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Friday, January 27, 2023

Why Friedman Industries (FRD) Share Skyrocketed on Tuesday?

Shares of Friedman Industries, Incorporated (NYSE American: FRD) surged 25.01% as it gained +2.71 during the trading session of Tuesday. The firm has disclosed the guidance for its fiscal Q4 completed on March 31, 2021. The firm has also disclosed that it is deciding to start a new facility in Sinton, Texas to back the future growth.

The firm has shared the guidance for Q4 completed on March 31, 2021. The firm is anticipating the Q4 net earnings to be in the range of $9.5 million to $10.5 million. This successful performance makes the quarter the most profitable quarter in the history of the firm. The projected net earnings translate to projected diluted EPS in the range of $1.37 to $1.52. Relatively, diluted EPS for Q3 completed on December 31, 2020, stood at $0.30.

Friedman Industries, Incorporated (NYSE American: FRD) has recorded a trading volume of 366.43K as compared to the average volume of 38.29K. In the past 52-week of a trading session, the share of the firm fluctuated between the 52-week low and high range of $4.26 and $10.95, respectively. FRD market capitalization has remained high, reaching $73.97 million at the time of writing.

Furthermore, the firm has also disclosed that it has decided to start a new facility in Sinton, Texas. The new facility is anticipated to be well-positioned to fulfill the growing demands with an extended portfolio and geographic returns. SDI’s Sinton mill will be the most innovative electric arc furnace mini-mill in the globe and will have a projected yearly capacity of 3 million tons with capabilities of manufacturing flat roll up to 1” thick and 84” wide at 100,000 psi yield.

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