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Shares of steel wire producer Insteel Industries (NYSE: IIIN) crashed 13.6% through 11:40 a.m. Thursday morning after missing earnings estimates badly in its fiscal Q1 2023 report this morning.
Heading into earnings, analysts had forecast Insteel would earn $0.85 per share on sales of $177.4 million, but the company missed on both the top and bottom lines. Sales for the quarter fell short at just $166.9 million. Likewise, earnings missed expectations at just $0.57 per share.