Insteel Industries, Inc. (NASDAQ:IIIN) revealed its third quarter earnings results on Thursday 16th July 2020 before market open.
The reported $ 0.34 income per share for the quarter, beat the consensus estimate of $ 0.17 income per share by $ 0.17 or 100.00 percent.
The quarterly earnings elevated 209.09 percent compared with the same quarter last year.
The firm had revenue of $ 121.96 million for the quarter, compared to the consensus estimate of $ 115.45 million. The revenues outshined analysts estimates by $ 6.51 million or 5.64 percent.
The financial report showed revenues reduced 3.40 percent versus third quarter of last year.
Analysts estimates are from Thompson Reuters, exclude one time gain or loss
H.O. Woltz III, President and CEO, commented, While we are pleased with the robust market conditions through our third quarter and expect the fourth quarter to remain strong, our visibility into fiscal 2021 is clouded by the uncertainty surrounding the impact of COVID-19 on our markets. We are particularly concerned about the potential impact of future funding constraints on infrastructure projects and the uncertain economic environment on activity in the private non-residential construction market.
