Another sharp increase in costs related to Chinese tariffs contributed to Insteel Industries Inc. having an 82.9% decline in third-quarter net income to $2.19 million.
Diluted earnings for the third quarter were 11 cents, compared with 67 cents a year ago.
Investors responded to the second consecutive sharp quarterly profit drop by sending Insteel’s share price down as much as 15.3% during trading before the stock closed at $18.73, down $2.26 or 10.8%...FULL STORY
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Winston-Salem Journal