Insteel Indus Q2 2024 GAAP EPS $0.35 Beats $0.29 Estimate, Sales $127.394M Miss $134.893M Estimate
Portfolio Pulse from Benzinga Newsdesk
Insteel Industries (IIIN) reported Q2 2024 earnings of $0.35 per share, surpassing the consensus estimate of $0.29 by 20.69%. However, their quarterly sales of $127.394M fell short of the expected $134.893M, marking a 5.56% miss and a 19.90% decrease from the previous year's sales of $159.051M.
April 25, 2024 | 10:34 am
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Insteel Industries reported higher-than-expected Q2 2024 earnings per share but missed sales estimates, with a significant year-over-year sales decline.
The positive earnings surprise could provide a short-term boost to IIIN's stock price due to the beat on EPS estimates. However, the miss on sales estimates and the significant decrease in sales compared to the previous year could temper investor enthusiasm, leading to a neutral short-term impact. The mixed results highlight the company's ability to manage costs and maintain profitability despite lower sales, which could be seen as a positive by some investors while others may focus on the sales decline as a negative signal.
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