Yeah the FRD quarter a nice surprise. I was hoping they might eke out a tiny profit in fiscal Q3 with a sizable sequential earnings increase in Q4. So the Q3 bottom line was much better than I was expecting. At first I figured they got their ~$1.7M PPP loan forgiven. Nope not yet. As far as I can tell, the only 1-time gain in the quarter was the $397K gain from derivative contracts. Q3 earnings of .26/share without that.
Q4 should be a monster quarter. Of course who knows how long these substantial gains in steel prices and other commodities hold up. Prices can (and probably will) swing wildly in the other direction at some point. Then FRD could be back to posting losses. Stock may trade at a low P/E given the sector, but I think it's headed to $10-$12 soon.
I also thought they might mention the Texas freeze in the PR. They must have lost a few working days last week. Agree any negative impact probably not too severe if they didn't feel the need to mention.
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