Friedman Industries Q2 net earnings $3.5M ($0.48 EPS); sales volume up 10%

FRIEDMAN INDUSTRIES INC

2024-Q2 EPS reported $1.52 revenue$268,046,000

Net earnings $3.5M ($0.48 diluted EPS) vs $2.5M ($0.34) YoY; sales $130.7M down from $149.7M on lower steel prices.
Sales volume increased 10% to ~129,000 tons; flat-roll segment operating profit $3.1M vs loss $1.1M.
HRC price declined ~25% in quarter, but hedging gains of $4.4M offset margin compression.
Outlook: multiple domestic steel producers announced ~$300/ton HRC price increases; expects margin improvement in H2.
Strategic growth: Decatur aims for 8,000 tons/month, Sinton 10,000; Granite City second line operational.

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 financial results for its second fiscal quarter ended September 30, 2023.

Period: its second fiscal quarter ended September 30, 2023
Result: reported results

Exact text from the filing

On November 14, 2023, Friedman Industries, Incorporated (“Friedman” or the “Company”) issued a press release announcing its financial results for its second fiscal quarter ended September 30, 2023.

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Source: SEC EDGAR

accession 0001437749-23-032051

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