Valuation Update With 7 Day Price Move • Jun 18
Investor sentiment improves as stock rises 42% After last week's 42% share price gain to US$37.42, the stock trades at a trailing P/E ratio of 13.8x. Average trailing P/E is 18x in the Metals and Mining industry in the US. Total returns to shareholders of 289% over the past three years. New Risk • Jun 12
New major risk - Revenue and earnings growth Earnings have declined by 13% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (8.9% operating cash flow to total debt). Earnings have declined by 13% per year over the past 5 years. Reported Earnings • Jun 12
Full year 2026 earnings released: EPS: US$2.76 (vs US$0.87 in FY 2025) Full year 2026 results: EPS: US$2.76 (up from US$0.87 in FY 2025). Revenue: US$646.9m (up 46% from FY 2025). Net income: US$19.5m (up 222% from FY 2025). Profit margin: 3.0% (up from 1.4% in FY 2025). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has increased by 52% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • May 28
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to US$23.69, the stock trades at a trailing P/E ratio of 10.9x. Average trailing P/E is 19x in the Metals and Mining industry in the US. Total returns to shareholders of 154% over the past three years. Upcoming Dividend • Apr 20
Upcoming dividend of US$0.04 per share Eligible shareholders must have bought the stock before 24 April 2026. Payment date: 22 May 2026. Payout ratio is a comfortable 7.2% but the company is not cash flow positive. Trailing yield: 0.8%. Lower than top quartile of American dividend payers (4.2%). Lower than average of industry peers (1.4%). Declared Dividend • Apr 05
Third quarter dividend of US$0.04 announced Dividend of US$0.04 is the same as last year. Ex-date: 24th April 2026 Payment date: 22nd May 2026 Dividend yield will be 0.9%, which is lower than the industry average of 2.7%. Sustainability & Growth Dividend is covered by earnings (7% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 15% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to decline by 92% to shift the payout ratio to a potentially unsustainable range, which is more than the 12% EPS decline seen over the last 5 years. Tillkännagivande • Apr 01
Friedman Industries, Incorporated Declares Cash Dividend, Payable on May 22, 2026 The Board of Directors of Friedman Industries, Incorporated, declared on March 31, 2026, a cash dividend of $0.04 per share on the Common Stock of the Company. The Company will pay the cash dividend on May 22, 2026 to shareholders of record at the close of business on April 24, 2026. Reported Earnings • Feb 10
Third quarter 2026 earnings released: EPS: US$0.43 (vs US$0.17 loss in 3Q 2025) Third quarter 2026 results: EPS: US$0.43 (up from US$0.17 loss in 3Q 2025). Revenue: US$168.0m (up 79% from 3Q 2025). Net income: US$2.99m (up US$4.14m from 3Q 2025). Profit margin: 1.8% (up from net loss in 3Q 2025). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has increased by 25% per year, which means it is well ahead of earnings. Tillkännagivande • Feb 10
Friedman Industries, Incorporated Provides Earnings Guidance for the Fourth Quarter 2026 Friedman Industries, Incorporated provided earnings guidance for the fourth quarter 2026. For the quarter, the company expects sales volumes to remain generally consistent with third quarter levels. Management anticipates sequential improvement in sales margins driven by increases in average selling prices as it enter the fourth quarter. Upcoming Dividend • Jan 09
Upcoming dividend of US$0.04 per share Eligible shareholders must have bought the stock before 16 January 2026. Payment date: 13 February 2026. Payout ratio is a comfortable 9.8% but the company is paying out more than the cash it is generating. Trailing yield: 0.8%. Lower than top quartile of American dividend payers (4.4%). Lower than average of industry peers (1.4%). Declared Dividend • Dec 19
Second quarter dividend of US$0.04 announced Dividend of US$0.04 is the same as last year. Ex-date: 16th January 2026 Payment date: 13th February 2026 Dividend yield will be 0.7%, which is lower than the industry average of 2.7%. Sustainability & Growth Dividend is covered by earnings (10% earnings payout ratio) but not covered by cash flows (253% cash payout ratio). The dividend has increased by an average of 15% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to decline by 89% to shift the payout ratio to a potentially unsustainable range, which is more than the 5.3% EPS decline seen over the last 5 years. Tillkännagivande • Dec 17
Friedman Industries, Incorporated Announces Cash Dividend, Payable on February 13, 2026 The Board of Directors of Friedman Industries, Incorporated, declared on December 16, 2025, a cash dividend of $0.04 per share on the Common Stock of the Company. The Company will pay the cash dividend on February 13, 2026 to shareholders of record at the close of business on January 16, 2026. Valuation Update With 7 Day Price Move • Dec 16
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to US$21.20, the stock trades at a trailing P/E ratio of 13.3x. Average trailing P/E is 25x in the Metals and Mining industry in the US. Total returns to shareholders of 117% over the past three years. New Risk • Nov 12
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 7.8% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. This is currently the only risk that has been identified for the company. Reported Earnings • Nov 12
Second quarter 2026 earnings released: EPS: US$0.32 (vs US$0.097 loss in 2Q 2025) Second quarter 2026 results: EPS: US$0.32 (up from US$0.097 loss in 2Q 2025). Revenue: US$152.4m (up 43% from 2Q 2025). Net income: US$2.24m (up US$2.92m from 2Q 2025). Profit margin: 1.5% (up from net loss in 2Q 2025). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has increased by 30% per year, which means it is well ahead of earnings. Tillkännagivande • Nov 11
Friedman Industries, Incorporated Provides Earnings Guidance for the Third Quarter of Fiscal 2026 Friedman Industries, Incorporated provided earnings guidance for the third quarter of fiscal 2026. The company anticipates that third quarter fiscal 2026 sales volume will remain consistent with second quarter levels, as the additional volume from the Century Metals & Supplies acquisition is expected to offset the anticipated holiday-related slowdown during the quarter. Margins are expected to improve modestly quarter over quarter, driven by anticipated increases in metals pricing during the third quarter. Upcoming Dividend • Oct 18
Upcoming dividend of US$0.04 per share Eligible shareholders must have bought the stock before 24 October 2025. Payment date: 14 November 2025. Payout ratio is a comfortable 13% and this is well supported by cash flows. Trailing yield: 0.8%. Lower than top quartile of American dividend payers (4.6%). Lower than average of industry peers (1.6%). Declared Dividend • Sep 22
First quarter dividend of US$0.04 announced Dividend of US$0.04 is the same as last year. Ex-date: 24th October 2025 Payment date: 14th November 2025 Dividend yield will be 0.7%, which is lower than the industry average of 2.7%. Payout Ratios Payout ratio: 13%. Cash payout ratio: 10%. Tillkännagivande • Sep 19
Friedman Industries, Incorporated Announces Cash Dividend, Payable on November 14, 2025 The Board of Directors of Friedman Industries, Incorporated declared on September 18, 2025, a cash dividend of $0.04 per share on the Common Stock of the Company. The Company will pay the cash dividend on November 14, 2025 to shareholders of record at the close of business on October 24, 2025. Tillkännagivande • Sep 03
Friedman Industries, Incorporated (NasdaqGS:FRD) acquired Century Metals & Supplies, Inc. Friedman Industries, Incorporated (NasdaqGS:FRD) acquired Century Metals & Supplies, Inc. on September 2, 2025. The operations will continue as Century Metals and Supplies LLC, a wholly owned subsidiary of Friedman.
Montrose Advisors, LLC acted as financial advisor for Friedman Industries, Incorporated. Fulbright & Jaworski, LLP acted as legal advisor for Friedman Industries, Incorporated.
Friedman Industries, Incorporated (NasdaqGS:FRD) completed the acquisition of Century Metals & Supplies, Inc. on September 2, 2025. Valuation Update With 7 Day Price Move • Sep 02
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to US$21.85, the stock trades at a trailing P/E ratio of 18.2x. Average trailing P/E is 23x in the Metals and Mining industry in the US. Total returns to shareholders of 149% over the past three years. Reported Earnings • Aug 10
First quarter 2026 earnings released: EPS: US$0.71 (vs US$0.37 in 1Q 2025) First quarter 2026 results: EPS: US$0.71 (up from US$0.37 in 1Q 2025). Revenue: US$134.8m (up 18% from 1Q 2025). Net income: US$5.03m (up 97% from 1Q 2025). Profit margin: 3.7% (up from 2.2% in 1Q 2025). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has increased by 14% per year, which means it is well ahead of earnings. Tillkännagivande • Aug 08
Friedman Industries, Incorporated Provides Earnings Guidance for Second Quarter of Fiscal 2026 Friedman Industries, Incorporated provided earnings guidance for the second quarter of fiscal 2026. For the period, the Company expects sales volume to be slightly higher than the sales volume for the first fiscal quarter as the Company progresses on its efforts to increase the capacity utilization of its facilities. HRC prices softened at the end of the first quarter and the start of the second quarter. As a result, the Company expects lower margins for the second quarter of fiscal 2026 compared to the first quarter. Tillkännagivande • Jul 18
Friedman Industries, Incorporated, Annual General Meeting, Sep 18, 2025 Friedman Industries, Incorporated, Annual General Meeting, Sep 18, 2025. Location: offices of norton rose fulbright us llp, 1550 lamar, suite 2000, texas 77010., houston United States Tillkännagivande • Jul 14
Friedman Industries Appoints Gaurav Chhibbar as Chief Operating Officer, Effective July 10, 2025 Friedman Industries, Incorporated announced the appointment of Gaurav Chhibbar as the Company's new Chief Operating Officer (COO) effective July 10, 2025. Gaurav joins Friedman Industries with a distinguished career in operations excellence, strategy, corporate finance, and M&A due diligence. Gaurav has built extensive experience through meaningful roles at Boston Consulting Group Inc., and prior to that, at Metal Edge Partners LLC and Cargill Inc. At Boston Consulting Group, he supported and led numerous efforts for clients across various sectors, including financial sponsors, private equity, family-owned, and Fortune 100 firms. His expertise in operations excellence and strategic management has been instrumental in driving growth and innovation. Gaurav holds a Master of Business Administration from The University of Chicago Booth School of Business, with concentrations in Analytic Finance, Strategic Management, and Entrepreneurship. He also holds a Master of International Business from the Indian Institute of Foreign Trade and a Bachelor of Engineering from Panjab University. Declared Dividend • Jul 02
Fourth quarter dividend of US$0.04 announced Dividend of US$0.04 is the same as last year. Ex-date: 18th July 2025 Payment date: 8th August 2025 Dividend yield will be 1.0%, which is lower than the industry average of 2.7%. Sustainability & Growth Dividend is covered by earnings (18% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 7.2% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 11% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Board Change • Jul 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 3 experienced directors. 4 highly experienced directors. Independent Director Mike Hanson was the last director to join the board, commencing their role in 2025. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Tillkännagivande • Jun 26
Friedman Industries, Incorporated Announces Cash Dividend, Payable on August 8, 2025 The Board of Directors of Friedman Industries, Incorporated declared on June 25, 2025, a cash dividend of $0.04 per share on the Common Stock of the Company. The Company will pay the cash dividend on August 8, 2025 to shareholders of record at the close of business on July 18, 2025. Reported Earnings • Jun 13
Full year 2025 earnings released: EPS: US$0.87 (vs US$2.39 in FY 2024) Full year 2025 results: EPS: US$0.87 (down from US$2.39 in FY 2024). Revenue: US$444.6m (down 14% from FY 2024). Net income: US$6.09m (down 65% from FY 2024). Profit margin: 1.4% (down from 3.3% in FY 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has increased by 27% per year, which means it is well ahead of earnings. Upcoming Dividend • Apr 19
Upcoming dividend of US$0.04 per share Eligible shareholders must have bought the stock before 25 April 2025. Payment date: 23 May 2025. Payout ratio is a comfortable 20% and this is well supported by cash flows. Trailing yield: 0.9%. Lower than top quartile of American dividend payers (5.0%). Lower than average of industry peers (2.0%). Valuation Update With 7 Day Price Move • Apr 15
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to US$16.09, the stock trades at a trailing P/E ratio of 19.9x. Average trailing P/E is 21x in the Metals and Mining industry in the US. Total returns to shareholders of 85% over the past three years. New Risk • Apr 06
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: US$96.4m This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Minor Risks Profit margins are more than 30% lower than last year (1.3% net profit margin). Market cap is less than US$100m (US$96.4m market cap). Valuation Update With 7 Day Price Move • Mar 26
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to US$14.60, the stock trades at a trailing P/E ratio of 18x. Average trailing P/E is 24x in the Metals and Mining industry in the US. Total returns to shareholders of 68% over the past three years. Declared Dividend • Mar 23
Third quarter dividend of US$0.04 announced Dividend of US$0.04 is the same as last year. Ex-date: 25th April 2025 Payment date: 23rd May 2025 Dividend yield will be 0.9%, which is lower than the industry average of 2.7%. Sustainability & Growth Dividend is well covered by both earnings (20% earnings payout ratio) and cash flows (15% cash payout ratio). The dividend has increased by an average of 7.2% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 20% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Tillkännagivande • Mar 20
Friedman Industries, Incorporated Announces Cash Dividend, Payable on May 23, 2025 The Board of Directors of Friedman Industries, Incorporated, declared on March 19, 2025, a cash dividend of $0.04 per share on the Common Stock of the Company. The Company will pay the cash dividend on May 23, 2025 to shareholders of record at the close of business on April 25, 2025. This dividend marks the Company’s 213th consecutive quarterly cash dividend since becoming publicly traded in 1972. Reported Earnings • Feb 09
Third quarter 2025 earnings released: US$0.17 loss per share (vs US$0.16 profit in 3Q 2024) Third quarter 2025 results: US$0.17 loss per share (down from US$0.16 profit in 3Q 2024). Revenue: US$94.1m (down 19% from 3Q 2024). Net loss: US$1.15m (down 198% from profit in 3Q 2024). Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has increased by 21% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Feb 04
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to US$16.06, the stock trades at a trailing P/E ratio of 14x. Average trailing P/E is 19x in the Metals and Mining industry in the US. Total returns to shareholders of 76% over the past three years. New Risk • Jan 15
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: US$97.3m This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Minor Risks Profit margins are more than 30% lower than last year (1.7% net profit margin). Market cap is less than US$100m (US$97.3m market cap). Upcoming Dividend • Jan 10
Upcoming dividend of US$0.04 per share Eligible shareholders must have bought the stock before 17 January 2025. Payment date: 14 February 2025. Payout ratio is a comfortable 12% and this is well supported by cash flows. Trailing yield: 1.1%. Lower than top quartile of American dividend payers (4.6%). Lower than average of industry peers (2.1%). Declared Dividend • Dec 06
Second quarter dividend of US$0.04 announced Shareholders will receive a dividend of US$0.04. Ex-date: 17th January 2025 Payment date: 14th February 2025 Dividend yield will be 0.9%, which is lower than the industry average of 2.7%. Sustainability & Growth Dividend is well covered by both earnings (12% earnings payout ratio) and cash flows (4% cash payout ratio). The dividend has increased by an average of 7.2% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 28% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Tillkännagivande • Dec 04
Friedman Industries, Incorporated Announces Cash Dividend, Payable on February 14, 2025 The Board of Directors of Friedman Industries, Incorporated declared on December 3, 2024, a cash dividend of $0.04 per share on the Common Stock of the Company. The Company will pay the cash dividend on February 14, 2025 to shareholders of record at the close of business on January 17, 2025. New Risk • Nov 14
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 1.7% Last year net profit margin: 3.7% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks Profit margins are more than 30% lower than last year (1.7% net profit margin). Market cap is less than US$100m (US$98.6m market cap). Reported Earnings • Nov 14
Second quarter 2025 earnings released: US$0.10 loss per share (vs US$0.48 profit in 2Q 2024) Second quarter 2025 results: US$0.10 loss per share (down from US$0.48 profit in 2Q 2024). Revenue: US$106.8m (down 18% from 2Q 2024). Net loss: US$675.0k (down 119% from profit in 2Q 2024). Over the last 3 years on average, earnings per share has fallen by 30% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Tillkännagivande • Nov 13
Friedman Industries, Incorporated Provides Sales Guidance for the Third Quarter of Fiscal 2025 Friedman Industries, Incorporated provided sales guidance for the third quarter of fiscal 2025. For the quarter, company expects sales volume for its third quarter of fiscal 2025 to be slightly lower than the second quarter volume due primarily to the seasonal impact of the holidays. New Risk • Oct 22
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: US$98.3m This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. This is currently the only risk that has been identified for the company. Upcoming Dividend • Oct 18
Upcoming dividend of US$0.04 per share Eligible shareholders must have bought the stock before 25 October 2024. Payment date: 15 November 2024. Payout ratio is a comfortable 7.0% but the company is not cash flow positive. Trailing yield: 1.1%. Lower than top quartile of American dividend payers (4.4%). Lower than average of industry peers (1.7%). Declared Dividend • Sep 22
First quarter dividend of US$0.04 announced Shareholders will receive a dividend of US$0.04. Ex-date: 25th October 2024 Payment date: 15th November 2024 Dividend yield will be 0.9%, which is lower than the industry average of 2.7%. Sustainability & Growth Dividend is covered by earnings (7% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 7.2% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 48% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Tillkännagivande • Sep 19
Friedman Industries, Incorporated Announces Cash Dividend, Payable on November 15, 2024 The Board of Directors of Friedman Industries, Incorporated, declared on September 18, 2024, a cash dividend of $0.04 per share on the Common Stock of the Company. The Company will pay the cash dividend on November 15, 2024 to shareholders of record at the close of business on October 25, 2024. New Risk • Sep 13
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: US$97.8m This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. This is currently the only risk that has been identified for the company. Reported Earnings • Aug 09
First quarter 2025 earnings released: EPS: US$0.37 (vs US$1.04 in 1Q 2024) First quarter 2025 results: EPS: US$0.37 (down from US$1.04 in 1Q 2024). Revenue: US$114.6m (down 17% from 1Q 2024). Net income: US$2.57m (down 66% from 1Q 2024). Profit margin: 2.2% (down from 5.5% in 1Q 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 25% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Tillkännagivande • Aug 09
Friedman Industries, Incorporated Provides Sales Guidance for the Second Quarter of Fiscal 2025 Friedman Industries, Incorporated provided sales guidance for the second quarter of fiscal 2025. The company expects sales volume for its second quarter of fiscal 2025 to be similar to the sales volume for the first quarter. Upcoming Dividend • Jul 19
Upcoming dividend of US$0.04 per share Eligible shareholders must have bought the stock before 26 July 2024. Payment date: 16 August 2024. Payout ratio is a comfortable 4.2% but the company is not cash flow positive. Trailing yield: 1.0%. Lower than top quartile of American dividend payers (4.4%). Lower than average of industry peers (2.0%). Tillkännagivande • Jul 17
Friedman Industries, Incorporated, Annual General Meeting, Sep 18, 2024 Friedman Industries, Incorporated, Annual General Meeting, Sep 18, 2024. Location: norton rose fulbright us llp, 1550 lamar, suite 2000,texas 77010, houston United States Valuation Update With 7 Day Price Move • Jul 16
Investor sentiment improves as stock rises 31% After last week's 31% share price gain to US$18.29, the stock trades at a trailing P/E ratio of 7.4x. Average trailing P/E is 14x in the Metals and Mining industry in the US. Total returns to shareholders of 55% over the past three years. Recent Insider Transactions • Jul 07
Chairman of the Board recently bought US$73k worth of stock On the 2nd of July, Michael Taylor bought around 5k shares on-market at roughly US$14.50 per share. This transaction amounted to 3.3% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth US$164k. Michael has been a buyer over the last 12 months, purchasing a net total of US$387k worth in shares. Declared Dividend • Jun 30
Fourth quarter dividend of US$0.04 announced Shareholders will receive a dividend of US$0.04. Ex-date: 26th July 2024 Payment date: 16th August 2024 Dividend yield will be 0.8%, which is lower than the industry average of 2.7%. Sustainability & Growth Dividend is covered by earnings (4% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. Earnings per share has grown by 28% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Tillkännagivande • Jun 27
Friedman Industries, Incorporated Announces Cash Dividend, Payable on August 16, 2024 The Board of Directors of Friedman Industries, Incorporated declared on June 26, 2024, a cash dividend of $0.04 per share on the Common Stockof the Company. The Company will pay the cash dividend on August 16, 2024 to shareholders of record at the close of business on July 26, 2024. This dividend marks the Company’s 210th consecutive quarterly cash dividend since becoming publicly traded in 1972. Recent Insider Transactions • Jun 18
Chairman of the Board recently bought US$164k worth of stock On the 17th of June, Michael Taylor bought around 10k shares on-market at roughly US$16.44 per share. This transaction amounted to 7.0% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Michael has been a buyer over the last 12 months, purchasing a net total of US$315k worth in shares. Reported Earnings • Jun 13
Full year 2024 earnings released: EPS: US$2.39 (vs US$2.91 in FY 2023) Full year 2024 results: EPS: US$2.39 (down from US$2.91 in FY 2023). Revenue: US$516.3m (down 5.7% from FY 2023). Net income: US$17.3m (down 18% from FY 2023). Profit margin: 3.4% (down from 3.8% in FY 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Tillkännagivande • Jun 13
Friedman Industries, Incorporated Provides Earnings Guidance for the Year 2025 Friedman Industries, Incorporated provided earnings guidance for the year 2025. The Company expects sales volume for its first quarter of fiscal 2025 to be similar to the sales volume for the fourth quarter of fiscal 2024 despite the first quarter having half a month of planned downtime for new equipment installation at Decatur facility and Sinton facility having a week of planned maintenance downtime. Upcoming Dividend • Apr 19
Upcoming dividend of US$0.04 per share Eligible shareholders must have bought the stock before 25 April 2024. Payment date: 24 May 2024. Payout ratio is a comfortable 3.1% and this is well supported by cash flows. Trailing yield: 0.8%. Lower than top quartile of American dividend payers (4.9%). Lower than average of industry peers (2.1%). Declared Dividend • Mar 25
Third quarter dividend increased to US$0.04 Dividend of US$0.04 is 100% higher than last year. Ex-date: 25th April 2024 Payment date: 24th May 2024 Dividend yield will be 0.6%, which is lower than the industry average of 2.7%. Payout Ratios Payout ratio: 3%. Cash payout ratio: 7%. Tillkännagivande • Mar 22
Friedman Industries, Incorporated Increases Cash Dividend, Payable on May 24, 2024 The Board of Directors of Friedman Industries, Incorporated declared on March 20, 2024, a cash dividend of $0.04 per share on the Common Stock of the Company. The Company will pay the cash dividend on May 24, 2024 to shareholders of record at the close of business on April 26, 2024. Reported Earnings • Feb 15
Third quarter 2024 earnings released: EPS: US$0.16 (vs US$0.19 in 3Q 2023) Third quarter 2024 results: EPS: US$0.16 (down from US$0.19 in 3Q 2023). Revenue: US$116.0m (up 3.7% from 3Q 2023). Net income: US$1.18m (down 13% from 3Q 2023). Profit margin: 1.0% (down from 1.2% in 3Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has increased by 31% per year, which means it is tracking significantly ahead of earnings growth. Tillkännagivande • Feb 15
Friedman Industries, Incorporated Provides Sales Guidance for the Fourth Quarter of Fiscal 2024 Friedman Industries, Incorporated provided sales guidance for the Fourth quarter of fiscal 2024. For the quarter, company expected Sales volume to be slightly higher than the third quarter volume. Upcoming Dividend • Jan 11
Upcoming dividend of US$0.02 per share at 0.5% yield Eligible shareholders must have bought the stock before 18 January 2024. Payment date: 16 February 2024. Payout ratio is a comfortable 3.1% but the company is not cash flow positive. Trailing yield: 0.5%. Lower than top quartile of American dividend payers (4.6%). Lower than average of industry peers (2.6%). Valuation Update With 7 Day Price Move • Dec 20
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to US$15.68, the stock trades at a trailing P/E ratio of 5.9x. Average trailing P/E is 17x in the Metals and Mining industry in the US. Total returns to shareholders of 133% over the past three years. New Risk • Nov 19
New major risk - Financial position The company's debt is not well covered by operating cash flow. Currently running at an operating cash loss. This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). High level of non-cash earnings (27% accrual ratio). Minor Risk Market cap is less than US$100m (US$93.4m market cap). Reported Earnings • Nov 17
Second quarter 2024 earnings released: EPS: US$0.48 (vs US$0.34 in 2Q 2023) Second quarter 2024 results: EPS: US$0.48 (up from US$0.34 in 2Q 2023). Revenue: US$130.7m (down 13% from 2Q 2023). Net income: US$3.51m (up 45% from 2Q 2023). Profit margin: 2.7% (up from 1.6% in 2Q 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has increased by 26% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Nov 16
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to US$12.85, the stock trades at a trailing P/E ratio of 5.4x. Average trailing P/E is 15x in the Metals and Mining industry in the US. Total returns to shareholders of 122% over the past three years. Valuation Update With 7 Day Price Move • Oct 24
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to US$10.28, the stock trades at a trailing P/E ratio of 4.3x. Average trailing P/E is 12x in the Metals and Mining industry in the US. Total returns to shareholders of 83% over the past three years. Upcoming Dividend • Oct 12
Upcoming dividend of US$0.02 per share at 0.6% yield Eligible shareholders must have bought the stock before 19 October 2023. Payment date: 10 November 2023. Payout ratio is a comfortable 3.3% and this is well supported by cash flows. Trailing yield: 0.6%. Lower than top quartile of American dividend payers (5.1%). Lower than average of industry peers (2.7%). Tillkännagivande • Aug 17
Friedman Industries, Incorporated Provides Earnings Guidance for the Year 2024 Friedman Industries, Incorporated provided earnings guidance for the second quarter of the year 2024. For the quarter, the company expected steady demand for its second quarter of fiscal 2024 with sales volume expected to be approximately the same as the first quarter. Tillkännagivande • Jul 29
Friedman Industries, Incorporated, Annual General Meeting, Sep 13, 2023 Friedman Industries, Incorporated, Annual General Meeting, Sep 13, 2023, at 09:00 Central Standard Time. Location: Norton Rose Fulbright US LLP, 1301 McKinney, Suite 5100 Houston Texas United States Agenda: To consider election of directors; to consider advisory (non-binding) vote on executive compensation; to consider ratification of selection of independent registered public accounting firm; and to consider other business. Tillkännagivande • Jun 21
Friedman Industries, Incorporated Announces Quarterly Cash Dividend, Payable August 11, 2023 The Board of Directors of Friedman Industries, Incorporated, declared on June 20, 2023, a cash dividend of $0.02 per share on the Common Stock of the Company. The Company will pay the cash dividend on August 11, 2023 to shareholders of record at the close of business on July 21, 2023. This dividend marks the Company’s 206th consecutive quarterly cash dividend with the Company having paid a cash dividend every quarter since becoming publicly traded in 1972. Upcoming Dividend • Apr 20
Upcoming dividend of US$0.02 per share at 0.7% yield Eligible shareholders must have bought the stock before 27 April 2023. Payment date: 26 May 2023. Payout ratio is a comfortable 7.3% and this is well supported by cash flows. Trailing yield: 0.7%. Lower than top quartile of American dividend payers (4.9%). Lower than average of industry peers (2.4%). Reported Earnings • Feb 12
Third quarter 2023 earnings released: EPS: US$0.19 (vs US$0.45 loss in 3Q 2022) Third quarter 2023 results: EPS: US$0.19 (up from US$0.45 loss in 3Q 2022). Revenue: US$111.9m (up 117% from 3Q 2022). Net income: US$1.36m (up US$4.33m from 3Q 2022). Profit margin: 1.2% (up from net loss in 3Q 2022). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 59% per year but the company’s share price has only increased by 24% per year, which means it is significantly lagging earnings growth. Tillkännagivande • Feb 10
Friedman Industries, Incorporated Provides Sales Guidance for the Fourth Quarter of Fiscal 2023 Friedman Industries, Incorporated provided sales guidance for the fourth quarter of fiscal 2023. The Company expects sales volume of approximately 115,000 tons to 125,000 tons for its fourth quarter of fiscal 2023. Tillkännagivande • Dec 07
Friedman Industries, Incorporated Declares Cash Dividend on the Common Stock, Payable on February 10, 2023 Friedman Industries, Incorporated declared on December 5, 2022, a cash dividend of $0.02 per share on the Common Stock of the Company. The Company will pay the cash dividend on February 10, 2023 to shareholders of record at the close of business on January 13, 2023. Tillkännagivande • Dec 03
Friedman Industries, Incorporated Provides Sales Guidance for the Third Quarter of Fiscal Year 2023 Friedman Industries, Incorporated provided sales guidance for the third quarter of fiscal year 2023. For the quarter, the company expected sales volume of approximately 105,000 tons. The third quarter volume expectation is slightly lower than the second quarter volume due primarily to the impact of holidays during the third quarter of fiscal 2023. Tillkännagivande • Nov 23
Friedman Industries Receives a Written Notice from the Regulation Staff of NYSE On November 15, 2022, Friedman Industries, Incorporated received a written notice ("the Notice") from the Regulation staff of NYSE American LLC ("NYSE") stating that the Company is not in compliance with the NYSE listing requirements because it has not timely filed the Form 10-Q with the SEC. The Notice has no immediate effect on the listing or trading of the Company's securities. However, if the Company fails to timely regain compliance with the listing requirements, the Company's securities will be subject to delisting from NYSE. Under NYSE rules, the NYSE will monitor the Company and the status of the delinquent 10-Q and any subsequent delayed filings during the six-month period from the date of the filing delinquency until the filing delinquency is cured. If the Company fails to cure the filing delinquency within that six-month period, the NYSE may, in its sole discretion, allow an additional six month period to cure. However, the NYSE may in its sole discretion immediately commence suspension and delisting procedures if the Company is subject to delisting pursuant to any other rules of NYSE or the NYSE determines that continued listing is inadvisable or unwarranted under Sections 1001-1006 of the NYSE rules. The NYSE will make a late filer .LF" indicator available on the consolidated tape. Tillkännagivande • Nov 10
Friedman Industries, Incorporated announced delayed 10-Q filing On 11/09/2022, Friedman Industries, Incorporated announced that they will be unable to file their next 10-Q by the deadline required by the SEC. Tillkännagivande • Oct 13
Friedman Industries, Incorporated Provides Earnings Guidance for the Second Quarter of Fiscal Year 2023 Friedman Industries, Incorporated provided earnings guidance for the second quarter of fiscal year 2023. For the period, the company expects sales of approximately $150 million on approximately 115,000 tons sold for its second quarter of fiscal 2023. Tillkännagivande • Sep 14
Friedman Industries, Incorporated Announces Cash Dividend, Payable on November 18, 2022 The Board of Directors of Friedman Industries, Incorporated declared on September 13, 2022, a cash dividend of $0.02 per share on the Common Stock of the Company. The Company will pay the cash dividend on November 18, 2022 to shareholders of record at the close of business on October 14, 2022. Tillkännagivande • Aug 11
Friedman Industries, Incorporated announced delayed 10-Q filing On 08/10/2022, Friedman Industries, Incorporated announced that they will be unable to file their next 10-Q by the deadline required by the SEC. Tillkännagivande • Aug 03
Friedman Industries, Incorporated, Annual General Meeting, Sep 13, 2022 Friedman Industries, Incorporated, Annual General Meeting, Sep 13, 2022, at 10:00 Central Standard Time. Location: offices of Norton Rose Fulbright US LLP, 1301 McKinney Suite 5100, Houston Texas United States