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Friedman Industries Inc (FRD) filed Quarterly Report for the period ended 2011-09-30.
Friedman Industries Inc. has a market cap of $73.63 million; its shares were traded at around $10.83 with a P/E ratio of 8.66 and P/S ratio of 0.56. The dividend yield of Friedman Industries Inc. stocks is 4.8%. Friedman Industries Inc. had an annual average earning growth of 15.1% over the past 10 years.
This is the annual revenues and earnings per share of FRD over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of FRD.
Highlight of Business Operations:
During the six months ended September 30, 2011, sales, costs of goods sold and gross profit increased $22,399,244, $20,681,667 and $1,717,577, respectively, from the comparable amounts recorded during the six months ended September 30, 2010. The increase in sales was related primarily to a substantial increase in tons sold which increased from approximately 79,000 tons in the 2010 period to approximately 96,000 tons in the 2011 period. Also, the average per ton selling price increased from approximately $740 per ton in the 2010 period to $847 per ton in the 2011 period. The increase in costs of goods sold was related primarily to the increase in tons sold and an increase in average per ton cost which increased from approximately $647 per ton in the 2010 period to $752 in the 2011 period. The increase in gross profit was related primarily to the tubular product segment which experienced a 34% increase in tons sold. Overall, gross profit as a percentage of sales decreased from approximately 12.5% in the 2010 period to approximately 11.2% in the 2011 period. In the 2011 period, the Company incurred an increase in material costs but was unable to pass all of this increase on to its customers.Tubular product segment sales increased approximately $16,593,000 during the 2011 period. This increase primarily resulted from an increase in tons sold which increased from approximately 44,000 tons in the 2010 period to approximately 59,000 tons sold in the 2011 period. The average per ton selling price of tubular products increased from approximately $754 per ton in the 2010 period to $844 per ton in the 2011 period. Tubular product segment operating profits as a percentage of segment sales were approximately 19.0% and 15.6% in the 2010 and 2011 periods, respectively. In the 2011 period, the Company incurred an increase in material costs and was unable to pass all of this increase on to its customers.
During the three months ended September 30, 2011, sales, costs of goods sold and gross profit increased $12,686,020, $11,687,330 and $998,690, respectively, from the comparable amounts recorded during the three months ended September 30, 2010. The increase in sales was related primarily to an increase in tons sold which increased from approximately 40,000 tons in the 2010 quarter to approximately 50,000 tons in the 2011 quarter. Also, the average per ton selling price increased from approximately $730 per ton in the 2010 quarter to $841 per ton in the 2011 quarter. The increase in costs of goods sold was related to the increase in tons sold and an increase in the average per ton cost which increased from approximately $633 per ton in the 2010 quarter to $743 in the 2011 quarter. Gross profit primarily benefited from the sales increase. The increase in gross profit was related primarily to the Company’s tubular product segment. Gross profit as a percentage of sales declined from approximately 13.2% in the 2010 quarter to approximately 11.6% in the 2011 quarter. In the 2011 quarter, the Company incurred an increase in material costs but was unable to pass all of this increase on to its customers.
Coil product segment sales increased approximately $2,474,000 during the 2011 quarter. This increase was related primarily to an increase in the average selling price per ton which increased from approximately $709 in the 2010 quarter to $812 in the 2011 quarter. Coil tons shipped increased from approximately 18,700 tons in the 2010 quarter to approximately 19,300 tons in the 2011 quarter. Coil segment operations reflected an operational income of approximately $218,000 and $329,000 in the 2010 and 2011 quarters, respectively. Coil products are related primarily to durable goods. Management believes that operations of this segment have been adversely impacted in both the 2010 and 2011 quarters by soft demand. In addition, management believes that market conditions for coil products will not improve until the U.S. economy improves and generates significant improvement in the demand for durable goods.
Tubular product segment sales increased approximately $10,213,000 during the 2011 quarter. This increase resulted primarily from an increase in tons sold which increased from approximately 22,000 tons in the 2010 quarter to approximately 31,000 tons in the 2011 quarter. In addition, the average per ton selling price of tubular products increased from approximately $748 per ton in the 2010 quarter to $859 in the 2011 quarter. Tubular product segment operating profits as a percentage of segment sales were approximately 19.0% and 14.7% in the 2010 and 2011 quarters, respectively. In the 2011 quarter, the Company incurred an increase in material costs and was unable to pass all of this increase on to its customers.
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