Metals processing firm Friedman's Q3 sales rise

Reuters

Feb 10

Metals processing firm Friedman's Q3 sales rise

Overview

Metals processing firm's fiscal Q3 sales rose 79% yr/yr, driven by Century acquisition
Company reported net earnings of $3 mln
Average selling prices improved, contributing to margin enhancement

Outlook

Company expects Q4 sales volumes to remain consistent with Q3 levels
Friedman anticipates improved sales margins due to rising average selling prices

Result Drivers

CAPACITY UTILIZATION - Improved capacity utilization contributed to strong sales and volume growth, per CEO Michael Taylor
CENTURY ACQUISITION - Contribution from Century acquisition boosted sales and volume growth
HEDGING ACTIVITIES - Hedging activities mitigated commodity price volatility impact on inventory values and operating results

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q3 Sales		$167.97 mln
Q3 Net Income		$3.04 mln

Press Release: ID:nGNX6jsGNk

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)

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For any other questions or feedback, contact reuters.support@thomsonreuters.com.(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"dataReport","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"}}}