Insteel Industries profit misses estimates as demand falls
(Reuters) - Insteel Industries Inc (IIIN.O) reported a lower-than-expected quarterly profit as weak construction activity hurt demand for its steel wire reinforcing products.
The company, which mainly sells steel products for non-residential construction, expects challenging market conditions to continue depressing shipping volumes and pricing in the fourth quarter.
April-June profit fell to $900,000, or 5 cents per share, from $3.7 million, or 20 cents per share, a year earlier.
Revenue fell 5 percent to $93.6 million, while shipments declined 4.5 percent.
Analysts on average had expected earnings of 13 cents per share on revenue of $95.10 million, according to Thomson Reuters I/B/E/S.
The Mount Airy, North Carolina-based company's shares closed at $10.24 on Wednesday on the Nasdaq.
(Reporting by Vishal Krishnan Menon in Bangalore; Editing by Don Sebastian)
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