IIIN - Insteel GAAP EPS of $0.26 misses by $0.20 revenue of $159.1M misses by $11.73M
2023-04-20 07:08:01 ET
- Insteel press release ( NYSE: IIIN ): Q1 GAAP EPS of $0.26 misses by $0.20 .
- Earnings for the second quarter were unfavorably impacted by narrower spreads between selling prices and raw material costs, lower shipments and higher manufacturing costs relative to the prior year quarter.
- Revenue of $159.1M (-25.4% Y/Y) misses by $11.73M .
- Net sales decreased 25.4% to $159.1 million from $213.2 million in the prior year quarter, driven by customer destocking activities following a protracted period of supply constraints and uncertainty that resulted in inventory accumulation throughout the supply chain.
- Average selling prices decreased 14.5% and shipments declined by 12.8%.
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Insteel GAAP EPS of $0.26 misses by $0.20, revenue of $159.1M misses by $11.73M