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Friedman Industries announces First Quarter results

Steel News - Published on Fri, 17 Aug 2018

Image Source: steelguru.com
Friedman Industries announced its results of operations for the first quarter. For the quarter ended June 30, 2018, the Company recorded net earnings of $3,599,893 ($0.51 diluted earnings per share) on sales of $48,193,318 compared to net earnings of $364,330, as adjusted for the change in accounting principle discussed below, ($0.05 diluted earnings per share) on net sales of $23,083,269 for the quarter ended June 30, 2017.
 
SUMMARY OF OPERATIONS (unaudited) Three Months Ended June 30
HeadingQ1'2018Q1'2017 As adjusted
Net Sales4819331823083269
Total costs and other income4343080522573978
Earnings before  income taxes4762513509291
Income taxes1162620144961
Net earnings3599893364330
 


The improved results for the 2018 quarter were driven by an increased volume of shipments for both the coil and tubular segments. For the 2018 quarter, coil segment sales volume increased approximately 9,500 tons, or 36%, and tubular segment sales volume increased approximately 17,500 tons, or 250%, from the comparable 2017 quarter volumes. The Company’s results for the 2018 quarter were positively impacted by the effects of the U.S. government’s Section 232 steel trade actions, sustained improvement of the U.S. energy industry and the current steel industry and U.S. economic conditions in general. Management expects sales volumes in the second quarter to be similar to the first quarter volumes but expects both coil segment and tubular segment margins to contract somewhat.
 
Friedman Industries Incorporated, headquartered in Longview Texas, is a manufacturer and processor of steel products with operating plants in Hickman, Arkansas; Decatur, Alabama and Lone Star, Texas. The Company has two reportable segments; coil products and tubular products. The coil product segment consists of the operations in Hickman and Decatur where the Company processes hot-rolled steel coils using temper mills and cut-to-length lines. The tubular product segment consists of the operations in Lone Star where the Company manufactures electric resistance welded pipe, provides pipe finishing services and distributes pipe.

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Posted By : Nanda Koijam on Fri, 17 Aug 2018
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