Friedman Industries (NYSE:FRD) ndi makina opangira ma coil otentha. Kampaniyi imagula makoyilo kuchokera kwa opanga akuluakulu ndikuwapanga kuti agulitsenso kuti athetse makasitomala kapena ogulitsa.
Kampaniyo yakhalabe yosamala pazachuma komanso magwiridwe antchito kuti zisakhudzidwe kwambiri ndi kutsika kwamakampani. M'malo mwake, zaka khumi pakati pa kutha kwavuto lazachuma ndi chiyambi cha vuto la COVID sizinali zabwino kwambiri pazinthu zonse, koma ndalama zonse zomwe kampaniyo idapeza inali $2.8 miliyoni.
Zolemba za FRD nthawi zonse zakhala zikugwirizana ndi mitengo yazitsulo, monga mitengo yamtengo wapatali yachitsulo imatanthawuza phindu lalikulu komanso kuwonjezeka kwa kufunikira kwa FRD.
Kusiyanaku nthawi ino ndikuti malo azachuma asintha, kutanthauza kuti mitengo yamtengo wapatali imakhala yokwera kwambiri kuposa momwe zakhalira zaka khumi zapitazi. Kuphatikiza apo, FRD ikukulitsa zopanga zake pomanga mafakitale atsopano ndipo yayamba kutchingira bizinesi yake ina, ndi zotsatira zosakanikirana.
Kusintha kumeneku kungasonyeze kuti FRD idzapindula kwambiri m'zaka khumi zikubwerazi kusiyana ndi zomwe zakhalapo kale, ndipo motero, kulungamitsa mtengo wake wamtengo wapatali.
Zindikirani: Pokhapokha ngati tanenedwa mwanjira ina, zidziwitso zonse zimachokera ku FRD's SEC filings.Chaka chachuma cha FRD chimatha pa Marichi 31, kotero mu lipoti lake la 10-K, chaka chandalama chomwe chilipo chimanena za chaka chapitacho, ndipo mu lipoti lake la 10-Q, chaka chomwe chilipo chikunena za chaka chomwe chikugwira ntchito.
Kusanthula kulikonse kwa kampani yomwe imayang'ana kwambiri zinthu zozungulira kapena zinthu zofananira sikungaphatikizepo chikhalidwe chachuma chomwe kampaniyo imagwira ntchito.Mwachizoloŵezi, timakonda njira yotsika mtengo, koma mu mtundu uwu wa kampani, njira yopita pamwamba ndi yosapeŵeka.
Timayang'ana nthawi kuyambira June 2009 mpaka March 2020. Monga momwe tikudziwira, nthawiyi, ngakhale kuti siinali yofanana, idadziwika ndi kutsika kwa mitengo yamtengo wapatali, makamaka mitengo yamagetsi, chiwongoladzanja chochepa, ndi ndondomeko zowonjezera ndalama ndi kugwirizanitsa malonda padziko lonse.
Tchati chomwe chili pansipa chikuwonetsa mtengo wa HRC1, mgwirizano wamtsogolo wamtsogolo womwe FRD imapatsa makamaka. Monga tikuwonera, nthawi yomwe tidaganiza zosanthula mitengo yoyambira $375 mpaka $900 pa tani.
FRD ndi purosesa yotsika pansi, zomwe zikutanthauza kuti ndi pulosesa yomwe ili pafupi kwambiri ndi kasitomala wotsiriza wa zitsulo zachitsulo.FRD imagula zitsulo zotentha zotentha zambiri kuchokera ku mphero zazikulu, zomwe zimadulidwa, zoumbidwa kapena kugulitsidwanso monga-kuthetsa makasitomala kapena ogulitsa.
Kampaniyi pakadali pano ili ndi malo atatu ogwira ntchito ku Decatur, Alabama;Lone Star, Texas;ndi Hickman, Arkansas.Zomera za Alabama ndi Arkansas zimaperekedwa ku kudula koyilo, pomwe chomera cha Texas chimadzipereka kupanga ma coil kukhala machubu.
Kufufuza kosavuta kwa Google Maps pa malo aliwonse kunavumbula kuti malo onse atatu ali pafupi kwambiri ndi mafakitale akuluakulu a malonda odziwika bwino pamakampani. Malo a Lone Star ali pafupi ndi US Steel (X) zopangira zinthu za tubular. Zomera zonse za Decatur ndi Hickman zili pafupi kwambiri ndi chomera cha Nucor (NUE).
Malo ndi chinthu chofunika kwambiri pa mtengo ndi malonda, monga momwe zinthu zimagwirira ntchito zimagwira ntchito yaikulu muzitsulo zazitsulo, kotero kuti ndende imalipira.Mphero zazikulu sizingathe kugwiritsira ntchito bwino zitsulo zomwe zimakwaniritsa zofunikira za makasitomala, kapena zingangoyang'ana pa kulinganiza magawo angapo a mankhwala, kusiya mphero zing'onozing'ono monga FRD kuti agwire zina zonse.
Monga mukuwonera pa tchati chomwe chili pansipa, pazaka khumi zapitazi, ndalama zonse za FRD ndi phindu logwirira ntchito zidayenda limodzi ndi mitengo yachitsulo (tchati chake chamitengo chili mgawo lapitalo), monganso kampani ina iliyonse yomwe imagwira ntchito pazogulitsa.
Choyamba, pali nthawi zochepa kwambiri zomwe ma FRD amasefukira.Nthawi zambiri, mphamvu zogwiritsira ntchito zimakhala zovuta kwa makampani omwe ali ndi katundu wambiri.Ndalama zokhazikika zomwe zimayambitsidwa ndi malo zimapanga kusintha pang'ono kwa ndalama kapena phindu lalikulu lomwe limakhala ndi phindu lalikulu pa ntchito.
Monga momwe tchati chomwe chili pansipa chikuwonetsa, FRD sichikuthawa zenizeni izi, ndipo kayendetsedwe ka ndalama kameneka kakuwonjezeka pamene ndondomeko ya ndalama ikupita pansi.Chomwe chiri chapadera pa FRD ndi chakuti sichitaya ndalama zambiri pamene mitengo ya katundu wake ikugwa.
Chinthu chachiwiri chochititsa chidwi ndi chakuti ndalama zogwirira ntchito za FRD pa nthawiyi zinali $4.1 miliyoni. Ndalama zapakati za FRD pa nthawiyi zinali $2.8 miliyoni, kapena 70% ya ndalama zogwirira ntchito. Kusiyana kokha pakati pa ndalama zogwirira ntchito za FRD ndi ndalama zonse ndi msonkho wa 30%.
Pomaliza, kutsika kwapachaka ndi kutsika kwamitengo sikunasiyane kwambiri ndi ndalama zomwe zidagwiritsidwa ntchito panthawiyi. Izi zimatipatsa chidaliro chakuti kampaniyo sinafotokoze molakwika za ndalama zomwe idagwiritsidwa ntchito, motero imakweza ndalama kuti ziwongolere zopindula kudzera muakaunti.
Timamvetsetsa kuti ndalama zogwiritsira ntchito ndalama zowonongeka ndi ndalama zakhala zikupangitsa kuti FRD ikhale yopindulitsa panthawi yovuta kwa mafakitale azitsulo.Ichi ndi chinthu chofunikira chotsimikiziranso poganizira za FRD.
Cholinga cha kusanthula uku sikuneneratu zomwe zidzachitike pazinthu zosayembekezereka monga mitengo yamtengo wapatali, chiwongoladzanja ndi malonda a padziko lonse.
Komabe, tikufuna kunena kuti chilengedwe chomwe tilimo komanso chilengedwe chomwe chikuyembekezeka kukula m'zaka khumi zikubwerazi zawonetsa mikhalidwe yosiyana kwambiri ndi momwe zidalili zaka khumi zapitazi.
M’kamvedwe kathu, pamene tikukamba za zinthu zimene sizinali zomveka bwino, zinthu zitatuzo n’zosiyana kwambili.
Choyamba, dziko lapansi silikuwoneka kuti likupita patsogolo pa mgwirizano wamalonda wapadziko lonse.Izi ndizoipa kwa chuma chonse, koma zabwino kwa opanga malire a katundu omwe sakhudzidwa kwambiri ndi mpikisano wapadziko lonse.Ndizowonekeratu kuti ndizothandiza kwa opanga zitsulo za US, omwe amavutika ndi mpikisano wamtengo wotsika, makamaka kuchokera ku China.
Chachiwiri, mabanki apakati m'mayiko otukuka asiya ndondomeko zandalama zomwe akhala akugwiritsa ntchito m'zaka khumi zapitazi.
Chachitatu, komanso chokhudzana ndi zina ziwirizi, kukwera kwa mitengo yamtengo wapatali m'mayiko otukuka kwayamba kale, ndipo pali kukayikira ngati kupitirirabe.Kuphatikiza pa kupsyinjika kwa inflation, chilango chaposachedwapa ku Russia chakhudzanso udindo wa dola monga ndalama zosungiramo ndalama zapadziko lonse.
Apanso, cholinga chathu sikuwonetseratu mitengo yazitsulo zam'tsogolo, koma kusonyeza kuti chuma chambiri chasintha kwambiri poyerekeza ndi momwe zinthu zilili pakati pa 2009 ndi 2020. Izi zikutanthauza kuti FRDs sangathe kufufuzidwa ndi cholinga chobwezeretsa kumitengo yamtengo wapatali yapakati ndi zofuna za zaka khumi zapitazo.
Tikukhulupirira kuti zosintha zitatu ndizofunikira kwambiri mtsogolo mwa FRD, popanda kusintha kwamitengo ndi kuchuluka komwe kumafunidwa.
Choyamba, FRD inatsegula malo atsopano a gawo lake lodula makoyilo ku Hinton, Texas. Malinga ndi lipoti la 10-Q la kampani la gawo lachitatu la 2021 (Dec 2021), ndalama zonse za $ 21 miliyoni zagwiritsidwa ntchito kapena zasonkhanitsidwa ndi $ 13 miliyoni. Kampaniyo sinalengeze nthawi yomwe malowa ayamba kugwira ntchito.
Malo atsopanowa adzakhala ndi imodzi mwa makina odula kwambiri padziko lonse lapansi, kukulitsa osati kupanga kokha komanso mzere wa mankhwala omwe kampaniyo ikupereka. Malowa ali pa kampasi ya Steel Dynamics (STLD), yomwe imaperekedwa kwa kampaniyo kwa $ 1 pachaka kwa zaka 99.
Malo atsopanowa amakula pa filosofi yomweyi ya malo apitalo ndipo ali pafupi kwambiri ndi wopanga wamkulu kuti agwire ntchito yomwe ili yeniyeni kwa wopangayo.
Poganizira za zaka 15 zakutsika kwamitengo, malo atsopanowa atsala pang'ono kuwirikiza kawiri ndalama zomwe FRD ikuwononga panopa kufika pa $3 miliyoni. Izi zikhala zoyipa ngati mitengo ibwerera ku milingo yomwe idawonedwa zaka khumi zapitazi.
Chachiwiri, FRD yayamba ntchito zotsekereza ntchito kuyambira Juni 2020, monga momwe idalengezedwa mu lipoti lake la FY21 10-K. M'kumvetsetsa kwathu, hedging imabweretsa chiwopsezo chachikulu chazachuma pantchito, kumapangitsa kutanthauzira kwazinthu zachuma kukhala kovuta, ndipo kumafuna khama loyang'anira.
FRD imagwiritsa ntchito hedge accounting pakuchita hedge, zomwe zimalola kuti ichedwetse kuzindikira zopindula ndi zotayika pa zotuluka mpaka ntchito yotsekeredwa, ngati ilipo, ichitika.Mwachitsanzo, tiyerekeze kuti FRD ikugulitsa mgwirizano wokhazikika wa HRC yokhazikika mkati mwa miyezi isanu ndi umodzi ndi $ 100. s ndi $ 50 muzopeza zomwe sizinakwaniritsidwe muzinthu zina zowonjezera.Kugulitsa kwenikweni kwa hedge kumachitika tsiku lomwelo pamtengo wamtengo wapatali wa $ 50, ndipo phindu la OCI limasinthidwa kukhala ndalama zopezera ndalama za chaka powonjezera $ 50 mu malonda.
Malingana ngati ntchito iliyonse ya hedging pamapeto pake ikugwirizana ndi ntchito yeniyeniyo, chirichonse chidzagwira ntchito bwino.Pankhaniyi, zopindula zonse ndi zotayika pa zotumphukira zimakhala zochepa kapena zochepa zomwe zimapindula ndi zopindulitsa pa malonda enieni.Owerenga akhoza kuyesa kugula ndi kugulitsa hedging pamene mitengo ikukwera kapena kugwa.
Mavuto amayamba makampani akamangitsa bizinezi zomwe sizingachitike. Ngati kontrakitala yochokera kumayiko ena itayika, imapititsidwa patsogolo ku phindu popanda wina aliyense kuti ayiletse. Mwachitsanzo, tiyerekeze kuti kampani ikufuna kugulitsa makola 10 ndikugulitsa ma contract 10 okhazikika. kugulitsidwa pamtengo womwewo wa malo, palibe kutayika.Komabe, ngati kampaniyo itatha kugulitsa makola 5 okha pamtengo wamalo, iyenera kuzindikira kutayika kwa mapangano otsala.
Tsoka ilo, m'miyezi 18 yokha ya ntchito zotchinga, FRD yazindikira kutayika kopitilira muyeso kwa $10 miliyoni (poyerekeza $7 miliyoni pamitengo yamisonkho yomwe idapangidwa). Izi sizinaphatikizidwe muzopeza kapena mtengo wazinthu zogulitsidwa, koma zikuphatikizidwa ndi ndalama zina (osasokonezedwa ndi ndalama zina zonse). Munjira ina iliyonse, kungakhale kuvomereza kulakwitsa kolakwika kwa kampaniyo ndi kukonzanso ndondomeko yake yazachuma. gwiritsani ntchito FRD yapanga ndalama zambiri chaka chino ndikutaya pang'ono, FRD imangotchulidwa m'ndime imodzi.
Makampani amagwiritsa ntchito hedging kuti awonjezere kuchita bwino ndipo nthawi zina amapindula pogulitsa pamtengo wabwino pamene mankhwalawo sapezeka.
Kupanda kutero, ntchito za hedging zidzakhudzidwa kwambiri pamene makampani akufunikira thandizo kwambiri.Chifukwa chake ndi chakuti kuwerengera kwa hedge kumalephera pamene chiwerengero cha hedge chimaposa ntchito yeniyeni, zomwe zimachitika pamene kufunikira kwa msika kumagwa, zomwe zimapangitsanso kuti mitengo iwonongeke.
Potsirizira pake, kuti apeze ndalama zopangira hedging, kuchuluka kwa zosowa za katundu ndi kumanga fakitale yatsopano, FRD yasaina malo a ngongole ndi JPMorgan Chase (JPM) .Pansi pa makinawa, FRD ikhoza kubwereka mpaka $ 70 miliyoni potengera mtengo wa katundu wake wamakono ndi EBITDA ndikulipira SOFR + 1,7% pa ndalama zomwe zatsala.
Pofika mu December 2021, kampaniyo inali ndi ndalama zokwana madola 15 miliyoni pamalopo. Kampaniyo sinatchule mlingo wa SOFR womwe umagwiritsa ntchito, koma mwachitsanzo, mlingo wa miyezi 12 unali 0.5% mu December ndipo tsopano ndi 1.5%. adzafunika kuyang'anitsitsa.
Tanena kale kuopsa kwa FRD, koma tikufuna kuziyika momveka bwino m'gawo lina ndikukambirana zambiri.
Monga tanenera, FRD ili ndi mphamvu zogwirira ntchito, ndalama zokhazikika, pazaka khumi zapitazi, koma izi sizikutanthauza kutayika kwakukulu ngakhale m'misika yoipitsitsa.
Tidanenanso kuti FRD ilibe ngongole iliyonse, zomwe zikutanthauza kuti palibe ndalama zothandizira panjira yokwera kapena yotsika.Tsopano, kampaniyo yasaina malo a ngongole okhudzana ndi katundu wake wamadzimadzi.Mzere wa ngongole umalola makampani kubwereka mpaka $ 75 miliyoni pa chiwongoladzanja chofanana ndi SOFR + 1.7% . s $295,000 pachiwongola dzanja pa $10 miliyoni iliyonse yomwe yabwerekedwa. Pomwe mtengo wa SOFR ukuwonjezeka ndi 100 basis points (1%) pachaka, FRD idzalipira $100,000.FRD pakali pano ili ndi ngongole ya $15 miliyoni, zomwe zikutanthauza chiwongola dzanja chapachaka cha $442,000, zomwe sizinalipo m'zaka khumi zapitazi.
Kuphatikizira zolipiritsa ziwirizi palimodzi, komanso kukwera kwa 1% kwa nthawi yotsala ya 2022, kampaniyo iyenera kubwera ndi ndalama zina zokwana $ 2 miliyoni pakugwirira ntchito poyerekeza ndi zomwe zidasintha posachedwa ku COVID.
Ndipo tidatchulapo chiwopsezo cha hedging, chomwe ndi chovuta kuyeza koma chimagunda kwambiri pamene makampani ali pachiwopsezo chachikulu.Chiwopsezo chamakampani chimadalira kwambiri kuchuluka kwa mapangano omwe amatsegulidwa nthawi iliyonse komanso momwe mitengo yachitsulo imayendera.
Ponena za kuwotcha ndalama, chidziwitso chomwe tili nacho kuchokera ku gawo lachitatu la 2021 (Dec 2021) sichabwino kwambiri.FRD ilibe ndalama zambiri, $ 3 miliyoni chabe. Kampaniyo inayenera kulipira $ 27 miliyoni muzowonjezera, zambiri zomwe zinachokera ku malo ake atsopano ku Texas, ndipo inali ndi $ 15 miliyoni yotsalira pamzere wake wapamwamba wa ngongole.
Komabe, FRD inawonjezeranso ndalama zake zogulira katundu ndi zobweza m'chaka pamene mitengo yachitsulo idakwera kwambiri. Monga 3Q21, kampaniyo inali ndi mbiri ya $ 83 miliyoni muzinthu ndi $ 26 miliyoni muzobweza. Monga kampani ikugulitsa zinthu zina, iyenera kupeza ndalama. miliyoni.Zoonadi, izi zidzabweretsa ndalama zambiri zachuma, pamtengo wamakono wa $ 2.2 miliyoni pachaka.Iyi ndi imodzi mwa mfundo zofunika kuziwona pamene zotsatira zatsopano zimatuluka nthawi ina mu April.
Potsirizira pake, FRD ndi malonda ochepa kwambiri, omwe ali ndi chiwerengero cha tsiku ndi tsiku cha magawo pafupifupi 5,000. Zogulitsazo zimakhalanso ndi kufalikira kwa 3.5%, zomwe zimaonedwa kuti ndi zapamwamba.Ndizo zomwe osungira ndalama ayenera kukumbukira, koma si onse omwe amaziwona ngati chiopsezo.
M'malingaliro athu, zaka khumi zapitazi zikuwonetsa malo osayenera kwa opanga zinthu, makamaka makampani azitsulo aku US. Pankhani iyi, kuthekera kwa FRD kuyendetsa phindu ndi ndalama zokwana $ 2.8 miliyoni pachaka ndi chizindikiro chabwino.
Inde, ngakhale poganizira zamtengo wapatali wazaka khumi zapitazi, sitingathe kuneneratu za ndalama zomwezo za FRD chifukwa cha kusintha kwakukulu kwa ndalama zoyendetsera ndalama ndi ntchito zotchinga.