Friedman Posts Record Volume and Lifts Earnings
Net earnings reached $12.8 million, or $1.79 a share, on sales of $240.0 million as volume hit about 206,000 tons.
Friedman Industries, Incorporated (FRD), the Longview, Texas, metals processor, posted net earnings of $12.8 million, or $1.79 a share, for the quarter ended June 30, 2026, as sales volume reached a company record of about 206,000 tons.
Net sales were $240.0 million, up 78% from a year earlier. EBITDA rose to $19.3 million. Operating cash flow was $7.3 million.
The sequential volume increase was 9%, from about 189,000 tons in the March quarter. Year-over-year volume growth was 28%. Of the 45,500-ton year-over-year increase, about 33,000 tons came from same-facility growth at existing operations, and the rest came from Century Metals, acquired in August 2025.
President and Chief Executive Officer Michael J. Taylor said most of the expanded year-over-year volume came from organic growth at facilities operated before the Century acquisition. He said Century Metals had integrated well and continued to contribute to growth and profitability.
The flat-roll products segment generated sales of about $221.8 million. Inventory tons sold were about 175,000, with another 17,500 tons of toll processing. The average selling price for inventory tons was about $1,262 a ton. Flat-roll operating earnings were about $24.7 million. The operating-earnings increase reflected higher volumes, improved average selling prices and expanded gross margins.
Tubular segment sales were about $18.2 million on about 13,500 tons. The average selling price was about $1,341 a ton. Tubular operating earnings were about $2.1 million.
On the income statement, earnings from operations were $21.0 million. Costs of materials sold were $184.2 million. Processing and warehousing expense was $13.4 million, delivery expense was $9.4 million, and selling, general and administrative expense was $10.8 million. The company recorded a $2.8 million loss on economic hedges of risk. Interest expense was $1.2 million. Income tax expense was $4.2 million.
Total assets were $373.4 million at June 30, 2026. Current assets were $291.1 million. Current liabilities were $100.3 million. Stockholders’ equity was $164.2 million.
The company expects second-quarter sales volumes to be comparable to first-quarter volumes and anticipates sequential improvement in sales margins from higher average selling prices. Taylor said the company enters the second quarter with strong operating momentum and expects volumes to remain comparable to record first-quarter levels.
Friedman operates two reportable segments. Flat-roll facilities process carbon steel, stainless steel and aluminum in Hickman, Arkansas; Decatur, Alabama; Miami, Florida; East Chicago, Indiana; Granite City, Illinois; and Sinton, Texas, with a distribution facility in Orlando, Florida. The tubular segment manufactures electric resistance welded pipe in Lone Star, Texas, and distributes pipe through Texas Tubular Products.