Friedman Industries, Incorporated Reports Earnings Results for the Third Quarter and Nine Months Ended December 31, 2022
February 10, 2023 at 03:00 am IST
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Friedman Industries, Incorporated reported earnings results for the third quarter and nine months ended December 31, 2022. For the third quarter, the company reported sales was USD 111.86 million compared to USD 51.66 million a year ago. Net income was USD 1.38 million compared to net loss of USD 2.96 million a year ago. Basic earnings per share from continuing operations was USD 0.19 compared to basic loss per share from continuing operations of USD 0.45 a year ago. Diluted earnings per share from continuing operations was USD 0.19 compared to diluted loss per share from continuing operations of USD 0.45 a year ago.
For the nine months, sales was USD 423.36 million compared to USD 210.14 million a year ago. Net income was USD 15.03 million compared to USD 21.53 million a year ago. Basic earnings per share from continuing operations was USD 2.06 compared to USD 3.12 a year ago. Diluted earnings per share from continuing operations was USD 2.06 compared to USD 3.12 a year ago.
Friedman Industries, Incorporated is a manufacturer and processor of steel products. Its segments include coil products and tubular products. The coil products segment consists of the operation of five hot-rolled coil processing facilities located in Hickman, Arkansas; Decatur, Alabama; East Chicago, Indiana; Granite City, Illinois and Sinton, Texas. The Hickman, East Chicago and Granite City facilities operate temper mills and corrective leveling cut-to length lines. The Sinton and Decatur facilities operate stretcher leveler cut-to-length lines. The tubular products segment consists of the operations in Lone Star where the Company manufactures electric resistance welded pipe and distributes pipe through its Texas Tubular Products division (TTP). TTP operates two electric resistance welded pipe mills with a combined outside diameter (OD) size range of 2 3/8 OD to 8 5/8 OD. Both pipe mills manufacture line pipe and oil country pipe and also manufacture pipe for structural purposes.
FRIEDMAN INDUSTRIES, INCORPORATED 
