings Conference Call April 22, 2021 10:00 AM ET Company Participants H. Woltz - President and Chief Executive Officer Mark Carano - Vice President, CFO and Treasurer Conference Call Participants Julio Romero - Sidoti & Company Tyson Bauer - KC Capital Operator Good day, and thank you for standing by. Welcome to the Insteel Industries Second Quarter 2021 Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded. [Oper ...
Insteel(IIIN) - 2021 Q2 - Quarterly Report
2021-04-22 15:38
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended April 3, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________ to ________ Commission File Number: 1-9929 Insteel Industries, Inc. (Exact name of registrant as specified in its charter) North Carolina 56-0674867 (State or ot ...