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UPDATE 1-Insteel Q2 profit meets view, gives weak outlook
* Q2 EPS $0.09; revenue $52.3 mln vs est $46.8 mln
* Sees end-use consumption to remain at depressed levels
April 22 (Reuters) - Insteel Industries Inc's (IIIN.O) quarterly profit matched analysts estimates as it benefited from increase in shipments and lower raw material costs, but gave a weak outlook for the rest of the year.
The company said it expects end-use consumption of its products to remain at depressed levels pending a sustained recovery in the construction sector.
"Private non-residential construction has yet to show any signs of improvement due to the ongoing weakness in the economy and limited availability of project financing in the credit markets," Insteel said in a statement.
Insteel's steel wire products are sold mainly to manufacturers of concrete products that are used in non-residential construction.
For the second quarter, the company reported a net income of $1.6 million, or 9 cents a share, compared with a net loss of $16.4 million, or 94 cents a share, in the year-ago quarter.
Net sales rose 3.7 percent to $52.3 million as shipments rose 34.7 percent.
Analysts on average expected the company to earn 9 cents a share, on revenue of $46.8 million, according to Thomson Reuters I/B/E/S.
Shares of the Mount Airy, North Carolina-based company closed at $11.18 Wednesday on Nasdaq. (Reporting by Krishna N. Das in Bangalore; Editing by Gopakumar Warrier)
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