Insteel’s earnings up on construction market

Oct 17, 2013 | 05:29 PM | Samuel Frizell

Tags  Insteel Industries, wire mesh, wire rod, scrap, steel, earnings report, Michael Gazmarian, H.O. Woltz III Samuel Frizell

NEW YORK — Insteel Industries Inc.’s earnings jumped in its fiscal fourth quarter due to an improved price spread between wire rod and finished product, as well as a gradually improving construction market.

The Mount Airy, N.C.-based company posted net income of more than $2.3 million for the three months ended Sept. 28 vs. $833,000 in the same period last year. Sales rose just 0.3 percent to $98.2 million as a 4.7-percent increase in shipments was offset by a 4.2-percent decline in average selling prices.....

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