Insteel Industries Inc. (NYSE: IIIN) reported its financial results for the fourth quarter and fiscal year ended October 3, 2026, in a Form 8-K filed on October 22, 2026. The company, which manufactures steel wire reinforcing products for concrete construction, reported net earnings of $7.7 million, or $0.40 per share, for the fourth quarter of fiscal 2026. This represents a decrease from the $14.6 million, or $0.74 per diluted share, reported for the same period in the prior year.
For the full fiscal year 2026, net earnings were $29.5 million, or $1.51 per diluted share, compared to $41.0 million, or $2.10 per diluted share, in fiscal 2025. The decline in annual earnings was attributed to higher raw material costs and inflationary trends affecting freight and operating costs, which outpaced increases in average selling prices. Gross profit for the fiscal year was $75.7 million, with a gross margin of 10.2%, down from 14.4% in the prior year.
Net sales for the fourth quarter increased 17.9% to $209.3 million from $177.4 million in the prior-year quarter. This growth was driven by higher average selling prices and increased shipments, which benefited from an extra week under Insteel’s fiscal calendar. Average selling prices rose 6.6% year-over-year, while shipments increased 10.6%. The company noted that a broader customer base within its engineered structural mesh business helped sustain volumes despite softness in the broader construction market.
During the fourth quarter, Insteel announced the consolidation of its welded wire operations, which resulted in $0.7 million in restructuring charges. The company also generated $18.2 million of cash from operating activities during the quarter, compared to using $17.0 million in the prior year, primarily due to favorable changes in net working capital.
At the end of fiscal 2026, Insteel reported a net cash balance of $37.5 million and no debt outstanding. Capital expenditures for fiscal 2026 increased to $11.8 million from $8.2 million in the prior year. For fiscal 2027, the company expects capital expenditures to total approximately $30.0 million, with planned investments supporting the expansion of its engineered structural mesh business and strategic initiatives in its prestressed concrete strand operations.
Insteel’s President and CEO, H.O. Woltz III, stated that the company is focused on building on growth opportunities within its engineered structural mesh business while improving cost competitiveness and operating efficiency. The company will hold a conference call at 10:00 a.m. ET on October 22, 2026, to discuss the results.
