FRD - Friedman Industries soars 23% on Q4 earnings guidance; announces new Sinton facility

Friedman Industries ([[FRD]] +23.4%) announces guidance for Q4 ending March 31, 2021; and plans for a new facility in Sinton, Texas to support future growth.Company expects fourth quarter net earnings to be in the range of $9.5M to $10.5M; and diluted earnings per share in the range of $1.37 to $1.52 vs. Q3 EPS of $0.30 and 4Q20 of -$0.43.Additionally, company announced plans for a new facility in Sinton, Texas, which is expected to be well positioned to capture additional demand growth with an expanded portfolio and geographic advantages.Friedman Industries’ Sinton location will consist of an ~70,000 sq. ft. building located on ~25 acres leased from Steel Dynamics under a 99-year agreement. Company expects the location to commence operations in April 2022, and estimates the total cost of the project to be $21M.Friedman Industries signed a credit agreement and related documents with JPMorgan Chase Bank N.A. for a $40M 5-year

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Friedman Industries soars 23% on Q4 earnings guidance; announces new Sinton facility