Help Desk -
9717405332, 9599714297, 9810335381
Email
Password

Friedman Industries announces Q2 results

Steel News - Published on Fri, 16 Nov 2018

Image Source: Friedman Industries
Friedman Industries, Incorporated announced its results of operations for the second quarter. For the quarter ended September 30, 2018, the Company recorded net earnings of $2,000,916 ($0.29 diluted earnings per share) on sales of $53,432,029 compared to net earnings of $395,334, as adjusted for the change in accounting principle discussed below, ($0.05 diluted earnings per share) on net sales of $26,077,710 for the quarter ended September 30, 2017. E

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 7,500 tons, or 25%, and tubular segment sales volume increased approximately 17,000 tons, or 200%, 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.

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.

Source :

Posted By : Ratan Singh on Fri, 16 Nov 2018
Related News from Steel segment