Friedman Industries reports Q3 net loss of $2.96M; revenue up 81% YoY to $51.7M

FRIEDMAN INDUSTRIES INC

2022-Q3 EPS reported $3.12 revenue$210,143,277

Diluted EPS loss of $0.43 vs. $0.30 EPS gain in prior-year quarter; net loss driven by $13.0M hedging loss.
Sales rose 81% to $51.7M on higher average selling prices; tons sold declined slightly.
Coil segment operating loss of $4.0M included $13.1M net loss on hedging; sales $41.8M.
Sinton facility construction delayed; operations now expected Aug 2022 with $21M total cost.
Outlook for Q4: physical margins to decline but remain above historical averages; ~$9M hedging losses to hit earnings.

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