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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.
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Friedman Industries, Incorporated (NYSE: FRD) announced a cash dividend of $0.02 per share, payable on May 26, 2023, to shareholders of record by April 28, 2023. This marks the company's 205th consecutive quarterly dividend, having consistently paid dividends since becoming public in 1972. The Board of Directors aims to maintain stable dividends and potentially increase them as financial conditions allow. Significant factors for this decision include financial health and future cash needs. However, declarations are subject to Board discretion and may change.
Friedman Industries (FRD) reported net earnings of $1.38 million ($0.19 EPS) for the third quarter ended December 31, 2022, contrasting a net loss of $2.96 million (-$0.45 EPS) from the previous year. Sales surged to $111.86 million from $51.66 million due to increased volume from newly acquired facilities and a new plant in Sinton, Texas. The company processed 113,000 tons of steel compared to 39,000 tons in the same quarter last year. Despite rising hot-rolled coil prices, margins were pressured during the quarter. The company anticipates continued growth, projecting 115,000 to 125,000 tons in the next quarter with margin improvements expected.
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.