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Insteel Industries Inc. (IIIN+2.48%) has submitted its 10-Q filing for the quarterly period ended December 28, 2024.
The filing includes financial statements for the quarter, reporting net sales of $129.7 million, a 6.6% increase from the previous year's $121.7 million. The increase is attributed to a rise in shipments, offset by a decrease in average selling prices.
Gross profit for the quarter was $9.5 million, representing 7.3% of net sales, compared to $6.3 million or 5.2% of net sales in the prior year. The increase was driven by higher spreads between selling prices and raw material costs.
Selling, general, and administrative expenses rose to $7.9 million from $6.4 million, primarily due to changes in the cash surrender value of life insurance policies and increased amortization expenses.
Restructuring charges of $696,000 were recorded, related to the closure of the Warren, Ohio facility acquired from Engineered Wire Products, Inc., and consolidation of operations.
Acquisition costs totaled $271,000 for legal and professional fees associated with the acquisitions of Engineered Wire Products, Inc. and O’Brien Wire Products of Texas, Inc.
Net earnings for the quarter were $1.1 million, or $0.06 per share, consistent with the prior year. Increases in gross profit were offset by higher expenses and reduced interest income.
Cash provided by operating activities was $19.0 million, while cash used in investing and financing activities was $73.9 million and $20.6 million, respectively.
Insteel had a working capital of $145.4 million as of December 28, 2024. The company anticipates continued improvement in financial performance, driven by strengthening market conditions and contributions from recent acquisitions.
The filing also details the company's revolving credit facility, which had no borrowings outstanding as of December 28, 2024, with $98.5 million of borrowing capacity available.
Insteel Industries continues to focus on managing expenses, integrating recent acquisitions, and pursuing growth opportunities within its core businesses.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Insteel Industries Inc. quarterly 10-Q report dated January 16, 2025. To report an error, please email earnings@qz.com.