FRIEDMAN INDUSTRIES, INCORPORATED INCREASES CASH DIVIDEND
- Favorable Outlook for Consistent Earnings and Further Growth
- 209th Consecutive Quarterly Dividend Since 1972
LONGVIEW, Texas, March 21, 2024 (GLOBE NEWSWIRE) — The Board of Directors (the “Board”) of Friedman Industries, Incorporated, (NYSE-American: FRD) a Texas-based company engaged in pipe manufacturing, steel processing and steel and pipe distribution, declared on March 20, 2024, a cash dividend of $0.04 per share on the Common Stock of the Company.
“Our future has never been brighter. We are increasing Friedman’s dividend based on our favorable outlook for consistent earnings and further growth,” said Mike Taylor, Chairman and Chief Executive Officer. “Friedman’s strategic transformation gives us room to grow using our industry leading assets and favorable geographic reach. Our high-quality products are now a vital part of the defined supply chain for many of the country’s top steel consumers.”
The Company will pay the cash dividend on May 24, 2024 to shareholders of record at the close of business on April 26, 2024. This dividend marks the Company’s 209th consecutive quarterly cash dividend since becoming publicly traded in 1972.
Dividends are declared at the discretion of the Board and reviewed on a quarterly basis. With the declaration of this dividend, the Board’s desire is to pay a dividend at a level that it feels can be held stable for the foreseeable future and which may be increased periodically as the Company’s financial position and operations become supportive of a new amount that the Board believes is sustainable. The determination to pay cash dividends takes into account various factors, including our financial condition, operating results, current and anticipated cash needs and growth plans. While we have paid a dividend every quarter since becoming a public company in 1972 and currently intend to continue that practice, there is no guarantee that payments of dividends will always continue in the future.
CONTACT: For further information regarding this dividend, please contact Mr. Alex LaRue, Chief Financial Officer – Secretary and Treasurer at (903)758-3431.
