Business
Friedman Industries, Incorporated Announces Fourth Quarter and Fiscal Year 2021 Results
Reports most profitable quarter and second most profitable fiscal year in Company history LONGVIEW, Texas, July 07, 2021 (GLOBE NEWSWIRE) -- Friedman
About this update from Friedman Industries Inc.
[{"type":"text","content":"Reports most profitable quarter and second most profitable fiscal year in Company history\nLONGVIEW, Texas, July 07, 2021 (GLOBE NEWSWIRE) -- Friedman Industries, Incorporated (NYSE – American; trading symbol: FRD) The Company announced today its results of operations for the quarter and year ended March 31, 2021. For the quarter ended March 31, 2021 (the “2021 quarter”), the Company recorded net earnings of $10,403,597 ($1.50 diluted earnings per share) on sales of $49,214,204 compared to a net loss of $3,018,842 ($0.43 diluted loss per share) on net sales of $32,980,607 for the quarter ended March 31, 2020 (the “2020 quarter”). The 2021 quarter results make it the most profitable quarter in Company history. Results for the 2021 quarter were positively impacted by strong margins primarily associated with a historic rise in steel prices and a net recognized gain of $5,502,620 related to hot-rolled coil derivative instruments. For the year ended March 31, 2021 (“fiscal 2021”), the Company recorded net earnings of $11,424,475 ($1.63 diluted earnings per share) on sales of $126,102,533. For the year ended March 31, 2020 (“fiscal 2020”), the Company recorded a net loss of $5,249,210 ($0.75 diluted loss per share) on sales of $142,102,324. Fiscal 2021 results make it the second most profitable fiscal year in Company history. “I am proud of how our team responded to a uniquely challenging year for our company, and our fourth quarter and fiscal year end results demonstrate that resiliency,” said Michael J. Taylor, President and Chief Executive Officer. “The pandemic created a lot of uncertainty about how our employees, our operations, our customer’s operations and the overall steel industry would be affected. That coupled with volatility in steel prices created a complex operating environment.” Mr. Taylor continued, “We quickly updated our operational and safety protocols to help ensure the safety and health of our employees and continuity of operations throughout the crisis. And in the face of a supply-demand imbalance, we expanded our supply chain options with the support of newly implemented risk management practices to drive improved operating results. We continued to invest strategically in our business, namely in our Hickman, Arkansas coil processing facility and Decatur, Alabama coil processing facility, and see tremendous value...