Steel wire manufacturer Insteel (NYSE:IIIN) will be reporting earnings this Thursday before market hours. Here’s what to look for.
Insteel beat analysts’ revenue expectations by 7.2% last quarter, reporting revenues of $160.7 million, up 26.1% year on year. It was an incredible quarter for the company, with a solid beat of analysts’ EPS estimates and an impressive beat of analysts’ EBITDA estimates.
Is Insteel a buy or sell going into earnings? Read our full analysis here, it’s free.
This quarter, analysts are expecting Insteel’s revenue to grow 20.8% year on year to $176 million, a reversal from the 12% decrease it recorded in the same quarter last year. Adjusted earnings are expected to come in at $0.69 per share.
The majority of analysts covering the company have reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. Insteel has missed Wall Street’s revenue estimates six times over the last two years.
Looking at Insteel’s peers in the building products segment, only AZZ has reported results so far. It missed analysts’ revenue estimates by 3.2%, delivering year-on-year sales growth of 2.1%. The stock traded up 5.2% on the results.
Read our full analysis of AZZ’s earnings results here.There has been positive sentiment among investors in the building products segment, with share prices up 4.9% on average over the last month. Insteel is up 11.2% during the same time and is heading into earnings with an average analyst price target of $39 (compared to the current share price of $38.59).
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