Friedman Industries FY26 net earnings rise to $19.5 million
Friedman Industries reported FY26 net earnings of $19.5 million, a significant increase from the prior year, driven by record sales volumes and the Century Metals acquisition. Q4 net earnings rose to $9.2 million on sales of $191.8 million. Shares gained 10.1% in pre-market trading following the results.
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Friedman Industries, Incorporated announced its financial results for the quarter and fiscal year ended March 31, 2026, reporting a significant increase in net earnings driven by record sales volumes. For the fiscal year, the company achieved net earnings of $19.5 million, or $2.76 diluted EPS, on sales of $646.9 million, compared to net earnings of $6.1 million on sales of $444.6 million in the prior fiscal year. The company attributes this performance to strategic investments, operating initiatives, and the acquisition of Century Metals, which was completed on Aug. 29, 2025.
Following the announcement, shares rose 10.1% to $29.04 in pre-market trading. The stock had previously surged 21.30% to $32 in after-hours trading on Thursday, before closing the regular session up 3.25% at $26.38. The company has a market capitalization of $187.62 million and has traded between a 52-week high of $26.50 and a 52-week low of $14.52 over the past year.
Financial Performance
The company's fiscal 2026 performance demonstrated the effectiveness of its long-term growth strategy, with record sales volumes and increased capacity utilization driving improved operating results. The Century Metals acquisition contributed meaningfully to volume growth and profitability. For the full year, sales volume increased 22% to 706,000 tons, with approximately 80% of the increase attributable to same-facility volume growth.
| Metric | Q4 FY26 | Q4 FY25 | FY26 | FY25 |
|---|---|---|---|---|
| Net Sales | $191,779 | $129,216 | $646,913 | $444,600 |
| Net Earnings | $9,222 | $5,345 | $19,533 | $6,085 |
| EBITDA | $15,173 | $8,465 | $34,300 | $13,937 |
| Sales Volume (tons) | 189,000 | 166,500 | 706,000 | 579,500 |
Segment Operations
The flat-roll segment reported sales of $175.7 million for the 2026 quarter, compared to $117.7 million in the prior year quarter. Earnings from operations for this segment were $13.9 million, up from $7.1 million. The average selling price increased to $1,108 per ton from $836 per ton. The tubular segment sales totaled $16.1 million, compared to $11.5 million in the prior year quarter, with earnings from operations rising to $2.0 million from $0.6 million.
Outlook
Management expects first quarter fiscal 2027 sales volumes to be comparable to fourth quarter fiscal 2026 levels. The company anticipates sequential improvement in sales margins driven by increases in average selling prices during the first quarter. Michael J. Taylor, President and Chief Executive Officer, stated that the company enters fiscal 2027 with strong operating momentum following a year of record sales volumes and significantly improved earnings.
How sustainable are the current average selling price increases given potential market volatility?
What specific strategic investments is management prioritizing for fiscal 2027 to maintain momentum?
Will the company pursue further acquisitions similar to Century Metals to drive future growth?
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