Friedman Industries Q3 net earnings $1.38M vs loss $2.96M; sales $112M

FRIEDMAN INDUSTRIES INC

2023-Q3 EPS reported $2.06 revenue$423,355,592

Net earnings $1,375,893 ($0.19 diluted EPS) vs net loss $2,961,833 ($0.45 loss) in prior-year quarter.
Sales $111.86M, up 117% YoY; volume 113K tons vs 39K tons, driven by acquisitions and new Sinton plant.
Coil segment operating profit $3.26M vs loss $4.03M; tubular profit $0.69M vs loss $0.65M.
Outlook: Q4 volume 115-125K tons, margin improvement expected from rising HRC prices.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

FRIEDMAN INDUSTRIES INC reported third fiscal quarter ended December 31, 2022 results: revenue $111,860,093, net income $1,375,893, EPS $0.19 diluted earnings per share.

Period: third fiscal quarter ended December 31, 2022
Revenue: $111,860,093
Net income: $1,375,893
EPS: $0.19 diluted earnings per share
Result: reported results

Exact text from the filing

Friedman Industries, Incorporated (NYSE American: FRD) announced today its results of operations for the fiscal third quarter. For the quarter ended December 31, 2022 (the “2022 quarter”), the Company recorded net earnings of $1,375,893 ($0.19 diluted earnings per share) on sales of $111,860,093 compared to a net loss of $2,961,833 ($0.45 diluted loss per share) on net sales of $51,655,943 for the quarter ended December 31, 2021 (the “2021 quarter”).

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Source: SEC EDGAR

accession 0001437749-23-002903

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