Insteel(IIIN)

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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 ...
Insteel(IIIN) - 2021 Q1 - Earnings Call Transcript
2021-01-21 19:19
Insteel Industries, Inc. (NYSE:IIIN) Q1 2021 Earnings Conference Call January 21, 2021 10:00 AM ET Company Participants H. Woltz - Chairman, President & Chief Executive Officer Mark Carano - Senior Vice President, Chief Financial Officer & Treasurer Conference Call Participants Julio Romero - Sidoti Tyson Bauer - KC Capital Operator Ladies and gentlemen, thank you for standing by and welcome to the Insteel Industries First Quarter 2021 Conference Call. At this time, all participants are in a listen-only mod ...
Insteel(IIIN) - 2021 Q1 - Quarterly Report
2021-01-21 17:15
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 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 juris ...