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Insteel Industries Reports First Quarter 2021 Results


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%. ....

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