Insteel Industries, Inc. (IIIN) Q3 2023 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning and welcome to the Instil Industries third quarter 2023 earnings call. My name is Carla and I will be the operator of today's call. If you would like to register a question for the Q&A portion of today's call, please press start followed by one on your telephone keypad. When asking your question, please ensure your telephone is unmuted locally. To revoke a question, you can press start followed by two. I would now like to pass the conference over to our host, H. Waltz, President and CEO. Please go ahead when you're ready. Good morning. Thank you for your interest in InSeal, and welcome to our third quarter 2023 conference call, which will be conducted by Scott Giafrutti, our Vice President, CFO, and Treasurer, and me. Before we begin, let me remind you that some of the comments made in our presentation are considered to be forward-looking statements that are subject to various risks and uncertainties, which could cause actual results to differ materially from those projected. These risk factors are described in our periodic filings with the SEC. The first three quarters of fiscal 2023 have been challenging for the company in view of inventory accumulations throughout the supply chain and a significant downward reset in steel prices that occurred following several quarters of extreme supply tightness and significant market price escalations. As stated in the release, we believe these headwinds have about run their course, and we continue to be optimistic about the underlying level of demand for our products and the margin environment. I'm going to turn the call over to Scott to comment on our financial results for the quarter and the macro environment, and then I'll pick it back up to discuss our business outlook. Thank you, H, and good morning to everyon...