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Friedman Industries, Incorporated reports developments in metals processing, pipe manufacturing and metals distribution through two operating segments: flat-roll products and tubular products. Its flat-roll operations process carbon steel, stainless steel and aluminum products using temper mills, cut-to-length lines, stretcher levelers and slitting capabilities. Its tubular products segment manufactures electric resistance welded pipe and distributes pipe through the Texas Tubular Products division.
Company news commonly covers quarterly operating results, sales volume trends, cash dividend declarations, acquisitions, facility investments and added processing capabilities. Recent business updates also include the completed Century Metals and Supplies acquisition, which expanded Friedman’s product portfolio, processing capabilities and geographic reach in the southeastern United States and Latin American markets.
Friedman Industries reported its results for the fourth quarter and fiscal year ending March 31, 2024. The company achieved net earnings of $5.0 million for the quarter on sales of $132.2 million, reflecting a 13% increase in sales volume over the prior quarter. Fiscal year net earnings were $17.3 million with sales of $516.3 million, marking the second most profitable year in the company's history. Notably, sales volume increased by 19% due in part to output from the new Sinton, TX facility. Despite steel price volatility, the company maintained profitability each quarter. The flat-roll segment reported a sales volume increase to 159,000 tons, while the tubular segment saw a decline in operating profits. Looking forward, the company expects lower margins in Q1 FY 2025 due to declining HRC prices but anticipates hedging gains offsetting this impact.
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