Friedman Industries (NYSE: FRD) nearly doubles earnings on 78% revenue growth

Rhea-AI Filing Summary

Friedman Industries, Incorporated reported strong first quarter fiscal 2027 results for the quarter ended June 30, 2026, with net earnings of approximately $12.8 million or $1.79 diluted EPS on net sales of approximately $240.0 million, compared to net earnings of about $5.0 million on net sales of about $134.8 million a year earlier. EBITDA increased to approximately $19.3 million from about $8.2 million, and operating cash flow was $7.3 million. Sales were up 78% year-over-year, supported by record quarterly sales volume of roughly 206,000 tons, up 28% year-over-year.

Flat-roll segment sales were about $221.8 million, with inventory tons sold rising to roughly 175,000 and average selling price improving to about $1,262 per ton, driving operating earnings of around $24.7 million versus $8.8 million in the prior-year quarter. Tubular segment sales increased to about $18.2 million on 13,500 tons sold, with average selling price of roughly $1,341 per ton and operating earnings of about $2.1 million. Management expects second quarter sales volumes to be comparable to first quarter levels and anticipates sequential margin improvement driven by higher average selling prices.

Positive

• Revenue grew 78% year-over-year to approximately $240.0 million, driven by higher volumes, improved average selling prices and contribution from the Century Metals acquisition.
• Net earnings more than doubled to approximately $12.8 million (diluted EPS of $1.79) while EBITDA rose to about $19.3 million, reflecting stronger margins and record sales volume.
• Flat-roll and tubular segments both improved, with flat-roll operating earnings of roughly $24.7 million and tubular operating earnings of about $2.1 million, supported by higher tons sold and better pricing.

Negative

• None.

Filing Explained

The August 6 Form 8-K furnishes, rather than files, Friedman’s unaudited first-quarter results under Item 2.02 and adds balance-sheet information comparing June 30 with March 31.

8-K Event Classification

2 items: 2.02, 9.01

2 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Key Figures

Net sales: approximately $240.0 million Net earnings: approximately $12.8 million Diluted EPS: $1.79 +5 more

8 metrics

Net sales approximately $240.0 million Quarter ended June 30, 2026; up from approximately $134.8 million in the 2025 quarter

Net earnings approximately $12.8 million Quarter ended June 30, 2026; compared to approximately $5.0 million in the 2025 quarter

Diluted EPS $1.79 Quarter ended June 30, 2026; compared to $0.71 in the quarter ended June 30, 2025

EBITDA approximately $19.3 million Quarter ended June 30, 2026; up from approximately $8.2 million in the prior-year quarter

Sales volume approximately 206,000 tons Quarter ended June 30, 2026; record quarter sales volume, up 28% year-over-year

Flat-roll segment sales approximately $221.8 million Flat-roll segment sales for the quarter ended June 30, 2026

Tubular segment sales approximately $18.2 million Tubular segment sales for the quarter ended June 30, 2026

Total stockholders' equity 164,151 (thousand) Summarized balance sheet as of June 30, 2026, in thousands

Key Terms

EBITDA, toll processing, electric resistance welded (ERW) pipe, forward-looking statements, +1 more

5 terms

EBITDA financial

"The Company uses the non-GAAP financial measure of EBITDA in this news release."

EBITDA stands for earnings before interest, taxes, depreciation, and amortization. It measures a company's profitability by focusing on the money it makes from its core operations, ignoring expenses like taxes and accounting adjustments. Investors use EBITDA to compare how well different companies are performing financially, as it provides a clearer picture of operational success without the influence of financial structure or accounting choices.

toll processing technical

"175,000 tons from inventory and another 17,500 tons of toll processing"

An arrangement where one company hires a specialist to process raw materials or intermediate goods into finished or semi-finished products for a fee, while the hiring company keeps ownership of the materials. It matters to investors because it changes capital needs, cost structure and supply-chain risk—similar to renting a bakery to bake your bread instead of buying ovens—affecting margins, cash flow and operational flexibility without adding heavy fixed assets.

electric resistance welded (ERW) pipe technical

"the Company manufactures electric resistance welded (ERW) pipe and distributes pipe"

forward-looking statements regulatory

"This news release contains forward-looking statements within the meaning of Section 27A"

Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.

take or pay obligations financial

"our ability to satisfy our take or pay obligations under certain supply agreements"

Offering Details

earnings_snapshot

Offering

Offering Type earnings_snapshot

AI-generated analysis. How Rhea-AI works. Not financial advice.

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

Understanding 8-K Material Events →

Available on EDGAR 08/06/2026 - 04:48 PM Accepted by SEC EDGAR 08/06/2026 - 04:47 PM Learn about SEC filing dates

FAQ

How did Friedman Industries (FRD) perform in the quarter ended June 30, 2026?

Friedman Industries reported net earnings of about $12.8 million on net sales of roughly $240.0 million for the quarter ended June 30, 2026, compared with net earnings of about $5.0 million on $134.8 million of net sales a year earlier.

What were Friedman Industries (FRD) EBITDA and cash flow for the quarter?

EBITDA increased to approximately $19.3 million for the 2026 quarter, up from about $8.2 million in 2025. The company also generated operating cash flow of $7.3 million, reflecting stronger profitability and record quarterly sales volume.

How did FRD’s flat-roll segment perform in the June 30, 2026 quarter?

Flat-roll segment sales reached about $221.8 million, with roughly 175,000 inventory tons sold and an average selling price near $1,262 per ton. Operating earnings were around $24.7 million, up from about $8.8 million in the prior-year quarter.

What were the results for Friedman Industries’ (FRD) tubular segment?

The tubular segment generated approximately $18.2 million in sales on about 13,500 tons sold in the 2026 quarter. The average selling price was roughly $1,341 per ton, and the segment produced operating earnings of about $2.1 million.

What outlook did Friedman Industries (FRD) provide for the second quarter of fiscal 2027?

Management expects second quarter sales volumes to be comparable to the record first quarter levels and anticipates sequential margin improvement, citing expected increases in average selling prices and continued benefits from its diversified operating platform.

How did Friedman Industries’ (FRD) balance sheet change as of June 30, 2026?

As of June 30, 2026, total assets were about $373.4 million and stockholders’ equity was roughly $164.2 million, up from total assets of about $336.8 million and equity of about $151.5 million at March 31, 2026.

false 0000039092 0000039092 2026-08-06 2026-08-06

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 6, 2026

FRIEDMAN INDUSTRIES, INCORPORATED

(Exact name of registrant as specified in its charter)

Texas	1-07521	74-1504405
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

1121 Judson Road Suite 124, Longview, Texas 75601

(Address of principal executive offices, including zip code)

(903) 758-3431

(Registrant’s telephone number, including area code)

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d- 2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $1 Par Value	FRD	Nasdaq Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company          ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operation and Financial Condition.

On August 6, 2026, Friedman Industries, Incorporated (“Friedman” or the “Company”) issued a press release announcing its financial results for its first quarter ended June 30, 2026. A copy of the press release is furnished as Exhibit 99.1 to this Form 8-K and is incorporated herein by reference.

In accordance with General Instruction B.2 of Form 8-K, the information in Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 9.01. Financial Statements and Exhibits

(d) Exhibits

99.1	Press Release issued by Friedman Industries, Incorporated on August 6, 2026.
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	FRIEDMAN INDUSTRIES, INCORPORATED
Date: August 6, 2026
	By:	/s/ Alex LaRue
		Alex LaRue
		Chief Financial Officer, Secretary and Treasurer

Exhibit 99.1

FOR IMMEDIATE RELEASE

Friedman Industries, Incorporated Announces First Quarter Results

June 30, 2026 Quarter Highlights:

	●	Net earnings of $12.8 million; EBITDA of $19.3 million
	●	Sales of $240.0 million, up 78% year-over-year
	●	Record quarter sales volume, up 9% sequentially and 28% year-over-year
	●	Operating cash flow of $7.3 million for the quarter

LONGVIEW, Texas, August 6, 2026 (Globe Newswire) -- Friedman Industries, Incorporated (NASDAQ/GS: FRD) announced today its results of operations for the quarter ended June 30, 2026.

"We are pleased to begin fiscal 2027 with another quarter of record sales volume and significantly improved financial performance," said Michael J. Taylor, President and Chief Executive Officer. "Our first quarter results reflect the ongoing strength of our commercial strategy, disciplined execution across our operations, and the benefits of our expanded operating platform. Net earnings increased to $12.8 million on record quarterly sales volume, demonstrating our ability to translate higher throughput and improved margins into meaningful earnings growth. Most encouraging is that most of our expanded year-over-year sales volume came from organic growth at the facilities we operated prior to the Century acquisition, underscoring the success of our investments to expand capacity utilization, win new business, and deepen customer relationships."

Taylor continued, "We have built a more diversified and capable business through disciplined investment and operational execution. Century Metals has integrated exceptionally well into our platform and continues to contribute meaningfully to both growth and profitability while expanding our geographic reach and customer offering. Together with the strong performance of our legacy operations, this demonstrates the strength of our operating model and the value of our long-term growth strategy. Combined with our strong balance sheet, broad processing capabilities, and disciplined commercial approach, we believe Friedman is well positioned to continue growing and delivering value for our customers and shareholders."

FINANCIAL RESULTS

Sales volume reached approximately 206,000 tons during the quarter ended June 30, 2026 quarter (the “2026 quarter”), an increase of approximately 45,500 tons, or 28%, compared to the quarter ended June 30, 2025 (the “2025 quarter”). Approximately 33,000 tons of the increase was attributable to same-facility volume growth at the Company's existing operations, while the remaining increase resulted from Century Metals, which was acquired in August 2025. The higher sales volume, together with improved average selling prices, contributed to net earnings of approximately $12.8 million ($1.79 diluted earnings per share) on net sales of approximately $240.0 million, compared to net earnings of approximately $5.0 million ($0.71 diluted earnings per share) on net sales of approximately $134.8 million during the 2025 quarter. EBITDA increased to approximately $19.3 million for the 2026 quarter from approximately $8.2 million for the 2025 quarter.

The table below provides our unaudited statements of operations for the quarters ended June 30, 2026 and 2025:

SUMMARY OF OPERATIONS (unaudited)

(In thousands, except for per share data)

		Three Months Ended June 30,
		2026				2025
Net Sales		$	239,971			$	134,777
Costs and expenses:
Costs of materials sold (excludes items shown separately below)			184,219				105,704
Processing and warehousing expense			13,427				9,328
Delivery expense			9,385				6,400
Selling, general and administrative expense			10,837				5,455
Depreciation and amortization			1,069				847
Earnings from operations			21,034				7,043
Gain (loss) on economic hedges of risk			(2,756	)			276
Interest expense			(1,224	)			(678	)
Other income (expense)			(77	)			4
Earnings before income taxes			16,977				6,645
Income tax expense			4,193				1,617
Net earnings		$	12,784			$	5,028
Net earnings per share:
Basic		$	1.79			$	0.71
Diluted		$	1.79			$	0.71

The table below provides summarized unaudited balance sheets as of June 30, 2026 and March 31, 2026:

SUMMARIZED BALANCE SHEETS (unaudited)

(In thousands)

		June 30, 2026				March 31, 2026
ASSETS:
Current Assets			291,106				257,039
Noncurrent Assets			82,332				79,771
Total Assets			373,438				336,810
LIABILITIES AND STOCKHOLDERS' EQUITY:
Current Liabilities			100,319				76,149
Noncurrent Liabilities			108,968				109,167
Total Liabilities			209,287				185,316
Total Stockholders' Equity			164,151				151,494
Total Liabilities and Stockholders' Equity			373,438				336,810

FLAT-ROLL SEGMENT OPERATIONS

Flat-roll segment sales for the 2026 quarter totaled approximately $221.8 million, compared to approximately $124.1 million for the 2025 quarter.

Sales volume for the 2026 quarter consisted of approximately 175,000 tons from inventory and another 17,500 tons of toll processing, compared to approximately 132,500 tons from inventory and 19,000 tons of toll processing in the 2025 quarter. The increase in sales volume was driven by stronger customer demand, successful commercial initiatives to improve capacity utilization and the acquisition of Century.

The average selling price for inventory tons sold during the 2026 quarter was approximately $1,262 per ton, compared to approximately $926 per ton during the 2025 quarter. The combination of higher sales volumes, improved average selling prices and expanded gross margins drove operating earnings to approximately $24.7 million for the 2026 quarter, compared to approximately $8.8 million for the 2025 quarter.

TUBULAR SEGMENT OPERATIONS

Tubular segment sales for the 2026 quarter totaled approximately $18.2 million, compared to approximately $10.7 million for the 2025 quarter.

Tons sold during the 2026 quarter totaled approximately 13,500 tons, compared to approximately 9,000 tons during the 2025 quarter. The average selling price was approximately $1,341 per ton during the 2026 quarter, compared to approximately $1,206 per ton during the 2025 quarter. Increased sales volume and higher average selling prices contributed to improved operating earnings during the quarter. The tubular segment recorded earnings from operations of approximately $2.1 million for the 2026 quarter, compared to approximately $1.3 million for the 2025 quarter.

OUTLOOK

The Company expects second quarter sales volumes to be comparable to first quarter volumes and anticipates sequential improvement in sales margins driven by increases in average selling prices during the second quarter.

"We enter the second quarter with strong operating momentum and expect sales volumes to remain comparable to our record first quarter levels, while higher average selling prices are anticipated to drive sequential margin improvement" Taylor said. " Our diversified operating platform, disciplined commercial approach, and strong balance sheet position us well to capitalize on growth opportunities and continue executing our long-term strategy while delivering value for our shareholders."

ABOUT FRIEDMAN INDUSTRIES

Friedman Industries, Incorporated (“the Company”), headquartered in Longview, Texas, is a diversified metals processing and pipe manufacturing company operating through two segments: flat-roll products and tubular products.

The flat-roll products segment includes processing facilities in Hickman, Arkansas; Decatur, Alabama; Miami, Florida; East Chicago, Indiana; Granite City, Illinois; and Sinton, Texas, as well as a distribution facility in Orlando, Florida. This segment processes carbon steel, stainless steel, and aluminum flat-rolled products. The Hickman, East Chicago, and Granite City facilities operate temper mills and corrective leveling cut-to-length lines; the Sinton and Decatur facilities operate stretcher leveler cut-to-length lines; and the Miami facility operates both a corrective leveling cut-to-length line and a slitting line. Additionally, the Granite City facility operates a fiber laser to further process sheet and plate into customer parts.

The tubular products segment operates in Lone Star, Texas, where the Company manufactures electric resistance welded (ERW) pipe and distributes pipe through its Texas Tubular Products division.

For more information, visit www.friedmanindustries.com.

NON-GAAP FINANCIAL MEASURES

The Company uses the non-GAAP (Generally Accepted Accounting Principles) financial measure of EBITDA in this news release. We define EBITDA as net earnings plus the following items: interest expense; provision for income tax; depreciation; and amortization. The Company presents EBITDA because it considers the measure as an important supplemental financial measure which provides additional insight for investors evaluating the Company’s financial and operational performance. The table below provides a reconciliation of net earnings to EBITDA for the periods discussed in this news release:

Reconciliation of EBITDA

(In thousands)

		Three months ended June 30,
		2026				2025
Net earnings			12,784				5,028
Interest expense			1,224				678
Provision for income taxes			4,193				1,617
Depreciation and amortization			1,069				847
EBITDA			19,270				8,170

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act, and such statements involve risk and uncertainty. Forward-looking statements include those preceded by, followed by or including the words “will,” “expect,” “intended,” “anticipated,” “believe,” “project,” “forecast,” “propose,” “plan,” “estimate,” “enable,” and similar expressions, including, for example, statements about our business strategy, our industry, our future profitability, growth in the industry sectors we serve, our expectations, beliefs, plans, strategies, objectives, prospects and assumptions, future production capacity and product quality.  These forward-looking statements may include, but are not limited to, everything under the header “Outlook” above, including sales volumes, margins, hedging results, and potential price increases, expectations as to financial results during the Company’s upcoming fiscal quarters, future changes in the Company’s financial condition or results of operations, future production capacity, product quality and proposed expansion plans. Forward-looking statements may be made by management orally or in writing including, but not limited to, this news release.  

Forward-looking statements are not guarantees of future performance. These statements are based on management’s expectations that involve a number of business risks and uncertainties, any of which could cause actual results to differ materially from those expressed in or implied by the forward-looking statements. Although forward-looking statements reflect our current beliefs, reliance should not be placed on forward-looking statements because they involve known and unknown risks, uncertainties and other factors, which may cause our actual results, performance or achievements to differ materially from anticipated future results, performance or achievements expressed or implied by such forward-looking statements.

Actual results and trends in the future may differ materially depending on a variety of factors including, but not limited to, changes in the demand for and prices of the Company’s products, changes in government policy regarding steel, changes in the demand for steel and steel products in general and the Company’s success in executing its internal operating plans, changes in and availability of raw materials, our ability to satisfy our take or pay obligations under certain supply agreements, unplanned shutdowns of our production facilities due to equipment failures or other issues, increased competition from alternative materials and risks concerning innovation, new technologies, products and increasing customer requirements. Accordingly, undue reliance should not be placed on our forward-looking statements. Such risks and uncertainty are also addressed in our Management’s Discussion and Analysis of Financial Condition and Results of Operations and other sections of the Company’s filings with the U.S. Securities and Exchange Commission (the “SEC”) under the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended (the “Exchange Act”), including the Company’s Annual Report on Form 10-K and its other Quarterly Reports on Form 10-Q. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, changed circumstances or otherwise, except to the extent law requires.

For further information, please refer to the Company’s Form 10-Q as filed with the SEC on August 6, 2026 or contact Alex LaRue, Chief Financial Officer – Secretary and Treasurer, at (903)758-3431.

Filing Exhibits & Attachments

5 documents

Press Releases

• EX-99.1 EXHIBIT 99.1 123.3 KB

Other Documents

• EX-101 XBRL TAXONOMY EXTENSION SCHEMA 3.5 KB
• EX-101 XBRL TAXONOMY EXTENSION DEFINITION LINKBASE 11.2 KB
• EX-101 XBRL TAXONOMY EXTENSION LABEL LINKBASE 15.0 KB
• EX-101 XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE 11.3 KB