Texas-based steel manufacturer and processor Friedman Industries, Incorporated, has announced its financial results for its third quarter ended December 31 of the financial year 2017-18, reporting a net profit of $122,929 compared to a net loss of $236,625 recorded in the same period of the previous year. In the third quarter, the company’s net sales amounted to $28.03 million, rising by 75.3 percent year on year.
The company stated that the improved results for the quarter were primarily attributable to increased sales volumes for both the coil segment and tubular segment.
Friedman Industries is engaged in pipe manufacturing, steel coil processing and steel and pipe distribution, with operating plants in Hickman, Arkansas and Decatur, Alabama for the coil segment and Lone Star, Texas for the pipe segment.