Friedman Industries Q1 sales jump 78% on record volumes
FRD•Outlook for Q2
The company expects Q2 sales volumes to remain strong and comparable to Q1 levels.
Friedman Industries said it anticipates sequential improvement in Q2 sales margins from higher average selling prices, and said its strong operating momentum and diversified platform position it to capitalize on growth opportunities.
Key quarterly figures
| Metric | Actual |
|---|---|
| Q1 Sales | $239.97 million |
| Q1 Net Income | $12.78 million |
| Q1 Income from Operations | $21.03 million |
| Q1 Pretax Profit | $16.98 million |
What drove the results
- Organic volume growth — Most of the year-over-year sales volume increase came from organic growth at legacy facilities, according to CEO Michael J. Taylor.
- Century Metals acquisition — The Century Metals acquisition contributed to both sales growth and profitability by expanding geographic reach and customer offering.
- Higher selling prices — Improved average selling prices in both flat-roll and tubular segments supported higher revenue and margins.
