Friedman Industries, Inc - FRD STOCK NEWS

Friedman Industries reported Q2 FY2024 results with sales of $106.8 million and a net loss of $0.7 million ($0.10 loss per share), compared to net earnings of $3.5 million ($0.48 per share) in Q2 FY2023. The company faced challenging conditions due to industry-wide pricing pressure and soft demand. Sales volume included 121,500 tons of inventory sold and 18,000 tons of toll processing. Working capital balance stood at $111.7 million, with operating cash flow of $10.8 million. The company reduced debt by 22% during the quarter. Hot-rolled coil prices stabilized after declining since early 2024, leading to reduced hedging activities.

Friedman Industries (NYSE American: FRD), a Texas-based company specializing in steel processing, pipe manufacturing, and distribution, has announced its 211th consecutive quarterly cash dividend since going public in 1972. The Board of Directors declared a $0.04 per share dividend on September 18, 2024, payable on November 15, 2024 to shareholders of record as of October 25, 2024.

The company's dividend policy aims for stability and potential periodic increases based on financial performance. While Friedman Industries intends to continue its long-standing dividend practice, it cautions that future payments are not guaranteed and depend on various factors including financial condition, operating results, and growth plans.

Friedman Industries (NYSE American: FRD) announced its Q1 2024 results, reporting net earnings of $2.6 million ($0.37 diluted EPS) on net sales of $114.6 million. This compares to net earnings of $7.7 million ($1.04 diluted EPS) on net sales of $137.3 million in Q1 2023. The company's working capital balance at quarter-end was $123.6 million.

Sales volume decreased to 119,000 tons of inventory sold and 24,000 tons of toll processing, down from 129,000 tons and 24,000 tons respectively in Q1 2023. The decline was attributed to challenging customer conditions and planned downtime for equipment upgrades. The company captured hedging gains of $5.4 million, offsetting physical margin compression due to declining HRC prices.

Friedman Industries (NYSE American: FRD) announced a cash dividend of $0.04 per share, declared by the Board of Directors on June 26, 2024. This dividend will be paid on August 16, 2024, to shareholders of record as of July 26, 2024. Notably, this marks the 210th consecutive quarterly cash dividend since the company went public in 1972. Dividends are reviewed quarterly and are intended to remain stable, with potential for increase as financial conditions allow. The company emphasizes that while it aims to continue this practice, future dividends are not guaranteed.

Friedman Industries reported its results for the fourth quarter and fiscal year ending March 31, 2024. The company achieved net earnings of $5.0 million for the quarter on sales of $132.2 million, reflecting a 13% increase in sales volume over the prior quarter. Fiscal year net earnings were $17.3 million with sales of $516.3 million, marking the second most profitable year in the company's history. Notably, sales volume increased by 19% due in part to output from the new Sinton, TX facility. Despite steel price volatility, the company maintained profitability each quarter. The flat-roll segment reported a sales volume increase to 159,000 tons, while the tubular segment saw a decline in operating profits. Looking forward, the company expects lower margins in Q1 FY 2025 due to declining HRC prices but anticipates hedging gains offsetting this impact.

Friedman Industries, Incorporated (FRD) declares a cash dividend of $0.04 per share, marking its 209th consecutive quarterly dividend since 1972. The Board cites a favorable outlook for consistent earnings and further growth, driven by strategic transformation and high-quality products.

Friedman Industries, Incorporated (FRD) reported strong financial performance for the third fiscal quarter ended December 31, 2023, with sales of $116.0 million and net earnings of $1.2 million. The company experienced an 11% increase in sales volume over the prior year quarter, with a working capital balance of $116.3 million. The flat-roll segment operations saw significant growth in sales volume and operating profits, while the tubular segment operations faced a decrease in sales due to lower average selling prices. The Company expects a strong fourth quarter for fiscal year 2024.

Friedman Industries, Incorporated (FRD) announced a share repurchase program, buying back 400,041 shares from Metal One Corporation for $5.1 million. The Board of Directors also authorized the repurchase of up to 1,045,774 shares through December 13, 2026, representing 15% of the outstanding shares after the initial repurchase. The program allows repurchases through various means and is not obligated to acquire a specific amount or number of shares. Chairman and CEO Michael Taylor expressed confidence in the company's future and commitment to enhancing shareholder value.

Friedman Industries, Incorporated (FRD) declared a cash dividend of $0.02 per share on the Common Stock, marking the Company’s 208th consecutive quarterly cash dividend. The dividend will be paid on February 16, 2024, to shareholders of record as of January 19, 2024. The Board aims to maintain a stable dividend level and potentially increase it as the Company’s financial position and operations improve.