Analysis
June 13, 2026
Friedman posts highest-ever quarterly volume as earnings surge
Written by Laura Miller
Friedman Industries
| Fourth quarter ended March 31 | 2026 | 2025 | % Change |
|---|---|---|---|
| Net sales | $191.8 | $129.2 | 48.5% |
| Net income (loss) | $9.2 | $5.3 | 73.6% |
| Per diluted share | $1.30 | $0.76 | 71.1% |
| Full year ended March 31 | |||
| Net sales | $646.9 | $444.6 | 45.5% |
| Net income (loss) | $19.5 | $6.1 | 220% |
| Per diluted share | $2.76 | $0.87 | 217% |
Friedman Industries posted record sales, higher volumes, and sharply improved earnings in fiscal 2026. This was driven by stronger demand, higher average selling prices, and continued contributions from its Century Metals acquisition.
For the quarter ended March 31, Friedman reported net earnings of $9.2 million on sales of $191.8 million, up from $5.3 million on $129.2 million a year earlier. Sales volume reached 189,000 tons, a 14% increase, with roughly half of the gain coming from same-facility growth and the rest from Century.
“Sales volume reached the highest quarterly level in company history,” said the Longview, Texas-based flat-rolled metals processor and pipe manufacturer.
Friedman acquired Miami-based Century Metals and Supplies in September 2025. The buy has helped Friedman achieve record quarterly sales and volumes in each quarter since.
“The Century Metals acquisition has proven to be an excellent strategic fit by expanding our processing capabilities, enhancing our geographic reach, and contributing meaningfully to both volume growth and profitability,” CEO Michael Taylor said.
Full-year results also set new company records. Fiscal 2026 sales rose 46% to $646.9 million, while net earnings more than tripled to $19.5 million. Annual sales volume climbed 22% to 706,000 tons, with 80% of the increase tied to existing operations.
“Record sales volumes, increased capacity utilization, and strong execution across our facilities drove improved operating results throughout the year,” Taylor said.
Flat-roll segment
Flat-roll sales for the March quarter rose to $175.7 million from $117.7 million a year earlier.
Total volume increased to 176,500 tons, supported by stronger customer demand, higher capacity utilization, and Century’s contribution.
The average selling price climbed to $1,108 per ton, up from $836/ton. Operating income nearly doubled to $13.9 million.
Tubular segment
Tubular sales reached $16.1 million, up from $11.5 million in the prior-year quarter.
Tons sold increased to 12,500, and the average selling price rose to $1,287/ton from $1,044/ton.
Operating income improved to $2 million from $0.6 million.
Hedging
The company recorded a $0.9 million gain on hedging activities in the quarter and $3.4 million for the full year.
Outlook
Management expects first-quarter fiscal 2027 volumes to remain comparable to fiscal Q4 levels, with sequential margin improvement supported by higher average selling prices.
“Friedman enters fiscal 2027 with strong operating momentum following a year of record sales volumes and significantly improved earnings,” Taylor said.
