FRIEDMAN INDUSTRIES, INCORPORATED ANNOUNCES CASH DIVIDEND

Rhea-AI Summary

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.

Positive

• 208th consecutive quarterly cash dividend declared
• Board's intention to maintain stable dividend level and potentially increase it in the future

Negative

• No specific data on the financial condition, operating results, or growth plans
• Uncertainty about the continuation of dividend payments in the future

LONGVIEW, Texas, Dec. 13, 2023 (GLOBE NEWSWIRE) -- Friedman Industries, Incorporated (NYSE—American; Trading Symbol: FRD) The Board of Directors (the “Board”) of Friedman Industries, Incorporated, a Texas-based company engaged in pipe manufacturing, steel processing and steel and pipe distribution, declared on December 13, 2023, a cash dividend of $0.02 per share on the Common Stock of the Company. The Company will pay the cash dividend on February 16, 2024 to shareholders of record at the close of business on January 19, 2024. This dividend marks the Company’s 208^th consecutive quarterly cash dividend with the Company having paid a cash dividend every quarter since becoming publicly traded in 1972.

Dividends are declared at the discretion of the Board and reviewed on a quarterly basis. With the declaration of today’s dividend, the Board’s desire is to pay a dividend at a level that it feels can be held stable for the foreseeable future and which may be increased periodically as the Company’s financial position and operations become supportive of a new amount that the Board believes is sustainable. The determination to pay cash dividends takes into account various factors, including our financial condition, operating results, current and anticipated cash needs and growth plans. While we have paid a dividend every quarter since becoming a public company in 1972 and currently intend to continue that practice, there is no guarantee that payments of dividends will always continue in the future.

FAQ

What is the trading symbol for Friedman Industries, Incorporated?

The trading symbol for Friedman Industries, Incorporated is FRD.

When will the cash dividend be paid to shareholders?

The cash dividend will be paid on February 16, 2024.

How often has the company paid cash dividends since becoming publicly traded?

The company has paid a cash dividend every quarter since becoming publicly traded in 1972.

What factors does the Board consider when determining cash dividends?

The Board considers factors such as the company's financial condition, operating results, current and anticipated cash needs, and growth plans when determining cash dividends.

Is there a guarantee that dividend payments will always continue in the future?

While the company currently intends to continue the practice of paying dividends every quarter, there is no guarantee that payments of dividends will always continue in the future.