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Friedman Industries announces First Quarter results-The 20th China(Guangzhou) Die-casting, Foundry & Industry Furnace Exhibition
8/17/2018 壓鑄展-鑄造展- 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
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Heading
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Q1''2018
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Q1''2017 As adjusted
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Net Sales
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48193318
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23083269
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Total costs and other income
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43430805
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22573978
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Earnings before income taxes
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4762513
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509291
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Income taxes
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1162620
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144961
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Net earnings
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3599893
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364330
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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.
壓鑄展-鑄造展-2019第二十屆廣州國際壓鑄、鑄造及工業(yè)爐展覽會(huì)-中國最受關(guān)注的壓鑄鑄造展會(huì)-巨浪展覽
-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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