Friedman Industries reports record FY2023 net earnings of $21.3M; sales up 92% to $547.5M

FRIEDMAN INDUSTRIES INC

Q4 FY2023 net earnings of $6.3M ($0.86 diluted EPS) vs loss of $7.5M in Q4 FY2022; sales $124.2M (+65% YoY).
FY2023 net earnings of $21.3M ($2.91 diluted EPS), most profitable year; sales $547.5M (+92% vs $285.2M in FY2022).
Sales volume up 134% in FY2023 to 467,000 tons, driven by acquisitions and new Sinton, TX facility.
Company expects Q1 FY2024 to be one of the most profitable quarters; volume similar to Q4 FY2023 with margin improvement.
Form 10-K for FY2023 not timely filed due to ERP system consolidation; expects to file by July 14, 2023.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

FRIEDMAN INDUSTRIES INC reported the quarter ended March 31, 2023 results: revenue approximately $124.2 million, net income approximately $6.3 million, EPS $0.86 diluted earnings per share.

Period: the quarter ended March 31, 2023
Revenue: approximately $124.2 million
Net income: approximately $6.3 million
EPS: $0.86 diluted earnings per share
Result: reported results

Exact text from the filing

For the quarter ended March 31, 2023 (the “2023 quarter”), the Company recorded net earnings of approximately $6.3 million ($0.86 diluted earnings per share) on sales of approximately $124.2 million

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

FRIEDMAN INDUSTRIES INC reported the year ended March 31, 2023 results: revenue approximately $547.5 million, net income approximately $21.3 million, EPS $2.91 diluted earnings per share.

Period: the year ended March 31, 2023
Revenue: approximately $547.5 million
Net income: approximately $21.3 million
EPS: $2.91 diluted earnings per share
Result: reported results

Exact text from the filing

For the year ended March 31, 2023 (“fiscal 2023”), the Company recorded net earnings of approximately $21.3 million ($2.91 diluted earnings per share) on sales of approximately $547.5 million

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Source: SEC EDGAR

accession 0001437749-23-018923

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