Insteel Industries Inc. Reports Net Income of $5.1 Million for the Second Quarter of 2023

Insteel Industries Inc.(IIN), a leading manufacturer of st eel wire reinforcing products, released its financial results for the second quarter of 2023, highlighting a notable decline in net income and revenue. The company reported net sales of $159.1 million for the three months ended April 1, 2023, compared to $213.2 million during the same period in the previous year, representing a decrease of approximately 25%. Alongside the revenue drop, Insteel Industries Inc. reported a net income of $5.1 million, significantly lower than the $39.0 million reported in the second quarter of 2022.

Net Income/Loss

Insteel Industries Inc. faced a substantial decline in net income during the second quarter of 2023. The company's net earnings for the three months ended April 1, 2023, amounted to $5.1 million. This represents a significant decrease from the $39.0 million net income reported in the same quarter of the previous year. The decline in net income can be attributed to the decrease in revenue and other contributing factors, as outlined in the financial statements.

Revenue