Business
Friedman Industries, Incorporated Announces Fourth Quarter and Fiscal Year 2023 Results and Provides Near-Term Outlook
LONGVIEW, Texas, June 29, 2023 (GLOBE NEWSWIRE) -- Friedman Industries, Incorporated (NYSE American: FRD) announced today its results of operations for the
About this update from Friedman Industries Inc.
[{"type":"text","content":"LONGVIEW, Texas, June 29, 2023 (GLOBE NEWSWIRE) -- Friedman Industries, Incorporated (NYSE American: FRD) announced today its results of operations for the quarter and fiscal year ended March 31, 2023. March 31, 2023 Quarter Highlights: Net earnings of approximately $6.3 millionSales of approximately $124.2 million152% increase in sales volume over prior year quarter volume17% increase in sales volume over the preceding third quarter volume Fiscal Year March 31, 2023 Highlights: Most profitable fiscal year in Company history with net earnings of approximately $21.3 millionAcquisition of steel processing facilities in East Chicago, Indiana and Granite City, IllinoisCompletion of newly constructed steel processing facility in Sinton, TexasSales of approximately $547.5 million134% increase in sales volume over prior fiscal year volume “Strong fourth quarter results put an exclamation mark on a monumental fiscal year for Friedman,” said Michael J. Taylor, President and Chief Executive Officer. “In April 2022, we made our first acquisition in the Company’s history acquiring two steel processing facilities in East Chicago, Indiana and Granite City, Illinois. This was followed up by our newly constructed facility in Sinton, Texas, which commenced operations in October 2022. These strategic investments contributed to our most profitable year in Company history, and we believe they will have a profound impact on the future of Friedman. We expect strong performance for our first quarter of fiscal 2024, providing a good foundation as we aim to deliver record earnings for three years in a row,” Taylor concluded. For the quarter ended March 31, 2023 (the “2023 quarter”), the Company recorded net earnings of approximately $6.3 million ($0.86 diluted earnings per share) on sales of approximately $124.2 million compared to a net loss of approximately $7.5 million ($1.11 diluted loss per share) on net sales of approximately $75.1 million for the quarter ended March 31, 2022 (the “2022 quarter”). The 2023 quarter saw a significant increase in sales driven by volume growth from approximately 52,500 tons for the 2022 quarter to approximately 132,000 tons for the 2023 quarter. Sales volume increased due primarily to a combination of the East Chicago, Indiana and Granite City, Illinois facilities the Company acquired from Plateplus, Inc. (“Plateplus”...