Insteel Industries Inc. Files Q1 2025 10-Q Report

TL;DR

Insteel's Q1 2025 10-Q is out. Check financials for the steel company.

AI Summary

Insteel Industries Inc. reported its first quarter results for fiscal year 2025, ending December 28, 2024. The company's financial performance for this period is detailed in the 10-Q filing. Specific financial figures and operational highlights for the quarter are available within the document.

Why It Matters

This filing provides investors and analysts with a detailed look at Insteel's financial health and operational performance at the start of their fiscal year, influencing investment decisions.

Risk Assessment

Risk Level: medium — The filing is a standard quarterly report, but the steel industry can be subject to significant market volatility and economic factors.

Key Numbers

• Q1 2025 — Fiscal Quarter (Reporting period for the 10-Q)
• 2024-12-28 — Period End Date (The end of the fiscal quarter being reported)

Key Players & Entities

• INSTEEL INDUSTRIES INC (company) — Filer of the 10-Q report
• 20241228 (date) — End date of the reporting period
• 20250116 (date) — Filing date of the report
• MOUNT AIRY, NC (location) — Company's business address

FAQ

Filing Documents

• iiin20241228_10q.htm (10-Q) — 900KB
• ex_764273.htm (EX-31.1) — 10KB
• ex_764274.htm (EX-31.2) — 10KB
• ex_764275.htm (EX-32.1) — 4KB
• ex_764276.htm (EX-32.2) — 4KB
• 0001437749-25-001254.txt ( ) — 5558KB
• iiin-20241228.xsd (EX-101.SCH) — 46KB
• iiin-20241228_cal.xml (EX-101.CAL) — 50KB
• iiin-20241228_def.xml (EX-101.DEF) — 354KB
• iiin-20241228_lab.xml (EX-101.LAB) — 326KB
• iiin-20241228_pre.xml (EX-101.PRE) — 382KB
• iiin20241228_10q_htm.xml (XML) — 879KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION Item 1. Unaudited Financial Statements Consolidated Statements of Operations and Comprehensive Income 3 Consolidated Balance Sheets 4 Consolidated Statements of Cash Flows 5 Consolidated Statements of Shareholders' Equity 6

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 7 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 17 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 23 Item 4.

Controls and Procedures

Controls and Procedures 23

– OTHER INFORMATION

PART II – OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 24 Item 1A.

Risk Factors

Risk Factors 24 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 24 Item 5. Other Information 25 Item 6. Exhibits 25

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements INSTEEL INDUSTRIES INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (In thousands, except per share amounts) (Unaudited) Three Months Ended December 28, December 30, 2024 2023 Net sales $ 129,720 $ 121,725 Cost of sales 120,191 115,455 Gross profit 9,529 6,270 Selling, general and administrative expense 7,887 6,367 Restructuring charges, net 696 - Acquisition costs 271 - Other income, net ( 14 ) ( 22 ) Interest expense 13 29 Interest income ( 786 ) ( 1,659 ) Earnings before income taxes 1,462 1,555 Income taxes 381 423 Net earnings $ 1,081 $ 1,132 Net earnings per share: Basic $ 0.06 $ 0.06 Diluted 0.06 0.06 Weighted average shares outstanding: Basic 19,497 19,497 Diluted 19,550 19,573 Cash dividends declared per share $ 1.03 $ 2.53 Comprehensive income $ 1,081 $ 1,132 See accompanying notes to consolidated financial statements. 3 INSTEEL INDUSTRIES INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (In thousands) (Unaudited) December 28, September 28, 2024 2024 Assets Current assets: Cash and cash equivalents $ 35,951 $ 111,538 Accounts receivable, net 49,442 58,308 Inventories 98,670 88,840 Other current assets 8,422 8,608 Total current assets 192,485 267,294 Property, plant and equipment, net 136,379 125,540 Intangibles, net 17,998 5,341 Goodwill 35,641 9,745 Other assets 22,196 14,632 Total assets $ 404,699 $ 422,552 Liabilities and shareholders' equity Current liabilities: Accounts payable $ 36,724 $ 37,487 Accrued expenses 10,360 9,547 Total current liabilities 47,084 47,034 Other liabilities 25,965 24,663 Commitments and contingencies Shareholders' equity: Common stock 19,431 19,452 Additional paid-in capital 86,919 86,671 Retained earnings 225,908 245,340 Acc

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (1) Basis of Presentation The accompanying unaudited interim consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the U.S. ("GAAP") on a basis consistent with that used in the Annual Report on Form 10-K for the year ended September 28, 2024 ("2024 Form 10-K") filed by us with the Securities and Exchange Commission. These statements include all normal recurring adjustments necessary to present fairly the consolidated balance sheets and the statements of operations and comprehensive income, cash flows and shareholders' equity for the periods indicated. The September 28, 2024 consolidated balance sheet was derived from audited consolidated financial statements but does not include all the disclosures required by GAAP. These statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in our 2024 Form 10-K. The results of operations for the periods indicated are not necessarily indicative of the results that may be expected for the full fiscal year or any future periods. On October 21, 2024, we, through our wholly-owned subsidiary, Insteel Wire Products Company ("IWP"), purchased substantially all of the assets, other than cash and accounts receivable, of Engineered Wire Products, Inc. ("EWP") and certain related assets of Liberty Steel Georgetown, Inc. ("LSG"). See Note 3 to the consolidated financial statements for additional information. On November 26, 2024, we, through our wholly-owned subsidiary IWP, purchased certain assets of O'Brien Wire Products of Texas, Inc. ("OWP"). See Note 3 to the consolidated financial statements for additional information. (2) Recent Accounting Pronouncements In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Discl

View Full Filing

View this 10-Q filing on SEC EDGAR