Friedman Industries Q1 sales up 18%
Overview
Friedman Industries Q1 sales rise 18% yr/yr to $134.8 mln
Net earnings for Q1 increase to $5.0 mln, driven by improved margins
Company reduces debt by $14.7 mln, reflecting strong cash flow
Outlook
Company expects Q2 sales volume to be slightly higher than Q1
Friedman anticipates lower margins in Q2 due to softened HRC prices
Result Drivers
SALES VOLUME INCREASE - Driven by stronger demand and successful commercial efforts, resulting in a 12% increase in tons sold yr/yr
MARGIN IMPROVEMENT - Improved margins contributed to net earnings of $5.0 mln for the qtr
SEGMENT PERFORMANCE - Flat-roll segment sales rose significantly, while tubular segment turned a previous loss into a profit due to higher selling prices
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q1 Sales |
| $134.78 mln |
|
Q1 Net Income |
| $5.03 mln |
|
Q1 Pretax Profit |
| $6.64 mln |
|
Press Release: ID:nGNX3GLXC9
