Friedman Industries, Inc - FRD STOCK NEWS

Friedman Industries declares cash dividend of $0.02 per share, marking its 207th consecutive quarterly dividend. Dividends reviewed quarterly and may be increased periodically. No guarantee of future dividends.

Friedman Industries, Incorporated (NYSE American: FRD) reported net earnings of $7.7 million and sales of $137.3 million for the quarter ended June 30, 2023, with a 23% increase in sales volume over the prior year. The company experienced significant fluctuations in steel prices, impacting margins. Despite lower revenue, the company remains focused on maximizing sales volume and evaluating growth opportunities. The flat-roll segment saw a decrease in sales due to a decline in average selling price, while the tubular segment also experienced a sales decrease. The company anticipates steady demand for the second quarter of fiscal 2024, with lower physical margins expected due to the downward trend in HRC prices.

Friedman Industries, Incorporated (FRD) announces the launch of its new website, highlighting recent growth initiatives and facilities in East Chicago, IN, Granite City, IL, and Sinton, TX. The website aims to facilitate sales growth, provide shareholders and investors with a better understanding of operations, and offer easy access to important company information.

Friedman Industries reports strong financial results for the quarter and fiscal year ended March 31, 2023, with net earnings of $6.3 million and $21.3 million respectively. Sales volume increased by 152% and 134% compared to the prior year. The company expects strong performance for the first quarter of fiscal 2024.

Friedman Industries, Incorporated (NYSE: FRD) announced a cash dividend of $0.02 per share, payable on May 26, 2023, to shareholders of record by April 28, 2023. This marks the company's 205th consecutive quarterly dividend, having consistently paid dividends since becoming public in 1972. The Board of Directors aims to maintain stable dividends and potentially increase them as financial conditions allow. Significant factors for this decision include financial health and future cash needs. However, declarations are subject to Board discretion and may change.

Friedman Industries (FRD) reported net earnings of $1.38 million ($0.19 EPS) for the third quarter ended December 31, 2022, contrasting a net loss of $2.96 million (-$0.45 EPS) from the previous year. Sales surged to $111.86 million from $51.66 million due to increased volume from newly acquired facilities and a new plant in Sinton, Texas. The company processed 113,000 tons of steel compared to 39,000 tons in the same quarter last year. Despite rising hot-rolled coil prices, margins were pressured during the quarter. The company anticipates continued growth, projecting 115,000 to 125,000 tons in the next quarter with margin improvements expected.

Friedman Industries, Incorporated (NYSE: FRD) declared a cash dividend of $0.02 per share on December 5, 2022, which will be paid on February 10, 2023, to shareholders of record on January 13, 2023. This dividend represents the company’s 204th consecutive quarterly cash dividend, continuing its record since becoming publicly traded in 1972. The Board aims to maintain a stable dividend level, subject to the company’s financial condition and operational performance.

Friedman Industries reported net earnings of $2.47 million ($0.34 per share) for Q2 2022, a significant decline from $13.18 million ($1.91 per share) in Q2 2021, despite sales rising to $149.69 million from $92.57 million.

Challenges stemmed from a 47% drop in hot-rolled coil (HRC) prices compared to a prior surge, leading to margin compression. Coil segment sales increased due to acquisition, though operational losses of $1.12 million were reported. A positive outlook anticipates slight margin improvements and adjusted sales volumes for Q3 2023.