Key Takeaways:
- Revenue of $197.7 million topped the $195.9 million consensus estimate
- EPS of $0.46 edged past the $0.45 analyst forecast
- The steel wire reinforcement maker reported for its fiscal third quarter
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Insteel Industries beats Q3 estimates as revenue hits $197.7 million
Insteel Industries reported Q3 revenue of $197.7 million, beating the $195.9 million consensus estimate by 0.9%.
The steel wire reinforcement maker posted earnings per share of $0.46 for the quarter ended June 27, compared with the $0.45 analyst forecast. The beat marks the company's second consecutive quarter of above-consensus results.
Insteel Industries manufactures steel wire reinforcing products for concrete construction, including welded wire reinforcement and prestressed concrete strand. The company's results reflect demand from nonresidential construction and infrastructure spending.
The company did not disclose guidance for the current quarter. Insteel typically provides forward-looking commentary on its earnings call.
The revenue beat signals sustained demand for steel reinforcement products in the construction sector. Investors will watch the Q3 earnings call for commentary on order backlogs and pricing trends heading into fiscal Q4.
This article is for informational purposes only and does not constitute investment advice.
