Friedman Industries, Incorporated Provides Earnings Guidance for the Quarter Ended June 30, 2020
June 30, 2020 at 06:34 am
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Friedman Industries, Incorporated provided earnings guidance for the quarter ended June 30, 2020. The company has implemented changes to its operations to help ensure the safety and health of the company's employees. The company expects to report a net loss for the quarter ended June 30, 2020 due primarily to the demand deterioration associated with COVID-19. There are no comparable events that provide guidance as to the effect the COVID-19 pandemic may have, and, as a result, the ultimate effect of the pandemic is highly uncertain and subject to change.
Friedman Industries, Incorporated is a manufacturer and processor of steel products. Its segments include flat-roll products and tubular products. The flat-roll product segment consists of the operation of five hot-rolled coil processing facilities located in Hickman, Arkansas; Decatur, Alabama; East Chicago, Indiana; Granite City, Illinois, and Sinton, Texas. The Hickman, Granite City and East Chicago facilities operate temper mills and cut-to-length lines. The Decatur and Sinton facilities operate stretcher leveler cut-to-length lines. The tubular product segment consists of the Company's Texas Tubular Products division (TTP) located in Lone Star, Texas. TTP operates two electric resistance welded pipe mills with a combined outside diameter size range of 2 3/8 OD to 8 5/8 OD. Both pipe mills are American Petroleum Institute (API) licensed to manufacture line pipe and oil country pipe and also manufacture pipe for structural purposes that meets other recognized industry standards.
FRIEDMAN INDUSTRIES, INCORPORATED 
