Insteel Industries reported net earnings of $4.7 million, or $0.24 per share, for the fourth quarter of fiscal 2024, a decrease from $5.6 million, or $0.29 per share, in the same period a year ago. Net sales for the quarter decreased by 14.7% to $134.3 million from $157.5 million in the prior year, reflecting a 12.9% decrease in average selling prices and a 2.1% decline in shipments.
For the full fiscal year 2024, net earnings decreased to $19.3 million, or $0.99 per share, compared to $32.4 million, or $1.66 per share, in the prior year. Fiscal 2024 net sales were $529.2 million, an 18.5% decrease from $649.2 million in the prior year, driven entirely by a decrease in average selling prices as shipments remained flat. Gross profit for the year decreased to $49.6 million from $65.4 million, with gross margin narrowing to 9.4% from 10.1%.
Looking ahead to fiscal year 2025, Insteel anticipates a gradual improvement in business conditions across its markets, with optimism regarding the impact of spending from the Infrastructure Investment and Jobs Act. However, the company expects import-related headwinds to persist in its PC strand markets, which could pressure selling prices, volumes, and spreads in the first quarter. Insteel ended fiscal 2024 with a strong liquidity position, holding $111.5 million in cash and no outstanding borrowings on its $100.0 million revolving credit facility.
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