Print
Email
Friedman Industries Inc (FRD) filed Quarterly Report for the period ended 2011-12-31.
Friedman Industries Inc. has a market cap of $73.8 million; its shares were traded at around $10.849 with a P/E ratio of 8.2 and P/S ratio of 0.6. 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 nine months ended December 31, 2011, sales, costs of goods sold and gross profit increased $28,250,617, $26,370,912 and $1,879,705, respectively, from the comparable amounts recorded during the nine months ended December 31, 2010. The increase in sales was related primarily to a substantial increase in tons sold which increased from approximately 122,000 tons in the 2010 period to approximately 143,000 tons in the 2011 period. Also, the average per ton selling price increased from approximately $734 per ton in the 2010 period to $824 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 the average per ton cost which increased from approximately $643 per ton in the 2010 period to $733 in the 2011 period. The increase in gross profit was related primarily to the tubular product segment which experienced a 28.4% increase in tons sold. Overall, gross profit as a percentage of sales decreased from approximately 12.4% in the 2010 period to approximately 11.0% in the 2011 period. In the 2011 period, the Company incurred increases in material costs but was unable to pass all of these increases on to its customers.Coil product segment sales increased approximately $9,035,000 during the 2011 period. This increase resulted from an increase in tons sold and an increase in the average selling price. Coil tons shipped increased from approximately 58,000 tons in the 2010 period to approximately 61,000 tons in the 2011 period. The average per ton selling price increased from approximately $703 per ton in the 2010 period to $819 per ton in the 2011 period. Coil segment operations reflected an operational income of approximately $446,000 and $278,000 in the 2011 and 2010 periods, respectively. Coil products are related primarily to durable goods. Management believes that the operations of this segment have been adversely impacted in both the 2011 and 2010 periods by soft demand for durable goods. In addition, management believes that market conditions for coil products will not improve until the U.S. economy improves and generates significant improvement in demand for durable goods.
Tubular product segment sales increased approximately $19,216,000 during the 2011 period. This increase primarily resulted from an increase in tons sold which increased from approximately 64,000 tons in the 2010 period to approximately 82,000 tons sold in the 2011 period. The average per ton selling price of tubular products increased from approximately $762 per ton in the 2010 period to $828 per ton in the 2011 period. Tubular product segment operating profit as a percentage of segment sales were approximately 15.4% and 18.4% in the 2011 and 2010 periods, respectively. In the 2011 period, the Company incurred increases in material costs and was unable to pass all of these increases on to its customers.
During the three months ended December 31, 2011, sales, costs of goods sold and gross profit increased $5,851,373, $5,689,245 and $162,128, respectively, from the comparable amounts recorded during the three months ended December 31, 2010. The increase in sales was related primarily to an increase in tons sold which increased from approximately 43,000 tons in the 2010 quarter to approximately 48,000 tons in the 2011 quarter. Also, the average per ton selling price increased from approximately $723 per ton in the 2010 quarter to $778 per ton in the 2011 quarter. The increase in costs of goods sold was related to the increase in tons sold and to an increase in the average per ton cost which increased from approximately $636 per ton in the 2010 quarter to $695 in the 2011 quarter. Gross profit benefited from the sales increase. Gross profit as a percentage of sales declined from approximately 12.1% in the 2010 quarter to approximately 10.6% in the 2011 quarter. In the 2011 quarter, the Company incurred increases in material costs but was unable to pass all of these increases on to its customers.
Coil product segment sales increased approximately $3,228,000 during the 2011 quarter. This increase was related primarily to an increase in the average selling price which increased from approximately $673 in the 2010 quarter to $768 in the 2011 quarter. Coil tons shipped increased from approximately 23,200 tons in the 2010 quarter to approximately 24,500 tons in the 2011 quarter. Coil segment operations reflected an operating profit of approximately $446,000 and $384,000 in the 2011 and 2010 quarters, respectively. Coil products are related primarily to durable goods. Management believes that the operations of this segment have been adversely impacted in both the 2011 and 2010 quarters by soft demand for durable goods. 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.
Subscribe RSS
