LONGVIEW, Texas - Friedman Industries, Incorporated (NYSE-American: FRD), a company specializing in pipe manufacturing, steel processing, and steel and pipe distribution, has declared a cash dividend of $0.04 per share. The announcement was made by the company on March 20, 2024, reflecting confidence in its consistent earnings and potential for growth.
Mike Taylor, Chairman and Chief Executive Officer of Friedman, expressed optimism about the company's future, attributing the dividend increase to a favorable outlook and the strategic positioning of the company's assets. He highlighted the importance of Friedman's products in the supply chain of prominent steel consumers in the United States.
Shareholders of record at the close of business on April 26, 2024, will receive the dividend on May 24, 2024. This dividend represents the 209th consecutive quarterly cash dividend paid by Friedman since it went public in 1972. The company's Board reviews the dividend policy quarterly and aims to maintain a stable dividend that could be increased as financial and operational circumstances allow.
The decision to distribute dividends considers several factors, including Friedman's financial health, operational results, cash requirements, and expansion plans. While the company has a long-standing history of quarterly dividend payments, it cautions that there is no absolute certainty that this practice will perpetuate indefinitely.
The information in this article is based on a press release statement from Friedman Industries Inc.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.