The following is a summary of the Insteel Industries, Inc. (IIIN) Q2 2024 Earnings Call Transcript:

Financial Performance:

• Insteel Industries reported Q2 net earnings of $6.9 million, up from $5.1 million in comparison to the previous year, with earnings per share also rising to $0.35 per diluted share.

• Shipments rose 1.9% from Q1 but fell 3.2% year-over-year, however, April shipments were above expected levels.

• Average selling prices rose 2.7% from Q1, but faced a decrease of 17.3% year-over-year.

• Gross profit increased to $15.7 million with a gross margin of 12.3% and total capital expenditures for the quarter were $2 million with a full-year target of $30 million.

Business Progress:

• Insteel Industries has seen a steady acceleration in its markets since the start of the year and expects this trend to continue into Q3.

• Despite various challenges like project delays, market weaknesses, and competition, Insteel continues to invest in technology to enhance product capabilities and reduce production costs.

• The company is also actively exploring growth opportunities, including potential acquisitions.

More details: Insteel Industries IR

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