Tue, Jun 11, 8:15 PM (88 days ago)
Friedman Industries, Incorporated reported its financial performance for the fiscal year ended March 31, 2024. The company operates in two segments: flat-roll products and tubular products. The flat-roll segment, previously referred to as the coil segment, includes five processing facilities, with significant contributions from newly acquired and constructed facilities. The tubular segment operates two pipe mills in Texas. For FY 2024, flat-roll products contributed 92% to total sales, up from 89% in FY 2023, while tubular products accounted for 8%, down from 11%. Notably, sales to O'Neal Steel represented 16% of total sales. The company faces competition primarily based on pricing and rapid delivery capabilities. Friedman Industries emphasizes cybersecurity, with oversight by its Board and IT Director, and has implemented robust controls and employee training programs. The company's human capital strategy focuses on talent retention, diversity, and safety. No significant legal proceedings or material changes in accounting policies were reported. The company's common stock is traded on the NYSE American under the symbol FRD, with an approximate market value of $92 million as of September 29, 2023.