Friedman Industries, Incorporated Provides Earnings Guidance for the First Quarter Ended June 30, 2021 and Second Quarter Ending September 30, 2021
July 07, 2021 at 04:49 pm EDT
Share
Friedman Industries, Incorporated provided earnings guidance for the first quarter ended June 30, 2021 and second quarter ending September 30, 2021. The company continued to see margin strength throughout its fiscal 2022 first quarter ended June 30, 2021 with hot-rolled steel prices rising approximately 30%, and expects results for the first quarter to be slightly better than its fourth quarter fiscal 2021 results. The Company expects margins to remain strong for its second quarter ending September 30, 2021 and expects further improvement in operating results.
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 