Insteel Indus Q1 EPS $0.06 Beats $0.05 Estimate, Sales $121.72M Miss $129.68M Estimate
Portfolio Pulse from Benzinga Newsdesk
Insteel Industries (NYSE:IIIN) reported Q1 earnings of $0.06 per share, surpassing the consensus estimate of $0.05 by 20%. However, this represents an 89.47% decrease from the $0.57 per share earned in the same quarter last year. The company's quarterly sales were $121.72 million, falling short of the expected $129.68 million by 6.13% and marking a 27.07% decline from the previous year's sales of $166.90 million.
January 18, 2024 | 11:31 am
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NEGATIVE IMPACT
Insteel Industries reported a mixed Q1 with EPS beating estimates but a significant decrease from last year and sales missing estimates with a notable year-over-year decline.
The earnings beat may provide some positive sentiment, but the significant year-over-year declines in both EPS and sales are likely to concern investors, potentially leading to a negative short-term impact on the stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100