NEW YORK Friedman Industries Inc.s net income fell in its fiscal year ended March 31 on the back of a sharp drop in fourth-quarter earnings.
Friedman posted net income of $6.14 million for the year, down 24.7 percent from $8.15 million the previous year on revenue that fell 15.5 percent to $136.45 million. Tubular products accounted for 51 percent of Friedmans sales, down from 57 percent a year earlier, while coil accounted for 49 percent, up from 43 percent in the same comparison, according to documents filed with the U.S. Securities and Exchange Commission (SEC).
The Humble, Texas-based companys net income for its fiscal fourth quarter tumbled 43.3 percent to $1.25 million from $2.21 million in the same period last year as revenue slid 26.6 percent to $31.96 million.
Friedman processes and distributes hot-rolled steel coil and makes and distributes tubular products.
One of the companys largest tubing customers is Pittsburgh-based U.S. Steel Corp., which accounted for 14 percent of Friedmans pipe sales in its latest fiscal year vs. 24 percent the previous year, according to the SEC filing.