Business
Friedman Industries, Incorporated Announces Second Quarter Results and Sinton, Texas Facility Update
LONGVIEW, Texas, Nov. 19, 2021 (GLOBE NEWSWIRE) -- The Company announced today its results of operations for the fiscal second quarter. For the quarter ended
About this update from Friedman Industries Inc.
[{"type":"text","content":"LONGVIEW, Texas, Nov. 19, 2021 (GLOBE NEWSWIRE) -- The Company announced today its results of operations for the fiscal second quarter. For the quarter ended September 30, 2021 (the “2021 quarter”), the Company recorded net earnings of $13,177,614 ($1.91 diluted earnings per share) on sales of $92,570,895 compared to a net loss of $250,005 ($0.04 diluted loss per share) on sales of $24,861,680 for the quarter ended September 30, 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. The 2021 quarter was also positively impacted by the continued ramp up of the Decatur, Alabama facility’s new stretcher leveler cut-to-length line. “We continued to position our business to take advantage of opportunities in an unprecedented industry environment during the second fiscal quarter,” said Michael J. Taylor, President and Chief Executive Officer. “Hot-rolled steel prices for the 2021 quarter were approximately 280% higher than prices for the 2020 quarter. Our coil segment sales volume was solid and exceeded pre-pandemic levels while our tubular segment sales volume was below pre-pandemic levels but improved from the prior year quarter. Physical margins across all products remained at historic levels.” SUMMARY OF OPERATIONS (unaudited) Three Months Ended September 30, Six Months Ended September 30, 2021 2020 2021 2020 Net Sales $92,570,895 $24,861,680 $158,487,334 $48,386,280 Total costs and other income or loss 75,078,581 25,174,401 126,726,343 49,835,631 Earnings (loss) before income taxes 17,492,314 (312,721) 31,760,991 (1,449,351) Provision for (benefit from) income taxes 4,314,700 (62,716) 7,271,580 (340,484) Net earnings (loss)$13,177,614 $(250,005) $24,489,411 $(1,108,867) Weighted average shares outstanding: Basic 6,903,450 7,067,898 6,901,504 7,074,137 Diluted 6,903,450 7,067,898 6,901,504 7,074,137 Net earnings (loss) per share: Basic $1.91 $(0.04) $3.55 $(0.16)Diluted $1.91 $(0.04) $3.55 $(0.16) COIL SEGMENT OPERATIONS Coil segment sales for the 2021 quarter totaled $78,323,927 compared to $18,456,086 for the 2020 quarter. The increase in sales was driven by an increase in the average selling price associated with higher hot-rolled steel prices and...