Insteel Industries Inc., a steel wire manufacturer, reported fourth quarter earnings Thursday that fell below analyst expectations, according to a filing with the Securities and Exchange Commission.

The Mount Airy-based company reported net earnings of $3.8 million for the fourth quarter, or 20 cents per share, down from $9.9 million, or 51 cents per share, in the same period a year ago.

The company missed analyst average expectations of 23 cents per share.

Insteel attributed the decline in fourth quarter earnings to lower prices, higher costs and the impact of Hurricane Irma on its Florida and Texas facilities.

“Looking ahead to fiscal 2018, we expect improved business conditions driven by higher state and local infrastructure funding, modest increases in nonresidential construction and continued expansion of the housing market,” commented H.O. Woltz III, Insteel’s president and CEO, in a statement.

“We should also benefit from the deferral of business resulting from the adverse weather in many of our markets during the second half of fiscal 2017. We expect spreads to remain under pressure until the anticipated rebound in demand is reflected in our order book.”

Net sales were $96.9 million, a 6 percent decrease from $103.1 million a year ago.

Earnings for the fiscal year ending Sept. 30, 2017, were $22.5 million, or $1.17 per share, down from $37.2 million, or $1.95 per share, in the prior year.

Insteel’s stock price opened rose 66 cents, or 2.4 percent, to $27.79 in Thursday morning trading.