Insteel Industries credited better margins and strong demand for ending its fiscal 2021 with the best earnings in its history, posting net earnings for its fourth fiscal quarter - ended October 2 - of $25.15 million, up by 238.70% from $7.43 million in the same period a year ago.
Sales increased to $171.26 million, up 23.89% from $138.23 million in the fourth quarter of the previous year. The Mount Airy, North Carolina-based manufacturer of steel wire reinforcing concrete products noted that a widening in the spread between the selling prices for its finished products and raw materials worked in its favor. The company was able to pass through its raw material...