Insteel(US:IIIN)2025-07-02 06:14Business Overview - Insteel Industries is the largest U S manufacturer of steel wire reinforcing products for concrete construction applications[5] - Nonresidential construction accounts for 85% of sales, while residential construction accounts for 15%[7] - Concrete product manufacturers represent 70% of sales, with distributors, rebar fabricators, and contractors making up the remaining 30%[8] Financial Performance - Net sales reached $5906 million in 2021[27] - EBITDA for 2021 was $1057 million, with an EBITDA margin of 179%[33, 35] - As of October 2, 2021, Insteel had $899 million in cash and no outstanding borrowings on its $1000 million revolving credit facility[48] Growth Strategy - Continued conversion of rebar users to Engineered Structural Mesh (ESM) represents a substantial growth opportunity[23] - The company has made strategic acquisitions, including Ivy Steel & Wire for $503 million and American Spring Wire for $335 million[25] - Capital expenditures are expected to total up to $250 million in fiscal year 2022[45] Market Outlook - Public construction spending for August YTD 2021 was down 40% from the prior year but up 65% from the four-year prior average[55] - Private nonresidential construction for May YTD was down 91% from the prior year and down 36% from the four-year prior average[55] - Private residential construction for May YTD was up 238% from the prior year and up 247% from the four-year prior average[55]