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Friedman Industries Inc. (FRD-2.13%) has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing includes financial statements for the quarter, showing net sales of $94,074,000, a decrease from $115,973,000 in the same quarter the previous year. The decrease is attributed to both a decline in sales volume and a decrease in the average selling price per ton.
Cost of materials sold for the quarter was $78,509,000, compared to $91,972,000 in the same quarter of the previous year. The company reported an adjusted gross profit of $15,565,000 for the quarter, compared to $24,001,000 in the previous year.
The company recognized a gain of $264,000 from economic hedges of risk related to hot-rolled coil futures.
Selling, general, and administrative expenses decreased to $3,887,000 from $4,235,000, primarily due to lower incentive compensation expense.
Net loss for the quarter was $1,152,000, compared to net earnings of $1,184,000 in the previous year. The income tax benefit for the quarter was $400,000, compared to a provision of $74,000 in the previous year.
Friedman Industries reported a working capital of $107,010,000 as of December 31, 2024, down from $116,000,000 at March 31, 2024.
The filing details the company's $150 million asset-based lending facility with a balance of approximately $32.5 million as of December 31, 2024.
The company continues to manage its exposure to commodity price risk through the use of hot-rolled coil futures, with gains recognized in the current quarter.
Friedman Industries does not anticipate any significant changes in its financial position or operations in the near future.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Friedman Industries Inc. quarterly 10-Q report dated February 7, 2025. To report an error, please email earnings@qz.com.