Friedman Industries (NYSE:FRD) inopisa yakakungurutswa coil processor.Kambani inotenga makoiri kubva kuvagadziri vakuru uye inoagadzira kuti awedzere kutengeswa zvakare kugumisa vatengi kana vatengesi.
Iyo kambani yakachengeta hungwaru hwemari uye hwekushanda kuitira kuti isakanganiswe zvakanyanya nekudzikira kweindasitiri.Kutaura zvazviri, makore gumi pakati pekupera kwedambudziko remari uye kutanga kwedambudziko reCOVID rainge risiri iro rakakura pazvinhu zvese, asi avhareji mari yekambani yaive mamirioni mazana maviri nemazana masere emadhora.
Inventories yeFRDs yakagara ichibatanidzwa nemitengo yesimbi, sezvo mitengo yakakwirira yesimbi inoreva purofiti yakakwirira uye kuwedzera kudiwa kwezvigadzirwa zveFRD.Nzombe yekupedzisira inomhanya uye kuputika mumitengo yesimbi mumwedzi ye12 yapfuura yakanga isiri yakasiyana.
Musiyano panguva ino ndewekuti mamiriro ehupfumi anogona kunge akachinja, zvichiratidza kuti mitengo yezvinhu iri paavhareji yakakwira kupfuura zvayakaita mumakore gumi apfuura. Pamusoro pezvo, FRD iri kuwedzera kugadzirwa nekuvaka mafekitori matsva uye yatanga kuvharira mamwe ebhizinesi rayo, nemhedzisiro yakasanganiswa.
Shanduko idzi dzinogona kuratidza kuti FRD ichakwanisa kuwana mari yakawanda mumakore gumi anotevera kupfuura zvayakaita kare, uye nokudaro, inoruramisa mutengo wayo wezvino wekugovana.Zvisinei, kusava nechokwadi hakuna kugadziriswa, uye tinotenda kuti dhizaini ine ruzivo rwuripo inodhura.
Cherechedza: Kunze kwekunge zvataurwa neimwe nzira, ruzivo rwese rwakatorwa kubva kuFRD's SEC filings.Gore rezvemari reFRD rinopera musi waMarch 31, saka mumushumo waro we10-K, gore razvino rezvemari rinoreva gore rapfuura rekushanda, uye mumushumo waro we10-Q, gore razvino rekubika rinoreva gore razvino rekushanda.
Chero ongororo yekambani inotarisa pazvinhu zvinotenderera kana zvigadzirwa zvine hukama hazvigone kusabvisa mamiriro ehupfumi umo kambani inoshanda.Muzhinji, isu tinosarudza nzira yepasi-kumusoro yekuyera, asi mumhando iyi yekambani, nzira yepamusoro-pasi haidzivisiki.
Isu tinotarisisa nguva kubva muna Chikumi 2009 kusvika Kurume 2020. Sekuziva kwedu, iyo nguva, kunyangwe isiri homogenous, yakaratidzwa nekudonha kwemitengo yezvinhu, kunyanya mitengo yemagetsi, yakaderera mubereko, uye mari yekuwedzera marongero uye kubatanidzwa kwekutengeserana kwepasirese.
Chati iri pazasi inoratidza mutengo weHRC1, chibvumirano chemumba chinopisa chakakungurutswa cheramangwana icho FRD inonyanya kupa. Sezvatinoona, nguva yatakasarudza kuongorora mitengo yakavharwa kubva pamadhora mazana matatu nemakumi mapfumbamwe nemashanu kusvika pamadhora mazana mapfumbamwe patani.
FRD ipurojekiti yepasi, zvinoreva kuti ipurojekiti inenge iri pedyo nekupedzisira mutengi wechigadzirwa chesimbi.FRD inotenga mafiritsi anopisa akaputirwa muhuwandu kubva kumagetsi makuru, ayo anobva atemwa, akaumbwa kana kutengeswa se-kugumisa vatengi kana vatengesi.
Iko kambani ikozvino ine zvivako zvitatu zvekushanda muDecatur, Alabama;Lone Star, Texas;uye Hickman, Arkansas. Zvidyarwa zveAlabama neArkansas zvakatsaurirwa kucheka makoiri, nepo chirimwa cheTexas chakatsaurirwa kugadzira makoiri kuita machubhu.
Kutsvaga kwakapfava kweGoogle Mepu kwenzvimbo yega yega kwakaratidza kuti zvivakwa zvese zvitatu zviri padyo nemafekitori makuru ari emhando dzinozivikanwa muindastiri. Nzvimbo yeLone Star iri padyo neUS Steel (X) tubular products facility.Zvese Decatur neHickman plant zviri pedyo zvakanyanya neNucor (NUE) plant.
Nzvimbo chinhu chakakosha mune zvose zvinodhura uye zvekutengesa, sezvo logistics inobata basa guru muzvigadzirwa zvesimbi, saka kusungirirwa kunobhadhara. Zvigayo zvakakura zvingasakwanisa kunyatsogadzirisa simbi inosangana nemagumo evatengi, kana kuti inogona kungotarisa pakuenzanisa zvikamu zvishoma zvechigadzirwa, zvichisiya zvigayo zviduku zvakadai seFRD kubata zvakasara.
Sezvauri kuona muchati iri pazasi, mumakore gumi apfuura, gross margin uye purofiti yeFRD yakafamba pamwe chete nemitengo yesimbi (chati yayo yemutengo iri muchikamu chakapfuura), kungofanana neimwe kambani inoshanda muzvigadzirwa.
Kutanga, pane nguva shoma shoma apo FRDs inoputika.Kazhinji, kushandiswa kwekushanda inyaya yemakambani ane asset-intensive.Mari yakagadziriswa inokonzerwa nezvivako inoita shanduko shoma mumari kana purofiti ine simba guru pamari yekushandisa.
Sezvinoratidzwa nechati iri pasi apa, FRD haina kupukunyuka chokwadi ichi, uye kufamba kwemari kunowedzera sezvo chirevo chemari chinowedzera pasi.Chii chinonyanya kukosha pamusoro peFRD ndechokuti haisi kurasikirwa nemari yakawanda apo mitengo yezvigadzirwa zvayo inodonha.Izvi zvakati, kunyange zvazvo FRD inobatwa nehuwandu hwekushanda, inogadzirisa kuderera kwebhizimisi.
Chechipiri chinonakidza ndechekuti mari yeFRD inoshandiswa panguva iyi yaiva $ 4.1 mamiriyoni. Mari yeFRD yakawanda yenguva iyi yaiva $ 2.8 mamiriyoni, kana 70% yemari yekushanda. Musiyano chete pakati pemari yekushanda yeFRD nemari yakawanda ndeye 30% yemutero wemari.Izvi zvinoreva kuti kambani ine mari shoma shoma kana zvimwe zvinodhura, uye kune rumwe rutivi, izvi zvinoderedza chikwereti chemari panguva iyi yeFRD.
Chekupedzisira, kuderera kweavhareji yegore negore neamortization hakuna kusiyana zvakanyanya kubva mukushandiswa kwemari panguva yakavharwa.
Isu tinonzwisisa kuti kuchengetedza mari yekushandisa uye mari yakachengeta FRD iine pundutso panguva dzakaoma kuindasitiri yesimbi.Ichi chinhu chakakosha chinosimbisa kana uchifunga nezveFRD.
Chinangwa chekuongorora uku hachisi chekufanotaura zvichaitika kune zvisingatarisirwi zvinhu zvakadai semitengo yezvinhu, mitero yemitengo uye kutengeserana kwenyika.
Zvisinei, tinoda kutaura kuti nharaunda yatiri pamwe nemhoteredzo inogona kusimukira mumakore gumi anotevera yakaratidza hunhu hwakasiyana kana zvichienzaniswa nemamiriro akaita makore gumi apfuura.
Mukunzwisisa kwedu, apo tiri kutaura pamusoro pezvinoitika zvisati zvajeka, zvinhu zvitatu zvakasiyana zvikuru.
Chekutanga, nyika inoratidzika kunge isiri kuenda kune mamwe kutengeserana kwekudyidzana kwepasirese.Izvi zvakashata kune hupfumi hwese, asi zvakanaka kune vanogadzira zvishoma vanogadzira zvinhu zvisinganyanyi kukanganiswa nemakwikwi epasi rose.Icho chiri pachena chikomborero kune vanogadzira simbi vekuUS, avo vanotambura nemakwikwi emitengo yakaderera, zvikuru kubva kuChina.Chokwadi, kuderera kwekuda kwakaunzwa nekuderera kwekutengeserana kwakavewo nemhedzisiro yakaipa pakudiwa kwesimbi.
Chechipiri, mabhanga makuru ari munyika dzakabudirira akasiya mitemo yekuwedzera mari yaakashandisa mumakore gumi apfuura. Hatina chokwadi chekuti mitengo yezvinhu ingave yakadii.
Chechitatu, uye zvine chekuita nemamwe maviri, inflation yehupfumi hwepamusoro yakatotanga, uye pane kusava nechokwadi kuti icharamba iripo here.Pamusoro pezvirango zvekukwira kwemitengo, zvirango zvichangobva kuitika kuRussia zvakakanganisawo chimiro chedhora semari inochengeterwa pasi rose.
Zvakare, chinangwa chedu hachisi chekufanotaura nezvemitengo yesimbi yeramangwana, asi kuratidza kuti hupfumi hwehupfumi hwakashanduka zvikuru kana huchienzaniswa nemamiriro ezvinhu pakati pe2009 ne2020. Izvi zvinoreva kuti FRDs haigoni kuongororwa nechinangwa chekudzorera kumitengo yezvigadzirwa zvepakati uye kudiwa kwemakore gumi apfuura.
Isu tinotenda kuti shanduko nhatu dzakanyanya kukosha kune ramangwana reFRD, yakasununguka pakuchinja kwemutengo uye huwandu hunodiwa.
Kutanga, FRD yakavhura chivako chitsva chechikamu chayo chekucheka makoiri muHinton, Texas. Maererano neshumo yekambani ye10-Q yechikamu chechitatu chegore ra2021 (Zvita 2021), mari yose yezvivakwa yemadhora mamiriyoni makumi maviri nerimwe yakashandiswa kana kuunganidzwa nemamiriyoni gumi nematatu emadhora. Kambani iyi haisati yazivisa kuti nzvimbo yacho ichatanga rini.
Nzvimbo itsva iyi ichange iine imwe yemashini makuru ekucheka munyika, kuwedzera kwete chete kugadzirwa asiwo mutsara wechigadzirwa icho kambani inopa.Iyo nzvimbo iri paSteel Dynamics (STLD) campus, iyo yakabhadharwa kukambani ye $ 1 pagore kwemakore 99.
Iyi nzvimbo itsva inowedzera pahuzivi humwe hwenzvimbo yapfuura uye iri pedyo zvikuru nemugadziri mukuru wekugadzirisa kugadzirwa kwakanyanyisa kune mugadziri iyeye.
Tichifunga nezvemakore gumi nemashanu ekuderera kwemutengo, nzvimbo itsva ichada kupeta kaviri mari yeFRD yekuderera kusvika kumadhora mamiriyoni matatu.Ichi chichava chinhu chisina kunaka kana mitengo ikadzokera kumazinga akaonekwa mumakore gumi apfuura.
Chechipiri, FRD yatanga mabasa ekuvhara kubva muna Chikumi 2020, sezvakaziviswa mushumo wayo weFY21 10-K. Mukunzwisisa kwedu, hedging inounza njodzi huru yemari mukushanda, inoita kuti kududzira kwezvitatidzo zvemari kunyanye kuoma, uye kunoda kushanda nesimba kwekutonga.
FRD inoshandisa hedge accounting yehedge mashandiro ayo, izvo zvinoibvumira kunonoka kucherechedzwa kwezvakawana uye kurasikirwa pane zvakabva kunze kusvika iyo hedged operation, kana iripo, yaitika.Somuenzaniso, ngatitii FRD inotengesa mari-yakagadziriswa kondirakiti yeHRC yakagadziriswa mukati memwedzi mitanhatu nemadhora zana.Pazuva iro kondirakiti inogadziriswa, iyo kambani inogadziriswa $5 to 50 mutengo wakanyoreswa. s uye madhora makumi mashanu mune zvisizvo zvisingagoneki zvakawanikwa mune imwe mari yakawandisa.Kutengeserana chaiko kweheji kunoitika pazuva rimwechete pamutengo wakasarudzika wemadhora makumi mashanu, uye kuwana kweOCI kunoshandurwa kuita mari yegore nekuwedzera $50 mukutengesa.
Chero bedzi kuvhiyiwa kwega kwega kwega kunozoenderana nekushanda chaiko, zvinhu zvose zvichashanda zvakanaka.Panyaya iyi, zvose zvinowanikwa uye kurasikirwa pazvinobva kune zvakawanda kana zvishoma kuderedzwa nekuwana uye kurasikirwa pakutengeserana chaiko.Vaverengi vanogona kudzidzira kutenga nekutengesa hedging sezvo mitengo inokwira kana kudonha.
Matambudziko anotanga kana makambani akawedzera bhizinesi bhizinesi risingazoitike. Kana kondirakiti yezvinobvamo ikarasikirwa, inoendeswa kumberi kune iyo mambure pasina mumwe wenyama anoibvisa. Semuenzaniso, ngatiti kambani inoronga kutengesa macoil gumi uye nekudaro inotengesa makondirakiti gumi emari. kutengeswa nemutengo wenzvimbo imwechete, hapana kurasikirwa.Zvisinei, kana kambani ikapedzisira yatengesa makoiri mashanu chete pamutengo wenzvimbo, inofanirwa kuziva kurasikirwa kwezvibvumirano zvakasara.
Sezvineiwo, mumwedzi 18 chete yehedging operations, FRD yakaona kurasikirwa kwepamusoro-soro kwemadhora miriyoni gumi (tichifunga nezve $7 miriyoni mumitero yakagadzirwa). Izvi hazvibatanidzwe mumari kana mutengo wezvinhu zvakatengeswa, asi zvinosanganisirwa mune imwe mari inowanikwa (isingafaniri kuvhiringika neimwe mari inowaniswa). Mune imwewo nyaya, kungava kusiririsa kwekambani kubvuma chikanganiso chezvemari nekudzokorora chikanganiso chemari. shandisa FRD yakaita mari yakawanda gore rino uye yakarasika zvishoma, FRD inongotaurwa mundima imwe chete.
Makambani anoshandisa hedging kuti awedzere kushanda uye dzimwe nguva purofiti kuburikidza nekutengesa nemutengo uri nani kana chigadzirwa chisipo.Zvisinei, tinotenda kuti njodzi yakawedzerwa haikoshi uye, sezvataona, inogona kuunza kurasikirwa kukuru.Kana ikashandiswa, basa rehedhi rinofanira kuva nemutemo wakanyatsochengetedza, kwete kubvumira basa rekudzivirira kudarika chidimbu chiduku chekutengesa kusvika kune imwe nzvimbo yekutengesa.
Zvikasadaro, hedging mashandiro achatora yakakura kurova kana makambani achida rubatsiro zvakanyanya.Chikonzero ndechekuti hedge accounting inotadza kana nhamba yeheji inopfuura kushanda chaiko, izvo zvinoitika chete kana kudiwa kwemusika kuchidonha, izvo zvinoitawo kuti mitengo yemavara idonhe.Nekuda kweizvozvo, kambani ichange iri munzvimbo yekuderera kwemari uye purofiti nepo ichifanirwa kugadzirisa mamwe ekurasikirwa kwehedge.
Pakupedzisira, kubhadharira ruzhowa rwayo, kuwedzera kwezvido zvekutsvaga uye kuvakwa kwefekitari itsva, FRD yakasaina nzvimbo yechikwereti neJPMorgan Chase (JPM) .Pasi peiyi nzira, FRD inogona kukwereta kusvika ku $ 70 mamiriyoni zvichienderana nekukosha kwezvinhu zvayo zvemazuva ano uye EBITDA uye kubhadhara SOFR + 1.7% pamari yakasara.
Kubva muna Zvita 2021, kambani yaive nesarasara yemadhora miriyoni gumi neshanu panzvimbo iyi. Kambani iyi haitaure mwero weSOFR yainoshandisa, asi semuenzaniso, mwero wemwedzi gumi nemiviri waive 0.5% muna Zvita uye ikozvino 1.5%.Chokwadi, iyi nhanho yemari ichiri ine mwero, sekuwedzera 100 basis point shanduko, mari shoma ye$10 ingangounza 0. ichada kunyatsotariswa.
Takatotaura dzimwe njodzi dziri kumashure kweFRD mashandiro, asi taida kuzviisa zvakajeka muchikamu chakasiyana uye tikurukure zvimwe.
Sezvatakataura, FRD ine kushandiswa kwemari, mari yakagadziriswa, mumakore gumi apfuura, asi hazvirevi kurasikirwa kukuru kunyange mumisika yakaipisisa.Neimwe imwe simiti ikozvino iri kuvakwa iyo inogona kuwedzera $ 1.5 mamiriyoni pagore mukuderera, izvo zvichachinja.Kambani ichafanirwa kuuya ne $ 1.5 miriyoni pagore mumari minus minus mari yegore.
Isu takataurawo kuti FRD haina chikwereti chero chipi zvacho, izvo zvinoreva kuti hapana mari yekubhadhara mari munzira yekukwira kana pasi.Iye zvino, kambani yakasaina chikwereti chekwereti chakabatanidzwa nemidziyo yayo yemvura.Mutsara wechikwereti unobvumira makambani kukwereta kusvika kumadhora emamiriyoni e75 pamubereko wakaenzana neSOFR + 1.7% .Sezvo chiyero cheSOFR chegore panguva ino chichiri 1.25 SOFR ichiri kubhadhara 1. s $295,000 mubereko pa$10 miriyoni yega yega inokweretwa. Sezvo mwero weSOFR uchiwedzera nezana mapoinzi (1%) pagore, FRD ichabhadhara imwe $100,000.FRD parizvino ine chikwereti che$15 miriyoni, izvo zvinoturikira kumubereko wepagore we$442,000, iyo yakanga isipo mumakumi emakore apfuura.
Kuwedzera zvikwereti zviviri izvi pamwe chete, uye kuwedzera 1% muyero kwasara 2022, kambani yaizofanira kuuya neimwe madhora miriyoni maviri mupurofiti yekushanda zvichienzaniswa nezvayaive isati yachinja kuCOVID.
Uye takataura nezve njodzi yehedging, iyo yakaoma kuyera asi inotora dambudziko guru kana makambani ari panjodzi zvakanyanya.Njodzi chaiyo yekambani inoenderana zvakanyanya nekuti mangani makondirakiti anovhurwa chero nguva uye kuti mitengo yesimbi inofamba sei.Zvisinei, kurasikirwa kusingaenzaniswi kwemadhora miriyoni gumi kwakasimbiswa gore rino kunofanira kuita kuti kudedera kwechero munhu anoisa mari.
Nezvekutsva kwemari, ruzivo rwatinarwo kubva kuchikamu chechitatu che2021 (Dec 2021) haruna kunaka kwazvo.FRD haina mari yakawanda, inongova mamiriyoni matatu emadhora.Kambani yaifanira kubhadhara mamiriyoni makumi maviri nenomwe emadhora, iyo yakawanda yakabva panzvimbo yayo itsva muTexas, uye yakanga ine mamiriyoni gumi nemazana mashanu emadhora pamutsara wayo wechikwereti.
Zvisinei, FRD yakawedzerawo mari yayo muzvinyorwa uye zvinogamuchirwa mukati megore sezvo mitengo yesimbi yakakwira.Kusvika ku3Q21, kambani yakanga ine rekodhi $83 mamiriyoni mumabhuku uye $26 mamiriyoni mune zvinogamuchirwa.Sezvo kambani inotengesa zvimwe zvinhu, inofanira kuwana mari.Kana kudiwa kunoderera zvakanyanya zvokuti FRD inventory inogona kukwira kuMorgan 5 $ mumutsara we 7. mamiriyoni.Zvirokwazvo, izvi zvichaunza mari yakawanda yemari, pamwero wezvino we $ 2.2 mamiriyoni pagore.Ichi ndicho chimwe chezvinhu zvinokosha zvekuongorora apo mitsva mitsva inobuda imwe nguva muna April.
Pakupedzisira, FRD inotengeswa zvishoma, ine avhareji yezuva nezuva yezvikamu zvinenge 5 000. Mutengo wacho unewo kubvunza / bhidhi kupararira kwe 3.5%, iyo inofungidzirwa yakakwirira.Icho ndicho chinhu vatengesi vanofanira kuchengeta mupfungwa, asi havasi vose vanozviona sengozi.
Semaonero edu, makore gumi apfuura anoratidza mamiriro asina kunaka evagadziri vezvigadzirwa, kunyanya indasitiri yesimbi yeUS. Muchiitiko ichi, kugona kweFRD kutyaira purofiti neavhareji yemari yegore negore yemadhora 2.8 miriyoni chiratidzo chakanaka.
Ehe, kunyangwe tichifunga nezvemitengo yemakore gumi apfuura, isu hatigone kufanotaura mari yakafanana yeFRD nekuda kwekuchinja kukuru kwemari yekudyara uye hedging mashandiro. Izvo zvakati, kunyangwe tichifunga nezvekudzokera kumamiriro ezvinhu apfuura, njodzi yekambani inova huru.