Operator
Good day, and thank you for standing by. Welcome to the Insteel Industries Second Quarter 2021 Conference Call. [Operator Instructions] After the speakers presentation, there will be a question-and-answer session. [Operator Instructions] I would now like to hand the conference over to your speaker today, Mr. H. Woltz, President and CEO. Please go ahead.
H.O. Woltz III
Chairman, President and Chief Executive Officer
Thank you. Good morning, and thank you for your interest in Insteel, and welcome to our second quarter 2021 conference call, which will be conducted by Mark Carano, our Senior Vice President, CFO and Treasurer and me. Before we begin, let me remind you that some of the comments made in our presentation are considered to be forward-looking statements that are subject to various risks and uncertainties, which could cause actual results to differ materially from those projected. The risk factors are described in our periodic filings with the SEC.
Insteel Industries Inc (IIIN) Q2 2021 Earnings Call Transcript
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March 07, 2021
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Insteel Industries Reports First Quarter 2021 Results
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MOUNT AIRY, N.C., Jan. 21, 2021 /PRNewswire/ Insteel Industries, Inc. (NasdaqGS: IIIN) today announced financial results for its first quarter ended January 2, 2021.
First Quarter 2021 Results
Insteel s first quarter results benefitted from robust demand as construction activity remained strong across its markets. Net earnings increased to $8.1 million, or $0.42 per share, from $0.6 million, or $0.03 per share, in the same period a year ago.
Net sales increased 22.6% to $119.6 million from $97.6 million in the prior year quarter driven primarily by a 21.6% increase in shipments in addition to a 1.0% increase in average selling prices. On a sequential basis, shipments decreased 15.2% from the fourth quarter of fiscal 2020 reflecting the usual seasonal slowdown while average selling prices increased 2.0%.
Operator
Ladies and gentlemen, thank you for standing by and welcome to the Insteel Industries First Quarter 2021 Conference Call. [Operator Instructions]
I would like to hand the conference over to one of your speakers today, Mr. H. Woltz. Sir, please go ahead.
H.O. Woltz
Chairman, President and Chief Executive Officer
Good morning. Thank you for your interest in Insteel and welcome to our first quarter 2021 earnings call, which will be conducted by Mark Carano, our Senior Vice President, CFO and Treasurer and me.
Before we begin, let me remind you that some of the comments made on today s call are considered to be forward-looking statements, which are subject to various risks, uncertainties that could cause actual results to differ materially from those projected. These risk factors are described in our periodic filings with the SEC. All forward-looking statements are based on our current expectations and information that is currently available. We do not assume any oblig
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