Friedman Industries Q2 FY2022 net earnings $13.2M ($1.91 EPS) vs year-ago loss, record quarter

FRIEDMAN INDUSTRIES INC

2022-Q2 EPS reported $3.55 revenue$158,487,334

Net earnings of $13.18M ($1.91 diluted EPS) on sales of $92.57M vs net loss of $0.25M ($0.04 loss) year ago.
Coil segment operating profit $24.27M vs $0.75M; tubular profit $2.0M vs loss $0.34M.
Sinton, TX coil facility construction started; expected to begin operations April 2022, total project cost $21M.
Outlook: physical margins to decline slightly but remain well above historical averages; expect $14.7M hedge loss reclassification in Q3.
Company expects FY ending March 2022 to be most profitable fiscal year in history.

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