December 31, 2025 Quarter Highlights:
Net earnings of $3.0 million
Sales of $168.0 million; up 79% year-over-year
Sales volume increased 36% year-over-year
"We delivered strong year-over-year growth in sales and volumes during the third fiscal quarter, driven by improved capacity utilization, disciplined commercial execution, and the contribution from our Century acquisition," said Michael Taylor, President and Chief Executive Officer. "Average selling prices began to improve as the quarter progressed, contributing to margin improvement late in the period. In addition, our hedging activities continued to perform as anticipated by mitigating the impact of commodity price volatility on inventory values and operating results. With improving average selling prices and a strong balance sheet, we believe Friedman is well positioned to enhance margins and capitalize on both near-term opportunities and long-term industry demand," Taylor concluded.
FINANCIAL RESULTS
For the quarter ended December 31, 2025 (the "2025 quarter"), the Company recorded net earnings of approximately $3.0 million ($0.43 diluted earnings per share) on sales of approximately $168.0 million compared to a net loss of approximately $1.2 million ($0.17 diluted loss per share) on sales of approximately $94.1 million for the quarter ended December 31, 2024 (the "2024 quarter").
The table below provides our unaudited statements of operations for the three- and nine-month periods ended December 31, 2025 and 2024:
SUMMARY OF OPERATIONS (unaudited)
(In thousands, except for per share data)
Three Months Ended December 31,
Nine Months Ended December 31,
2025
2024
2025
2024
Net sales
$
167,974
$
94,074
$
455,134
$
315,384
Cost and expenses:
Cost of materials sold (excludes items shown separately below)
137,472
78,509
369,258
263,165
Processing and warehousing expense
11,199
7,472
29,591
24,030
Delivery expense
7,247
4,941
20,781
16,373
Selling, general and administrative expense
7,150
3,887
18,892
12,333
Depreciation and amortization
1,007
827
2,791
2,445
164,075
95,636
