Thank morning to call. us the on good H, and everyone joining you,
today, and first higher inventory. reported to earlier as with continued proved import period for the another of we quarter Insteel we XXXX of contend price oil to the As consumption be competition fiscal challenging cost
to share the to disposition ago, dropped per $X.XX Earnings for a non-recurring the gain related of $X.XX year a $X.XX from quarter excluding assets. share last year’s fixed
tariffs centered competition wake welded we’ve the pressure certain As Section intensified wire pricing calls, steel. where is our the in markets has PC of imported previous import our and XXX reinforcement conveyed of strand standard on on in
competitors material have higher leveraged rod, not to this share. advantage prices wire driven apply expand to market foreign imports our to cost have substantially raw hot steel rolled wired products market which but global and rod tariffs their domestic for levels finished than of our The primary
precipitation across the delays orders. a ago in resulted our activity construction near-record construction for when as largest more and generally quarter year conditions compared to the markets Weather were deferred conducive for
year, Shipments of but pricing slowdown for the together continued impact backfill last lost QX from sequentially X.X% in from volume, business. the existing the import-related falling to with seasonal retain selling domestic decline quarter XX.X% reflecting down reflecting QX Average the from prices demand. pressure competitors’ efforts quarter were up during well the another XX.X% as usual as to
quarter was erosion import pronounced price X.X% markets competition, of markets business. XX% dropping these only a for as more to decrease to from rest around sequentially The for the the of which compared subject with in our X.X% sales our represented ASPs for QX,
and Gross profit points fourth of lower for primarily the the sequential represented million quarter raw XXX QX material gross from over quarter basis between rose by year. points X.X% ASPs to from the spreads and profit a in to relative ago neared $X.X driven which margin spreads widened past basis, the and point million basis to XXX fell cost, while $X.X gross year higher a the gross margin due depressed levels low
in and the of price alluded the we been by first declining the experienced this in higher inventory compounded of XXXX I environment. consumption during to earlier has compression fiscal year cost As a spread quarter continued
purchased basis, ASPs typically our a with for matching inventory around on months in are of products. affected have valued periods carrying the our been we three higher lower by prior that Considering and of FIFO adversely spreads inventory margins cost
of a since may $XX have this to that reached steel a October. appears it unfavorable a bottom end growing coming view prices an be Fortunately, months rising the ton out by scrap three prices with trend for of in straight indications could total
effect our increases followed and initial we’ve earlier went across January rolled out most this have rod suit of into month. wire announcing increase November, an lines and suppliers in price Our December that product
weighing these mark significant headwind beginning results early it prices, has upward an leveling would been of trend or our increases that eliminate year. out a of Should on the an eventual since last
SG&A million million due million $X.X last expense a sales X.X% as last to fell net X.X value cash $X.X year, in surrender which $X.X life largely insurance million year-over-year compared this for of from in from $X.X or to year. a quarter million decrease $X.X increased the favorable the policies year to change million $X.X
in effective permanent quarter XX.X% from differences. year, due to fell tax the to XX.X% rate book for Our last primarily tax changes
the run pretax and into ahead of earnings, and rate differences, provision the our will of the entering year, effective to tax other we assumptions tax expect calculation. book to XX% remainder level estimates Looking around the that subject our
the quarter to to reduction and higher from due material flow improved purchases in of balance to in reduction $XX.X resulting and in largely capital a in reflecting latter working values. operations The payables raw due lower from flow the sheet the the usual to for in million, in slowdown seasonal $XX.X average a reduction increase cash was carrying capital. receivables million cash in inventories Moving driven decrease an statement, by quarter, a unit sales the part working
forecast Based of QX, X.X our on inventories quarter-end shipments, represented compared end at the with quarter. months months fourth our for of the X.X sales
the impact average will the the second during spreads at of cost favorably that Our and reflected cost our unit inventories QX average margins and was amount than ending beginning were in quarter. which sales valued lower
may ended us opportunities of revolving borrowings share quarter our and no or million attractive the on under We develop. ability $XXX a ample and financial providing pursue the cash-on-hand facility outstanding million flexibility with to credit with growth $XX.X $X.XX that just any
flow cash shareholders reinvesting nature maintaining and in cost productivity; objectives; business capital the In to improve our we strength three financial to returning flexibility; managing manner. and in on business, and focus for a our allocating continue our to growth of adequate and the cyclical disciplined our and
these Going forward, capital deploying will balances. objectives excess to and continue we cash in any balance
remainder for into expected of move the activities. infrastructure offset outlook year non-res of we to in quarter growth further fiscal moderation segment higher the with market As remains XXXX, the positive in the second our
public applications rising use November, for the street prior one year spending products X.X% up construction, and from Through largest with our was end construction the of highway X.X%.
expect this in fuel the municipalities. financing measures, continue increases, higher primarily ballot of with and state improved by fiscal cost by and local availability favorable other the tax will of debt and together We XXXX spending low trend supported states positions driven
curtail additional two cloud supplemental X.X% December Following for general threatened funding authority. enacted, the commitments XXth, bill which that on XXXX had for under fund. level resolutions of the from their allow eliminates billion new Federal continuing spending short-term spending increases up states was Transportation Spending to The to a FAST receive and year $X.X the federal fiscal project of to the funding and authorized provides another an highway full package Act uncertainty
state successor to years five spending prior Act, marks expires highway their first to This bills in fiscal Congress DOTs which authority will to January Xst funding the and pursue the for full path time have the clear a XXXX. provides that at a of FAST end
and forecast local of growth annual in projecting real XXXX, market growth growth project in ARTBA transportation by DOTs X% bridge street its and least governments, the reflects U.S. inflation, construction and infrastructure in is value investment the at and construction. sector public related X% after which highway X% the In largest tunnel for for market cost the state and adjusting
with Architectural and in building months. improvement the nonresidential month four both ABI leading After Billings indicators construction Dodge DMI the Momentum remaining for Indexes, XX.X% relatively rising growth the second increasing of the flat reflected past of year, to through straight modest November, recent the have most XX.X over and
to back call will H. now over turn the I
