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FOR IMMEDIATE RELEASE
FRIEDMAN INDUSTRIES PROVIDES FOURTH QUARTER EARNINGS GUIDANCE AND ANNOUNCES NEW SINTON FACILITY
LONGVIEW, Texas, May 25, 2021 (GLOBE NEWSWIRE) – Friedman Industries, Incorporated (NYSE – American: trading symbol FRD), a manufacturer and processor of steel products, today announced guidance for its fiscal fourth quarter ending March 31, 2021, and announced plans for a new facility in Sinton, Texas to support future growth.
Friedman Industries announced guidance for its fourth quarter ending March 31, 2021, and expects to issue audited results in late June. The Company expects fourth quarter net earnings to be in the range of $9.5 million to $10.5 million, making it the most profitable quarter in Company history. The estimated net earnings translate to estimated diluted earnings per share in the range of $1.37 to $1.52. Comparatively, diluted earnings per share for the third quarter ending December 31, 2020 was $0.30.
“Rapidly increasing steel prices and our strategic decisions to implement risk management practices and expand our supply chain options ahead of a tightening of global supply are the primary factors driving the significant increase in expected fourth quarter results compared to those of the prior quarter,” said Michael J. Taylor, President and Chief Executive Officer.
“As we enter our 2022 fiscal year, we expect further improvement in operating results for the first quarter ending June 30, 2021 compared to the fourth quarter, due primarily to further escalation of steel prices, which has created a strong margin environment,” Taylor continued.
Estimates for the quarter ended March 31, 2021 are unaudited and subject to adjustment pending the completion of the Company’s financial statement audit. Statements about the quarter ending June 30, 2021 are based on expectations given current market conditions, which are subject to change.
NEW FACILITY PLANNED FOR SINTON, TEXAS UPGRADES PRODUCT PORTFOLIO AND ENABLES COMPANY TO SERVE BROADER CUSTOMER BASE
The Company is excited to announce plans for a new facility in Sinton, Texas, which is expected to be well positioned to capture additional demand growth with an expanded portfolio and geographic advantages. Steel Dynamics, Inc. (“SDI”) has invited Friedman Industries to locate the new facility on the campus of its new flat roll steel mill currently under construction in Sinton, Texas. SDI’s Sinton mill will be the most advanced electric arc furnace mini mill in the world and will have an estimated annual capacity of 3 million tons with capabilities of producing flat roll up to 1” thick and 84” wide at 100,000 psi yield.
The following information was filed by Friedman Industries Inc (FRD) on Tuesday, May 25, 2021 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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