Revenue Update on Insteel Industries Inc(NASDAQ:IIIN)

Insteel Industries Inc(NASDAQ:IIIN) announced the earnings results for Fiscal Year 2016 and Q3. The results came in during Pre-market on Jul 21, 2016. Company reported revenue of $115.63M. Analysts estimated a revenue of $119.35M. Earnings per share were $0.71. Analysts had estimated an EPS of $0.52.

Insteel Industries Inc (IIIN) made into the market gainers list on Wednesdays trading session with the shares advancing 1.78% or 0.55 points. Due to strong positive momentum, the stock ended at $31.5, which is also near the day’s high of $31.595. The stock began the session at $31 and the volume stood at 1,47,305 shares. The 52-week high of the shares is $32.11 and the 52 week low is $14.61. The company has a current market capitalization of $592 M and it has 1,87,86,486 shares in outstanding.

Several Insider Transactions has been reported to the SEC. On Jun 10, 2016, James F Petelle (Vice President) sold 4,693 shares at $28.42 per share price.Also, On Jun 2, 2016, Richard Wagner (Vice President) sold 21,791 shares at $27.67 per share price.On Apr 29, 2016, Scot R Jafroodi (Chief Accounting Officer) sold 16,360 shares at $28.79 per share price, according to the Form-4 filing with the securities and exchange commission.

Insteel Industries Inc. (Insteel) is a manufacturer of steel wire reinforcing products for concrete construction applications. The Company manufactures and markets PC strand and welded wire reinforcement (WWR) including Engineered Structural Mesh (ESM) concrete pipe reinforcement (CPR) and standard welded wire reinforcement (SWWR). The Company’s products are sold to manufacturers of concrete products that are used in nonresidential construction. Insteel has two wholly owned subsidiaries Insteel Wire Products Company (IWP) an operating subsidiary and Intercontinental Metals Corporation an inactive subsidiary. The Company’s concrete reinforcing products consist of PC strand and WWR. PC strand provides reinforcement for bridges parking decks buildings and other concrete structures. Welded Wire Reinforcement produces engineered reinforcing product for use in nonresidential and residential construction.

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