Insteel sees ‘modest recovery to continue’ in Q4

“Given the lethargic market conditions we experienced during the third quarter, our financial performance was reasonable, reflecting the easing of headwinds that negatively impacted our results for the first half of fiscal 2023. Shipments and spreads improved during the quarter as inventory levels moderated, although shipment volume was well below our expectations,” commented H.O. Woltz III, Insteel’s President and CEO. “As we head into the fourth fiscal quarter, we expect the modest recovery to continue driven by nonresidential construction activity and the recovery in residential markets.” Woltz continued, “The outlook for infrastructure construction remains favorable as federal spending from the Infrastructure Investment and Jobs Act is expected to begin to drive demand as we move into the second half of the calendar year and beyond. Additionally, we continued to progress towards completing several ongoing capital projects focused on broadening our product offering, expanding our capacity, and reducing operating costs. We expect the first two projects to be fully commissioned in our fourth fiscal quarter, followed by the remaining project in the first quarter of fiscal 2024.”