Friedman Inds Stock Price, News & Analysis

Friedman Industries, Incorporated (NYSE: FRD) declared a cash dividend of $0.02 per share on December 5, 2022, which will be paid on February 10, 2023, to shareholders of record on January 13, 2023. This dividend represents the company’s 204th consecutive quarterly cash dividend, continuing its record since becoming publicly traded in 1972. The Board aims to maintain a stable dividend level, subject to the company’s financial condition and operational performance.

Friedman Industries reported net earnings of $2.47 million ($0.34 per share) for Q2 2022, a significant decline from $13.18 million ($1.91 per share) in Q2 2021, despite sales rising to $149.69 million from $92.57 million.

Challenges stemmed from a 47% drop in hot-rolled coil (HRC) prices compared to a prior surge, leading to margin compression. Coil segment sales increased due to acquisition, though operational losses of $1.12 million were reported. A positive outlook anticipates slight margin improvements and adjusted sales volumes for Q3 2023.

Friedman Industries announced the commencement of operations at its new Sinton, Texas coil processing facility, which covers 70,000 square feet and is designed to handle steel coils up to 1” thick and 96” wide. The facility has received positive customer feedback and is currently operating at a single shift as staffing increases for future production. The company is addressing filing delays with a Form NT 10-Q due to a significant acquisition and subsequent requirements. They have six months to resolve the filing delinquency with NYSE American, which includes a potential indicator on their ticker.

Friedman Industries reported its fiscal Q1 results, highlighting a net earnings of $11.2M ($1.55 EPS) on sales of $161.8M, compared to $11.3M ($1.64 EPS) on $65.9M last year. The acquisition of steel processing facilities in East Chicago and Granite City contributed $53.6M in revenue. The company benefited from rising steel prices, driven by market reactions to the Russia-Ukraine conflict. Coil segment sales surged to $142.9M, while tubular segment sales reached $18.9M. The company anticipates sales of $150M in the next quarter, despite recent price declines affecting margins.

The Board of Directors of Friedman Industries declared a cash dividend of $0.02 per share on September 13, 2022. This dividend will be paid on November 18, 2022, to shareholders of record by October 14, 2022. This announcement marks the company's 203rd consecutive quarterly cash dividend since going public in 1972. The Board aims to maintain stable dividends that may increase in the future, contingent on financial health and operational performance.

Friedman Industries (NYSE: FRD) announced a filing delay for its Form 10-Q for the quarter ending June 30, 2022. The company received a Filing Delinquency Notification from NYSE American, granting six months to correct the issue. Failure to comply may lead to an additional six-month extension. The delay is attributed to ongoing accounting matters related to a recent acquisition. To address future filing requirements, the company plans to hire additional accounting personnel in September and October 2022.

Friedman Industries (FRD) reported a net loss of $7.46 million ($1.11 loss per share) for Q4 2022, contrasting with a net profit of $10.40 million in Q4 2021. Sales rose to $75.09 million from $49.21 million, driven by a volatile steel market. For FY 2022, net earnings reached $14.07 million ($2.04 EPS), up from $11.42 million in FY 2021. The company acquired Plateplus facilities, boosting capacity, with Q1 FY 2023 estimated sales volume increasing significantly to 104,500 tons. However, a delay in filing the Form 10-K was noted due to audit procedures.

Friedman Industries transitioned to an accelerated filer status effective March 31, 2022, after its public float reached approximately $76 million, exceeding the SEC threshold of $75 million. Consequently, the Company had a Form 10-K filing deadline of June 14, 2022. However, it filed a Form NT 10-K on that date, indicating a delay due to ongoing drafting and audit processes. The Company expects to file its Form 10-K by July 22, 2022. This delay was influenced by the recent acquisition of Plateplus, Inc. and COVID-19 cases affecting staff.

Friedman Industries (NYSE: FRD) announced a cash dividend of $0.02 per share on June 28, 2022. This payment will be made on August 12, 2022 to shareholders recorded by July 22, 2022. This marks the company's 202nd consecutive quarterly dividend, having consistently distributed dividends since becoming publicly traded in 1972.

The Board aims to maintain a stable dividend level and may increase it as financial conditions improve, although future payments are not guaranteed.