Friedman Industries Q1 FY2023 EPS $1.55 on $161.8M revenue; includes Plateplus acquisition

FRIEDMAN INDUSTRIES INC

2023-Q2 EPS reported $1.88 revenue$311,495,499

Net earnings $11.2M ($1.55 diluted EPS) vs $11.3M ($1.64) on revenue $161.8M (up 145% from $65.9M).
Plateplus acquisition contributed ~$82.2M revenue and ~$6.4M pretax income in the quarter.
Coil segment sold 94k tons (up from 39k), driven by acquired facilities; tubular segment sold 10.5k tons (down from 14.5k).
Sinton facility commissioning began Oct 2022; expected annual shipments of 110-140k tons by FY2024.
Q2 outlook: sales ~$150M on 115k tons; Q3 margins expected to normalize on 105k tons.

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