Net earnings of $9.2 million; EBITDA of $15.2 million
Sales of $191.8 million
Record quarterly sales volume
6% increase in sales volume over the preceding third quarter
14% increase in sales volume over the prior year fourth quarter
Fiscal Year March 31, 2026 Highlights:
Net earnings of $19.5 million; EBITDA of $34.3 million
Sales of $646.9 million, 46% increase over the prior fiscal year
Record annual sales volume
22% increase in sales volume over the prior fiscal year
LONGVIEW, Texas, June 11, 2026 (GLOBE NEWSWIRE) -- Friedman Industries, Incorporated (NASDAQ/GS: FRD) announced today its results of operations for the quarter and fiscal year ended March 31, 2026.
"We delivered an outstanding fourth quarter and a strong finish to fiscal 2026 as our strategic investments and operating initiatives translated into meaningful financial results," said Michael J. Taylor, President and Chief Executive Officer. "Fourth quarter net earnings increased to $9.2 million on sales of $191.8 million, while sales volume reached the highest quarterly level in Company history. Fiscal 2026 sales volume also established a new Company record, driving net earnings of $19.5 million on sales of $646.9 million. These results reflect the strength of our operating platform, disciplined commercial execution, and continued focus on profitable growth."
Taylor continued, "Our fiscal 2026 performance demonstrates the effectiveness of our long-term growth strategy. Record sales volumes, increased capacity utilization, and strong execution across our facilities drove improved operating results throughout the year. In addition, the Century Metals acquisition has proven to be an excellent strategic fit by expanding our processing capabilities, enhancing our geographic reach, and contributing meaningfully to both volume growth and profitability. Combined with our risk management capabilities and strong balance sheet, we believe we are well positioned to continue building value for our shareholders."
FINANCIAL RESULTS
For the quarter ended March 31, 2026 (the "2026 quarter"), the Company recorded net earnings of approximately $9.2 million ($1.30 diluted earnings per share) on sales of approximately $191.8 million compared to net earnings of approximately $5.3 million ($0.76 diluted earnings per share) on net sales of approximately $129.2 million for the quarter ended March 31, 2025 (the "2025 quarter"). EBITDA for the 2026 quarter was approximately $15.2 million compared to approximately $8.5 million for the 2025 quarter. Sales volume increased from approximately 166,500 tons for the 2025 quarter to approximately 189,000 tons for the 2026 quarter, an increase of approximately 22,500 tons, or 14%. Approximately half of the increase was attributable to same-facility volume growth at the Company's existing operations, while the remaining increase resulted from volumes contributed by Century Metals, which was acquired during fiscal 2026.
For the year ended March 31, 2026 ("fiscal 2026"), the Company recorded net earnings of approximately $19.5 million ($2.76 diluted earnings per share) on sales of approximately $646.9 million. For the year ended March 31, 2025 ("fiscal 2025"), the Company recorded net earnings of approximately $6.1 million ($0.87 diluted earnings per share) on sales of approximately $444.6 million. EBITDA for fiscal 2026 was approximately $34.3 million compared to approximately $13.9 million for fiscal 2025. Sales volume increased from approximately 579,500 tons for fiscal 2025 to approximately 706,000 tons for fiscal 2026, an increase of approximately 126,500 tons, or 22%. Approximately 100,500 tons of the increase, or 80%, was attributable to same-facility volume growth at the Company's existing operations, while the remaining approximately 26,000 tons, or 20%, resulted from volumes contributed by Century Metals, which was acquired during fiscal 2026.
The table below provides our statements of operations for the quarters and fiscal years ended March 31, 2026 and 2025:
SUMMARY OF OPERATIONS
(In thousands, except for per share data)
Three Months Ended March 31,
Fiscal Year Ended March 31,
2026
2025
2026
2025
Net Sales
$
191,779
$
129,216
$
646,913
$
444,600
Cost and expenses:
Cost of materials sold (excludes items shown separately below)
(149,438
)
(102,483
)
(518,696
)
(365,648
)
Processing and warehousing expense
(12,131
)
(9,447
)
(41,722
)
(33,477
)
Delivery expense
(7,617
)
(6,855
)
(28,398
)
(23,228
)
Selling, general and administrative expenses
(9,730
)
(3,838
)
(28,622
)
(16,171
)
Depreciation and amortization
(1,033
)
(846
)
(3,824
)
(3,291
)
