Friedman Industries’ profits drop with prices, demand
Nov 15, 2012 | 06:10 PM
| Michael Cowden
Tags
Friedman Industries,
earnings,
flat rolled,
tubular,
coil,
XSCP,
Texas Tubular Products,
Michael Cowden
CHICAGO — Friedman Industries Inc.’s earnings shrank in the company’s fiscal second quarter as increased sales of coil products couldn’t compensate for a decline in tubular sales.
Lower average sales prices for both coil and tubular products also hurt results, the Humble, Texas-based company said in a financial report filed with the U.S. Securities and Exchange Commission (SEC)
Friedman posted net income of more than $1.64 million for the three months ended Sept. 30, down 29 percent from the same period last year as sales slid 20.7 percent to $33.33 million. For the first six months of its fiscal year, the company posted net income of nearly $3.74 million, down 9.9 percent from a year earlier on sales that fell 10.1 percent to $72.77 million.....
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