ʻO Friedman Industries (NYSE: FRD) he mea hoʻoheheʻe wela wela. Kūʻai ka hui i nā coils mai nā mea hana nui a hana iā lākou no ke kūʻai hou aku e hoʻopau i nā mea kūʻai aku a i ʻole nā ​​​​mea kūʻai aku.
Ua mālama ka ʻoihana i ka noʻonoʻo kālā a me ka hana ʻana i ʻole e hoʻopilikia nui ʻia e ka pōʻai iho o ka ʻoihana.
Ua hoʻopili mauʻia nā papa helu o nā FRD me nā kumukūʻai kila, no ka mea,ʻo nā kumukūʻai kiʻekiʻe o ke kila heʻoi aku ka nui o ka waiwai a me ka hoʻonuiʻana i ka noi no nā huahana FRD.
ʻO ka ʻokoʻa i kēia manawa, ua loli paha ke ʻano o ka hoʻokele waiwai, e hōʻike ana ua ʻoi aku ka kiʻekiʻe o nā kumukūʻai o nā mea kūʻai aku ma mua o nā makahiki i hala.
Hiki i kēia mau hoʻololi ke manaʻo e hiki i ka FRD ke loaʻa hou aku i nā makahiki he ʻumi e hiki mai ana ma mua o ka wā i hala, a no laila, e hōʻoiaʻiʻo i kāna kumukūʻai o kēia manawa.
'Ōlelo Aʻo: Inā ʻaʻole i haʻi ʻia, loaʻa nā ʻike a pau mai ka FRD's SEC filings. Hoʻopau ka makahiki kālā o FRD i Malaki 31, no laila ma kāna hōʻike 10-K, pili ka makahiki kālā i kēia manawa i ka makahiki hana i hala, a ma kāna hōʻike 10-Q, pili ka makahiki hōʻike i kēia manawa i ka makahiki hana o kēia manawa.
ʻAʻole hiki i kēlā me kēia loiloi o kahi hui e kālele ana i nā huahana cyclical a i ʻole nā ​​​​huahana pili e hiki ke hoʻokaʻawale i ka pōʻaiapili waiwai kahi e hana ai ka ʻoihana.
Kūleʻa mākou i ka manawa mai Iune 2009 a Malaki 2020. E like me kā mākou ʻike, ʻo ka manawa, ʻoiai ʻaʻole homogenous, ua hōʻailona ʻia e ka hāʻule ʻana o nā kumukūʻai kūʻai, ʻoi aku ka nui o nā kumukūʻai ikehu, nā kumukūʻai haʻahaʻa haʻahaʻa, a me nā kulekele hoʻonui kālā a me ka hoʻohui ʻana o ke kālepa honua.
Hōʻike ka pakuhi ma lalo nei i ke kumu kūʻai o HRC1, ka ʻaelike kūloko o ka home hot rolled coil futures i hoʻolako nui ʻia e FRD. E like me kā mākou e ʻike ai, ʻo ka manawa a mākou i hoʻoholo ai e nānā i nā kumukūʻai uhi ʻia mai $375 a i $900 no ka ton.
ʻO FRD kahi mea hoʻoheheʻe i lalo, ʻo ia hoʻi he mea hana kokoke i ka mea kūʻai hope o ka huahana kila. Kūʻai ʻo FRD i nā wili ʻōwili wela i ka nui mai nā hale wili nui, a laila ʻoki ʻia, hana ʻia a kūʻai hou ʻia paha e hoʻopau i nā mea kūʻai aku a i ʻole nā ​​​​mea kūʻai aku.
ʻEkolu mau hale hana i kēia manawa ma Decatur, Alabama; Lone Star, Texas; a me Hickman, Arkansas. Ua hoʻolaʻa ʻia nā mea kanu ʻo Alabama a me Arkansas i ka ʻoki ʻana i ka coil, aʻo ka mea kanu Texas i hoʻolaʻa ʻia i ka hana ʻana i nā coils i mau paipu.
ʻO kahi hulina Google Maps maʻalahi no kēlā me kēia hale i hōʻike ʻia aia nā hale hana ʻekolu ma kahi kokoke i nā hale hana nui o nā ʻoihana kaulana ma ka ʻoihana.
He mea koʻikoʻi ka wahi i ke kumukūʻai a me ke kūʻai aku ʻana, no ka mea, ʻo ka logistic ka mea nui i nā huahana kila, no laila e uku ʻia ka ʻike.
E like me kāu e ʻike ai ma ka pakuhi ma lalo nei, i nā makahiki he ʻumi i hala iho nei, ua neʻe ka palena nui a me ka loaʻa kālā o FRD me nā kumukūʻai kila (ʻo kāna pakuhi kumukūʻai ma ka pauku mua), e like me nā hui ʻē aʻe e hana ana i nā waiwai.
ʻO ka mea mua, he mau manawa liʻiliʻi loa ka wai o nā FRD. ʻO ka manawa pinepine, ʻo ka hoʻohana ʻana i ka leverage kahi pilikia no nā ʻoihana waiwai.
E like me ka hōʻike ʻana o ka pakuhi ma lalo nei, ʻaʻole e pakele ʻo FRD i kēia ʻoiaʻiʻo, a ke hoʻonui nei ka neʻe ʻana o ka loaʻa kālā i ka neʻe ʻana o ka ʻike kālā.
ʻO ka lua o ka manaʻo hoihoi, ʻo ka awelika o ka loaʻa kālā hana a FRD no ka manawa he $4.1 miliona. ʻO ka awelika o ka loaʻa kālā kālā a FRD no ka manawa he $2.8 miliona, a i ʻole 70% o ka loaʻa kālā hana. ʻO ka ʻokoʻa wale nō ma waena o ka loaʻa kālā hana a FRD ʻo ka ʻauhau loaʻa he 30%. ʻO ia hoʻi he kakaʻikahi loa ka ʻoihana kālā a i ʻole nā ​​mea ʻē aʻe, a ma kekahi ʻaoʻao e hōʻemi i ka leverage (ma kēia hihia kālā.)
ʻO ka mea hope loa, ʻaʻole i ʻokoʻa loa ka awelika depreciation a me ka amortization mai nā hoʻolimalima kālā i ka wā i uhi ʻia. Hāʻawi kēia iā mākou i ka hilinaʻi ʻaʻole i kuhi hewa ka ʻoihana i kāna mau hoʻolimalima kālā, a no laila e hoʻonui i nā kumukūʻai no ka hoʻomaikaʻi ʻana i nā loaʻa ma o ka helu helu.
Hoʻomaopopo mākou i ka mālama kālā ʻana o nā kumulāʻau conservative a me ke kālā i mālama i ka waiwai o FRD i nā manawa paʻakikī no ka ʻoihana kila.
ʻO ke kumu o kēia loiloi ʻaʻole ia e wānana i ka mea e hiki mai ana i nā mea i ʻike ʻole ʻia e like me nā kumukūʻai kūʻai, nā uku ukupanee a me ke kālepa honua.
Eia nō naʻe, makemake mākou e kuhikuhi i ke kaiapuni a mākou e noho nei a me ke kaiapuni e ulu aʻe ana i nā makahiki he ʻumi e hiki mai ana ua hōʻike i nā hiʻohiʻona ʻokoʻa loa ke hoʻohālikelike ʻia i ke kūlana i nā makahiki he ʻumi i hala.
I ko mākou hoʻomaopopo ʻana, ʻoiai mākou e kamaʻilio nei i nā mea i ʻike ʻole ʻia, ʻokoʻa loa nā mea ʻekolu.
ʻO ka mea mua, ʻaʻole ʻike ʻia ka neʻe ʻana o ka honua i ka hoʻohui ʻana o ke kālepa honua.
ʻO ka lua, ua haʻalele nā ​​waihona kikowaena i nā ʻoihana holomua i nā kulekele kālā hoʻonui a lākou i hoʻokō ai i nā makahiki he ʻumi i hala. ʻAʻole maopopo mākou i ka hopena o nā kumukūʻai kūʻai.
ʻO ke kolu, a pili i nā mea ʻelua ʻē aʻe, ua hoʻomaka mua ka hoʻonui ʻana i nā ʻoihana holomua, a ʻaʻohe maopopo e pili ana i ka hoʻomau ʻana.
Eia hou, ʻaʻole kā mākou manaʻo e wānana i nā kumukūʻai kila i ka wā e hiki mai ana, akā e hōʻike i ka loli nui ʻana o ka macroeconomic i hoʻohālikelike ʻia i ke kūlana ma waena o 2009 a me 2020. ʻO ia hoʻi ʻaʻole hiki ke nānā ʻia nā FRD me ka manaʻo e hoʻihoʻi hou i nā kumukūʻai kūʻai waena a me ke koi o nā makahiki i hala.
Manaʻo mākou he mea koʻikoʻi nā hoʻololi ʻekolu no ka wā e hiki mai ana o FRD, kūʻokoʻa i nā loli o ke kumukūʻai a me ka nui i koi ʻia.
ʻO ka mea mua, ua wehe ʻo FRD i kahi keʻena hou no kāna mahele ʻoki coil ma Hinton, Texas. Wahi a ka hōʻike 10-Q o ka hui no ke kolu o ka hapaha o 2021 (Dec 2021), ua hoʻopau a hōʻiliʻili ʻia ka huina kālā he $ 21 miliona. ʻAʻole i hoʻolaha ka hui i ka wā e hoʻomaka ai ka hana.
E loaʻa i ka hale hou kekahi o nā mīkini ʻoki nui loa ma ka honua, e hoʻonui ana i ka hana wale nō akā ʻo ka laina huahana hoʻi i hāʻawi ʻia e ka hui.
Hoʻonui kēia hale hana hou i ka manaʻo like o ka hale mua a aia kahi kokoke loa i kahi mea hana nui e mālama i ka hana i kikoʻī loa no kēlā mea hana.
Ma ka noʻonoʻo ʻana i ka manawa hoʻemi o ka makahiki 15, ʻaneʻane pālua ka hale hana hou i nā lilo hoʻemi o ka FRD i kēia manawa i $3 miliona. He kumu maikaʻi ʻole kēia inā hoʻi nā kumukūʻai i nā pae i ʻike ʻia i nā makahiki he ʻumi i hala.
ʻO ka lua, ua hoʻomaka ʻo FRD i nā hana hedging mai Iune 2020, e like me ka mea i hoʻolaha ʻia ma kāna hōʻike FY21 10-K. I ko mākou ʻike, hoʻolauna ʻo hedging i ka pilikia kālā nui i nā hana, e paʻakikī i ka wehewehe ʻana i nā ʻōlelo kālā, a koi i ka hoʻokele hoʻokele.
Hoʻohana ʻo FRD i ka helu pāpaʻi no kāna mau hana pā, e hiki ai iā ia ke hoʻopaneʻe i ka ʻike ʻana i nā loaʻa a me nā poho ma nā derivatives a hiki i ka hana paʻa, inā loaʻa. a me $50 ma ka loaʻa ʻole o ka loaʻa kālā ma nā loaʻa kālā piha ʻē aʻe. ʻO ka hana maoli o ka pā e hana ʻia ma ka lā hoʻokahi ma ke kumu kūʻai kūʻai he $50, a laila hoʻololi ʻia ka loaʻa OCI i loaʻa kālā no ka makahiki ma ka hoʻohui ʻana i $50 i nā kūʻai.
E like me ka lōʻihi o kēlā me kēia hana pale i ka hana maoli, e hana maikaʻi nā mea a pau. Ma kēia hihia, ʻoi aku ka nui a i ʻole ka liʻiliʻi o nā loaʻa a me nā poho ma nā derivatives e nā lanakila a me nā poho ma ke kālepa maoli.
Hoʻomaka nā pilikia i ka wā e hoʻopau ʻole ai nā ʻoihana i ka ʻoihana ʻaʻole e hiki. kūʻai ʻia ma ke kumu kūʻai like ʻole, ʻaʻohe poho. Eia naʻe, inā pau ka ʻoihana i ke kūʻai aku ʻana i 5 coils ma ke kumukūʻai kiko, pono ia e ʻike i ka nalowale o nā ʻaelike i koe.
ʻO ka mea pōʻino, i loko o 18 mahina wale nō o ka hana paʻa ʻana, ua ʻike ʻo FRD i nā poho ma luna o ka paʻa ʻana he $10 miliona (e manaʻo ʻia he $7 miliona ma nā waiwai ʻauhau i hana ʻia). policy.No ka mea ua loaʻa iā FRD ke kālā he nui i kēia makahiki a ua nalowale liʻiliʻi, ʻōlelo ʻia ʻo FRD i hoʻokahi paukū.
Hoʻohana nā ʻoihana i ka pale e hoʻonui i ka pono a i kekahi manawa e loaʻa kālā ma ke kūʻai ʻana aku i ke kumu kūʻai ʻoi aku ka maikaʻi ke loaʻa ʻole ka huahana. Akā naʻe, ke manaʻoʻiʻo nei mākou ʻaʻole pono ka pilikia hou a, e like me kā mākou i ʻike ai, hiki iā ia ke hoʻoulu i nā poho nui.
A i ʻole, ʻoi aku ka nui o ka hana pale ʻana i ka wā e pono ai nā ʻoihana i ke kōkua.
ʻO ka mea hope loa, no ke kālā ʻana i kāna paʻa, hoʻonui i nā pono waiwai a me ke kūkulu ʻana i kahi hale hana hou, ua kau inoa ʻo FRD i kahi hale hōʻaiʻē me JPMorgan Chase (JPM).
Ma Kekemapa 2021, he $15 miliona ko ka hui ma ka hale hana. i kekahi mau mahina, pono e nānā pono ʻia nā pae aie.
Ua haʻi mua mākou i kekahi o nā pilikia ma hope o nā hana FRD, akā makemake mākou e hoʻokomo pono iā lākou i kahi ʻāpana ʻokoʻa a kūkākūkā hou aku.
E like me kā mākou i ʻōlelo ai, ua hoʻohana ʻo FRD i ka leverage, nā kumukūʻai paʻa, i nā makahiki i hala aku nei, akā ʻaʻole ia he manaʻo nui nā poho ma nā mākeke ʻino loa. no keia makahiki.
Ua ʻōlelo pū mākou ʻaʻohe ʻaiʻē ʻo FRD, ʻo ia hoʻi, ʻaʻohe leverage kālā ma ke ala e piʻi ai a i lalo. I kēia manawa, ua kau inoa ka hui i kahi hale hōʻaiʻē e pili ana i kāna waiwai wai. He $295,000 ka ukupanee no kēlā me kēia $10 miliona i hōʻaiʻē hou ʻia. I ka piʻi ʻana o ka helu SOFR ma 100 kumu kumu (1%) i kēlā me kēia makahiki, e uku ka FRD i $100,000. ʻAi ʻia ʻo FRD i kēia manawa he $15 miliona, ʻo ia hoʻi ka uku ukupanee makahiki o $442,000, ʻaʻole i loaʻa i nā makahiki i hala.
ʻO ka hoʻohui ʻana i kēlā mau uku ʻelua, a me ka piʻi ʻana he 1% no ke koena o 2022, pono ka ʻoihana e hoʻonui i $2 miliona i ka loaʻa kālā ma mua o ka hoʻololi hou ʻana iā COVID.
A laila ua ʻōlelo mākou i ka pilikia o ka pale, he mea paʻakikī ke ana akā loaʻa ka hopena nui i ka wā e nāwaliwali loa nā ʻoihana. ʻO ka pilikia kūikawā o kahi ʻoihana e hilinaʻi nui ʻia i ka nui o nā ʻaelike e wehe ʻia i kēlā me kēia manawa a me ke ʻano o ka neʻe ʻana o ke kumukūʻai kila.
E pili ana i ka puhi kālā, ʻaʻole maikaʻi loa ka ʻike i loaʻa iā mākou mai ke kolu o ka hapaha o 2021 (Dec 2021).
Eia naʻe, ua hoʻonui pū ʻo FRD i kāna hoʻopukapuka ʻana i nā waihona waiwai a me nā loaʻa kālā i loko o ka makahiki e like me ka piʻi ʻana o ke kumukūʻai kila. I ka makahiki 3Q21, ua loaʻa i ka hui he $83 miliona ma ka waihona a me $26 miliona i nā loaʻa kālā. miliona. ʻOiaʻiʻo, e loaʻa ana kēia i kahi kumukūʻai kālā nui, ma ka helu o kēia manawa he $ 2.2 miliona i kēlā me kēia makahiki. ʻO kēia kekahi o nā kumu nui e loiloi i ka wā e puka mai ai nā hopena hou i kekahi manawa o ʻApelila.
ʻO ka mea hope loa, ʻo FRD kahi ʻāpana liʻiliʻi i kālepa ʻia, me ka awelika o kēlā me kēia lā ma kahi o 5,000 mau ʻāpana. ʻO ke kumukūʻai pū kekahi he 3,5% ka noi / bid, i manaʻo ʻia he kiʻekiʻe.
I ko mākou manaʻo, ʻo nā makahiki he ʻumi i hala e hōʻike ana i kahi ʻano maikaʻi ʻole no nā mea kūʻai aku, ʻoi aku ka maikaʻi o ka ʻoihana kila US. I kēia hihia, ʻo ka hiki o FRD ke hoʻokele waiwai me ka awelika o ka loaʻa kālā he $2.8 miliona.
ʻOiaʻiʻo, ʻoiai e noʻonoʻo ana i nā pae kumukūʻai o nā makahiki he ʻumi i hala, ʻaʻole hiki iā mākou ke wānana i ka loaʻa kālā like no FRD ma muli o nā loli nui o ka hoʻopukapuka kālā a me nā hana pale.