17
Jan
16:51
Low margins, shipments bite into Insteel profits
US wire rod producer Insteel Industries saw its fiscal first-quarter profits decline on year due to higher production margins on lower shipments, Kallanish reports.
Insteel earned $4.1 million in the quarter ended 29 December on sales of $104.1m, down from $8.1m on sales of $97.7m in fiscal Q1 2018.
Though overall sales were up in Q1 2019, this was due to a 28.7% increase in selling prices that made up for a -17.2% decrease in shipments.
“Shipments f…
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Anonymous
Very good overview of the weekly steel market.
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