Construction builds Insteel’s earnings

Jul 18, 2013 | 04:20 PM | Samuel Frizell

Tags  Insteel Industries Inc., H.O. Woltz III, Michael Gazmarian, earnings report, concrete reinforcing mesh, engineered structural mesh, wire rod, construction Samuel Frizell

NEW YORK — Insteel Industries Inc.’s earnings soared in its fiscal third quarter compared with a year earlier, riding the coattails of slowly but steadily improving investment in construction that has boosted the company’s shipments.

"Activity levels in our markets improved marginally during the (fiscal) third quarter, continuing a plodding recovery characterized by sluggish construction spending and employment," president and chief executive officer H.O. Woltz III said during a conference call with investors. "We’re continuing to see a recovery that’s unimpressive, although business is certainly better than at any time since the downturn we saw in 2008.....

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