Service Centers

Friedman logs quarterly loss amid 'challenging conditions'
Written by Ethan Bernard
February 10, 2025
Friedman Industries Inc.
Third fiscal quarter ended Dec. 31 | 2024 | 2023 | Change |
---|---|---|---|
Net sales | $94.1 | $116.0 | -18.9% |
Net earnings (loss) | $(1.2) | $1.2 | -223.4% |
Per diluted share | $(0.17) | $0.16 | -206.3% |
Nine months ended Dec. 31 | |||
Net sales | $315.4 | $384.0 | -17.9% |
Net earnings (loss) | $0.74 | $12.4 | -94.0% |
Per diluted share | $0.11 | $1.69 | -93.5% |
Friedman Industries swung to a loss in its fiscal third quarter ended Dec. 31 amid “challenging conditions.”
The Longview, Texas-based steel processor logged a net loss of $1.2 million in its fiscal Q3 vs. net earnings of $1.2 million a year earlier. Sales in the same comparison fell 19% to $94.1 million.
“We continued to experience challenging conditions during the third fiscal quarter,” Michael Taylor, president and CEO, said in a statement on Feb. 7.
“Our margins were adversely affected by continued industry-wide pricing pressure and sales volume was dampened by political uncertainty and the holidays,” he continued.
However, he added an encouraging note: Sales activity “surged following the presidential election and our latest commercial initiatives.”
Flat-roll, tubular operations
Sales from Friedman’s flat-roll product segment totaled ~$86.1 million in the quarter vs. ~$106.4 million a year earlier.
Quarterly sales volumes of 105,000 tons and 18,000 toll processing tons showed year-over-year declines of 4.5% and 18%, respectively.
For Friedman’s tubular product segment, sales for the quarter totaled ~$7.9 million, down from ~$9.5 million in the year-earlier period. Sales volume for both the Q3’25 quarter and the year-earlier quarter stood at ~8,000 tons.
Outlook
Friedman expects sales volume for the fourth quarter of fiscal 2025 to be higher quarter over quarter “due to stronger order activity and the impact of holidays on third-quarter volume.”
Additionally, Friedman expects fiscal Q4’25 sales margins to improve sequentially.
The company noted that most industry participants believe HRC prices will increase further during the second half of the quarter.
“Friedman remains in a strong financial position and ready to capitalize on both short-term and long-term opportunities,” CEO Taylor said. “I see favorable long-term demand for the industry and our products and believe we have a team uniquely qualified to recognize Friedman’s fullest potential.”

Ethan Bernard
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