Friedman Q2 EPS $0.34 vs $1.91 YoY; sales $149.7M, up 62%, but margin compression drives profit decline

FRIEDMAN INDUSTRIES INC

Net earnings $2.47M ($0.34 diluted EPS) vs $13.18M ($1.91) in prior-year quarter.
Coil segment operating loss of $1.1M vs profit $24.3M; volume rose to 106,500 tons on Plateplus acquisition.
Tubular segment operating profit $3.34M vs $1.997M; hedging gains of $2.26M partially offset margin compression.
Outlook: Q3 volume ~105,000 tons; expects slight margin improvement and benefit from recent HRC price increases.

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

FRIEDMAN INDUSTRIES INC reported quarter ended September 30, 2022 results: revenue 149,692,409, net income 2,470,908, EPS 0.34.

Period: quarter ended September 30, 2022
Revenue: 149,692,409
Net income: 2,470,908
EPS: 0.34
Result: reported results

Exact text from the filing

For the quarter ended September 30, 2022 (the “2022 quarter”), the Company recorded net earnings of $2,470,908 ($0.34 diluted earnings per share) on sales of $149,692,409 compared to net earnings of $13,177,614 ($1.91 diluted earnings per share) on sales of $92,570,895 for the quarter ended September 30, 2021 (the “2021 quarter”).

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Source: SEC EDGAR

accession 0001437749-22-028347

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