Friedman posts record sales volume, boosted by Century Metals buy

Friedman Industries Inc.

Second quarter ended Sept. 30	2025	2024	Change
Net sales	$152.4	$106.8	42.7%
Net earnings (loss)	$2.2	$(0.7)	414%
Per diluted share	$0.32	$(0.10)	420%
Six months ended Sept. 30
Net sales	$287.2	$221.3	29.8%
Net earnings (loss)	$7.3	$1.9	284%
Per diluted share	$1.03	$0.27	282%

(in millions of dollars except per share)

Flat-rolled metals processor and pipe manufacturer Friedman Industries reported record sales volume in its fiscal second quarter.

“This quarter marks a significant milestone for Friedman, as we achieved record sales volume and expanded our capabilities through the Century Metals acquisition,” said President and CEO Michael J. Taylor.

Friedman acquired Florida-based Century Metals and Supplies in early September. The acquisition added to its product mix cold-rolled, coated, and stainless steels, as well as non-ferrous materials including aluminum, copper, and brass.

All told, Friedman swung to net earnings of $2.2 million in the quarter ended Sept. 30 after a net loss of $0.7 million in the year-ago period. Sales climbed 43% year over year to $156.4 million, marking the highest three-month sales period in company history.

Quarterly sales volume consisted of ~154,500 tons of inventory sold and an additional 24,500 tons of toll processing, representing increases of 27% and 36%, respectively, from the year-ago quarter.

“The increase in sales volume for the 2025 quarter was primarily related to a combination of stronger demand among some customers and successful gains of market share,” the company noted in its most recent quarterly earnings report.

Friedman began operations at a second processing facility in Granite City, Ill., in August. Housing a new temper-passed cut-to-length line, it is located next to the company’s other Granite City plant, which it acquired from PlatePlus in 2022.

A $0.9 million gain from hedging activities during the quarter helped offset acquisition-related expenses of ~$0.9 million tied to Century Metals, the company noted.

Flat-roll segment

Flat-roll product segment sales surged 47% from a year earlier to $143.3 million in the quarter, as tons sold jumped 31% to 147,000.

Average selling prices in fiscal Q2 rose 12% from $858/st a year earlier to $963/st.

Segment operating profits more than doubled to $5.7 million.

Tubular segment

In the tubular segment, sales slipped to $9.0 million from $9.4 million a year earlier, reflecting 17% lower volumes at 7,500 st.

However, higher average selling prices of $1,185/st helped swing the segment to an operating profit of $0.9 million, compared with a $0.6 million loss last year.

Outlook

Looking ahead, Friedman expects sales volumes in the current quarter to remain consistent with those of the previous quarter. It noted additional volumes from Century Metals should offset seasonal holiday shutdowns.

“With our enhanced scale and strong balance sheet, we are well positioned to deliver sustainable growth,” added Taylor.

Friedman projects margins to improve modestly as metal prices trend upward.

Laura Miller

Laura Miller is a reporter and editor for Steel Market Update. She has held various editorial positions with steel industry publications, associations, and mills since 2007. She joined the SMU team in 2022. She is a member of the Association of Women in the Metal Industries and a past-president of the AWMI Pittsburgh Chapter. She holds a BA in Latin American Studies from Edinboro University of Pennsylvania.