Insteel logs record profitability for fiscal ’21

Insteel Industries credited better margins and strong demand for ending its fiscal 2021 with the best earnings in its history, posting net earnings for its fourth fiscal quarter - ended October 2 - of $25.15 million, up by 238.70% from $7.43 million in the same period a year ago.

Sales increased to $171.26 million, up 23.89% from $138.23 million in the fourth quarter of the previous year.  The Mount Airy, North Carolina-based manufacturer of steel wire reinforcing concrete products noted that a widening in the spread between the selling prices for its finished products and raw materials worked in its favor.   The company was able to pass through its raw material...

Published

Lisa Gordon

October 25, 2021

21:30 GMT

Pittsburgh