LONGVIEW, Texas, June 11, 2024 (GLOBE NEWSWIRE) -- Friedman Industries, Incorporated (NYSE:FRD) announced today its results of operations for the quarter and fiscal year ended March 31, 2024. March 31, 2024 Quarter Highlights: Net earnings of $5.0 million Sales of $132.2 million 13% increase in sales volume over the preceding third quarter 9% increase in sales volume over the prior year fourth quarter Fiscal Year March 31, 2024 Highlights: Net earnings of $17.3 million - second most profitable fiscal year in Company history Sales of $516.3 million 19% increase in sales volume over prior fiscal year Working capital balance at year-end of $116.0 million "We ended fiscal 2024 with a strong fourth quarter that made it our second most profitable fiscal year in Friedman's history," said Michael J. Taylor, President and Chief Executive Officer. "This result is evidence of the quality of our assets and our strategy, as well as the hard work and dedication of our team members, who make and deliver our products to customers every day." Taylor continued, "Our sales volume increased approximately 19% in fiscal 2024 compared to our previous fiscal year with the growth driven by output from our new Sinton, TX facility. We expect further growth from our Sinton facility in fiscal 2025 as we approach full production capacity. At the end of fiscal 2024, we neared completion of an upgrade to our Decatur, AL processing line that will allow us to increase the sales volume from that facility in fiscal 2025. The Company's market share continues to expand with our products being a vital part of the defined supply chain for more of the country's top steel consumers. Fiscal 2024 was another year of considerable steel price volatility but we maintained profitability in each quarter of fiscal 2024, demonstrating our ability to analyze and respond appropriately to changing market conditions." "I am pleased that investors are starting to recognize the value of our Company. Our stock began fiscal 2024 trading in the $11 per share range and ended the fiscal year considerably higher. We have more value to unlock by delivering consistent profitability across price cycles and maximizing output from our current assets. In addition, our strategy remains focused on opportunities that will deliver long-term value to the Company and its shareholders. Our dividend increase in March reflects our favorable outlook; I see value in Friedman today along with significant opportunities for growth in the future," Taylor concluded. For the quarter ended March 31, 2024 (the "2024 quarter"), the Company recorded net earnings of approximately $5.0 million ($0.71 diluted earnings per share) on sales of approximately $132.2 million compared to net earnings of approximately $6.3 million ($0.86 diluted earnings per share) on net sales of approximately $124.2 million for the quarter ended March 31, 2023 (the "2023 quarter"). Sales volume increased from approximately 146,000 tons for the 2023 quarter to approximately 159,000 tons for the 2024 quarter. For the year ended March 31, 2024 ("fiscal 2024"), the Company recorded net earnings of approximately $17.3 million ($2.39 diluted earnings per share) on sales of approximately $516.3 million. For the year ended March 31, 2023 ("fiscal 2023"), the Company recorded net earnings of approximately $21.3 million ($2.91 diluted earnings per share) on sales of approximately $547.5 million. The table below provides our statements of operations for the quarters and fiscal years ended March 31, 2024 and 2023: SUMMARY OF OPERATIONS               (In thousands, except for per share data)                                 Three Months Ended March 31,   Year Ended March 31,     2024       2023       2024       2023                   Net Sales $ 132,232     $ 124,186     $ 516,251     $ 547,542                   Cost of materials sold   (104,724 )     (97,075 )     (417,143 )     (456,419 ) Processing and warehousing expense   (7,285 )     (5,557 )     (26,690 )     (21,146 ) Delivery expense   (6,356 )     (7,187 )     (23,791 )     (24,483 ) Selling, general and administrative expenses   (6,156 )     (6,525 )     (21,039 )     (21,894 ) Depreciation and amortization   (778