Friedman Industries Q2 sales jump 88% to record high
FRD•Friedman Industries’ second-quarter sales rose 88% year over year to a record $286.8 million, while net earnings reached a record $15.6 million.
1. Record quarterly results
Second-quarter sales reached $286.81 million, up 88% year over year, and net income was $15.61 million. Income from operations was $36.57 million and pretax profit was $20.64 million.
2. Growth and outlook
Higher sales volumes in the flat-roll and tubular segments drove growth. Sales volume at legacy flat-roll facilities rose 15% year over year, while tubular segment volume increased 82%, which the company attributed to process and capital improvements. A full-quarter contribution from its Century Metals acquisition also boosted sales and earnings. The company expects third-quarter sales volume to follow seasonal trends and anticipates sequential improvement in sales margins due to higher average selling prices.
