Insteel Industries, Inc. (NYSE:IIIN) Q1 2023 Earnings Call Transcript

Julio Romero: Good morning, everyone. My first question is, what is your sense for how much of the weakness you realized in non-resi shipments during the quarter was due to customer destocking versus easing supply chain constraints?

H.O. Woltz: In the residential-related markets, began in last May when interest rates began to really affect that market. We saw a significant reduction in shipments relative to our forecast to the tune of around 40%. Subsequently, those markets seemed to have recovered and stabilized, although at lower levels than they were running prior to the downturn but have taken the brunt of the weakness in that marketplace.

Julio Romero: How do you — thank you. My second question is, how do you expect price to change sequentially over the next few quarters?

H.O. Woltz: It’s unknown and not forecastable. But typically, when demand for our products is strong, then we don’t see significant price competition. Our order book and our competitors’ order books are such that pricing is not so much of an issue.

Operator: All right. Thank you for your question, Julio. There are currently no further questions registered. There are no further questions waiting at this time, so I will pass back for any final remarks. Thank you.

H.O. Woltz: Okay. Thank you, Faram . We appreciate your interest in Insteel. And as always, we welcome your contacts and your calls for any follow-up questions that you have. Thanks and we’ll look forward to talking to you next quarter.

Operator: This concludes today’s Insteel Industries first quarter 2023 earnings call. Thank you for your participation. You may now disconnect your lines.