Housing recovery buoys Insteel earnings

Jan 17, 2013 | 02:50 PM | Samuel Frizell

Tags  Insteel Industries, H.O. Woltz, housing market, wire reinforcing products, shipments, steel wire, Samuel Frizel

NEW YORK — Buoyed by a gradually recovering housing market and serendipitous market conditions, Insteel Industries Inc. posted net income of more than $2.4 million for its fiscal first quarter in contrast to a $180,000 net loss during the same period a year earlier.

The Mount Airy, N.C.-based manufacturer of steel wire reinforcing products said in its earnings report released Jan. 17 that results for the three months ended Dec. 29 were boosted by widening spreads between average selling prices and raw material costs.....

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