Insteel Industries, the nation’s largest manufacturer of steel wire reinforcing products for concrete construction, announced third quarter earnings fell by more than 48 percent due to a decline in shipments that it was unable to offset with higher prices, causing its stock to fall by 14 percent.

The Mount Airy, North Carolina company reported net income of $6.9 million, or 36 cents per share, down from net income of $13.5 million, or 71 cents per share, in the same quarter a year ago.

Revenue fell 16 percent to $96.9 million in the quarter, down from $115.6 million in the third quarter of 2016. Shipments decreased by 20.8 percent while prices rose just 5.9 percent.

Insteel said that shipments for the quarter were adversely affected by the excessive rainfall in many regions of the country, a reduction in new project activity and competitive pricing pressures.

“As we move into the fourth fiscal quarter, the leading indicators for nonresidential construction remain positive and our customers are optimistic that business conditions will improve over the remainder of the year,” said CEO H.O. Woltz III in a statement. “We believe the recent increases in infrastructure funding that have been authorized at the state and local level will begin to favorably impact demand for our products later in the year.”

The company’s shares were trading at $27.84, down $4.57, or 14.1 percent, in Thursday morning trading.

Cash flow from operations decreased to $4.5 million from $21.9 million in the prior year quarter primarily due to the relative changes in net working capital and the decrease in earnings

The earnings release can be found here.