Friedman Industries reports Q4 loss but record FY2022 profit; Plateplus acquisition boosts volumes

FRIEDMAN INDUSTRIES INC

2023-Q1 EPS reported $1.55 revenue$161,803,090

Q4 net loss $7.46M ($1.11 diluted loss) on $75.1M sales; year-ago net income $10.4M ($1.50 EPS).
Record FY2022 net earnings $14.1M ($2.04 EPS) on $285.2M sales vs FY2021 $11.4M ($1.63 EPS).
Plateplus acquisition closed Apr 30; added 2 facilities, 76 employees. May sales ~42K tons, June ~44K tons.
Q1 FY2023 sales volume ~104.5K tons (100% increase); expects one of the most profitable quarters.
Form 10-K filing delayed due to accelerated filer audit procedures; expects to file as soon as possible.

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