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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 (NYSE: FRD) reported a net loss of $858,862 or $0.12 diluted loss per share for the first quarter ending June 30, 2020, a decline from a profit of $194,772 or $0.03 per share during the same period in 2019. Net sales fell to $23.5 million from $41 million year-over-year, driven by reduced hot-rolled steel prices and COVID-19 impacts. The company continues capital initiatives including a $5.8 million investment in improving processing capabilities.
Friedman Industries announced a share repurchase program to buy back up to 1,062,067 shares, reflecting confidence in future prospects. For the quarter ended March 31, 2020, the company reported a net loss of $3,018,842 on sales of $32,980,607, a sharp decline from the previous year. Impairment losses and price volatility in steel impacted results significantly. Despite challenges due to COVID-19, the company is undertaking strategic initiatives, including facility expansions and a stable dividend philosophy, aiming to enhance shareholder value.
Friedman Industries declared a cash dividend of $0.02 per share on June 25, 2020, to be paid on August 7, 2020, to shareholders recorded by July 17, 2020. This dividend represents the Company's 194th consecutive quarterly cash dividend, highlighting a strong historical commitment since becoming publicly traded in 1972. The Board aims to maintain a stable dividend level while considering the Company's financial health, operating results, and future cash needs, though there is no guarantee of ongoing payments.