Insteel Industries, Inc. announced financial results for its second quarter of fiscal 2025 ended March 29, 2025.
Net earnings for the second quarter of fiscal 2025 increased to $10.2 million from the prior year at $6.9 million. Insteel said in a statement that first quarter results for fiscal 2025 benefited from recovering demand for the Company’s concrete reinforcement products along with lower unit manufacturing costs on higher production volume, partially offset by an increase in selling, general and administrative expense.
Net sales increased by 26.1 percent to $160.7 million from $127.4 million in the prior year quarter, driven by an 28.9 percent increase in shipments partially offset by a 2.2 percent decline in average selling prices. The company said the rise in shipments for the current quarter was driven by strengthening demand in our construction end markets, along with incremental volume from our first-quarter acquisitions. On a sequential basis, shipments increased 17.9 percent from the first quarter of fiscal 2025, while average selling prices increased 5.1 percent.
“We are encouraged by the strengthening demand for our products that began during our first quarter,” said H.O. Woltz III, President and CEO of Insteel. “The positive momentum we experienced through our second fiscal quarter was driven by improving business conditions and rising customer confidence, trends that are not fully reflected in the broader macroeconomic indices generally used to measure the strength of the construction industry. It is important to note that our results, and my comments, reflect conditions we experienced prior to the recent turmoil created by the changing tariff policy of the Trump Administration. Nevertheless, as we move into the second half of fiscal 2025, we are encouraged by the pace of activity in our markets and believe it is likely to continue through the summer and into the fall.”
In addition, Woltz said, “A beneficial aspect for Insteel of the Trump Administration’s recent tariff actions was the expansion of the Section 232 steel tariff to derivative products, including PC strand, which eliminated the significant competitive disadvantage that the Section 232 tariff created for Insteel in 2018. This important development should reduce the adverse impact of low-priced PC strand imports within the U.S. market.”