Friedman Industries, Inc. (FRD) Tuesday reported a drop in fourth-quarter profit, hurt mainly by higher expenses offsetting growth in revenues.
Net income for the quarter decreased to $2.2 million or $0.32 per share from $3.2 million or $0.47 per share in the prior-year quarter.
Fourth-quarter revenues increased to $43.6 million from $42.0 million last year.
Costs and expenses for the quarter totaled $40.3 million, compared to $37.4 million last year.
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