Insteel Industries, Inc. reported Thursday net earnings for the fourth quarter of fiscal 2014 of $4.6 million, up from $2.3 million in the same period a year ago.
Net sales increased 19.3 percent to a record high $117.1 million from $98.2 million in the same period a year ago. Shipments increased 15.0 percent from the prior year quarter, also to a new record high, and average selling prices increased 3.7 percent. On a sequential basis, shipments increased 1.4 percent from the third quarter of fiscal 2014 and average selling prices increased 2.0 percent.
Net earnings for fiscal 2014 increased to $16.6 million, up from $11.7 million in the prior year. Net sales increased 12.4 percent to a record high $409.0 million from $363.9 million in the prior year. Shipments increased 12.8 percent from the prior year while average selling prices decreased 0.3 percent.
"As we move into fiscal 2015, the most recent macro indicators and forecasts for our primary demand driver, private nonresidential construction, point to continued improvement over the course of the year," commented H.O. Woltz III, President and CEO of Insteel. "We expect that our financial results will also be favorably impacted by the full-year contribution of the ASW acquisition and higher operating levels at our facilities driven by the strengthening market environment."