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Friedman Industries announces First Quarter results-The 20th China(Guangzhou) Die-casting, Foundry & Industry Furnace Exhibition
8/17/2018  压铸展-铸造展- Die-casting expo-foundry expo
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    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
Heading Q1''2018 Q1''2017 As adjusted
Net Sales 48193318 23083269
Total costs and other income 43430805 22573978
Earnings before  income taxes 4762513 509291
Income taxes 1162620 144961
Net earnings 3599893 364330
 


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. 压铸展-铸造展-2019第二十届广州国际压铸、铸造及工业炉展览会-中国最受关注的压铸铸造展会-巨浪展览 -The 20th China(Guangzhou) Die-casting, Foundry & Industry Furnace Exhibition -Die-casting exhibition, Die-casting expo,2019 Die-casting exhibition, 2019 Die-casting expo, China Die-casting exhibition, China Die-casting expo, Foundry exhibition, Foundry expo, 2019 Foundry exhibition, 2019 Foundry expo, Industry Furnace exhibition, Industry Furnace expo, 2019 Industry Furnace exhibition, 2019 Industry Furnace expo, China Industry Furnace exhibition, China Industry Furnace expo Source : STRATEGIC RESEARCH INSTITUTE, STEELGURU
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