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Hut 8 Names E. Stanley O’Neal Chair of the Board

PR Newswire

Transition aligns Board leadership with Hut 8’s continued focus on building an enduring, generational business at the intersection of energy and technology

O’Neal, former Chairman and Chief Executive Officer of Merrill Lynch & Co., brings decades of senior executive leadership and public-company governance experience to the role

Founding Chair William Tai remains a director and a member of the Nominating and Governance Committee

MIAMI, June 11, 2026 /PRNewswire/ — Hut 8 Corp. (Nasdaq, TSX: HUT) (“Hut 8” or the “Company”), an energy infrastructure platform integrating power, digital infrastructure, and compute at scale to fuel next-generation, energy-intensive technologies, today announced the appointment of E. Stanley (Stan) O’Neal as Chair of the Board of Directors, effective immediately. O’Neal, an independent director of the Company since November 2023, succeeds William (Bill) Tai, who will continue to serve as a director and as a member of the Nominating and Governance Committee.

William (Bill) Tai, left, Founding Chair and Independent Director of Hut 8, and E. Stanley O'Neal, Chair of the Board of Directors of Hut 8

Asher Genoot, CEO of Hut 8, said: “Our ambition is to build at the intersection of energy and next-generation technologies for decades to come. We are grateful to Bill, Hut’s founding Chair, for stewarding us through the formative years that have positioned us to pursue this ambition, and we welcome Stan to the Chair for the stretch ahead. Stan led one of the world’s largest financial institutions and has served on our board since the early days of US Bitcoin Corp. As Chair, he will lead the board with the discipline and judgment required of a major institutional leader and the firsthand perspective developed through years with the Company.”

E. Stanley O’Neal, Chair of the Board of Hut 8, said: “The reorganization of capital around energy, digital infrastructure, and compute is among the largest I have seen in my career. At this scale of capital deployment, advantage accrues to operators whose position is structural. Hut 8 has built such a position with intent: a power-first foundation, an engineering discipline rooted in first principles, and an operating model proven across evolving markets. The Board will continue to work with management, providing oversight and governance aligned with the demands of a business operating at Hut 8’s scale and ambition.”

Bill Tai, Independent Director of Hut 8, said: “I’ve spent my career backing companies at the frontier of technology, and few transformations have been as remarkable as the one Hut 8 has made — from its earliest days as a pioneering startup to the institutional platform it is today. Chairing this Board through that growth has been one of the great privileges of my career. I could not be more excited to hand the Chair to Stan, who has served beside me on this Board for years. I do so with full confidence in him, and in Asher and Mike, who have built something rare, with the potential to become one of the category-defining companies of our time.”

About E. Stanley O’Neal

E. Stanley O’Neal has served on the Hut 8 Board since November 2023 and previously served as a director of U.S. Data Mining Group, Inc. (“US Bitcoin Corp”) from March 2021 through its merger with Hut 8 Mining Corp. O’Neal is former Chairman and Chief Executive Officer of Merrill Lynch & Co., Inc. He was named Chief Executive Officer in 2002 and elected Chairman in 2003, serving in both positions until October 2007. O’Neal currently serves on the boards of Clearway Energy, Inc., Element Solutions, Inc. and served previously on the board of directors of General Motors from 2001 to 2006 and on the board of directors of Arconic from 2008 (through Arconic’s predecessor, Alcoa) to August 2023. He also served as director of American Beacon Advisors, Inc. from 2009 to September 2012.

About William (Bill) Tai

William (Bill) Tai served as Chair of the Hut 8 Board from November 2023 to June 2026 and previously served as a director and Chair of Hut 8 Mining Corp. from March 2018 through its merger with US Bitcoin Corp. He is a venture capitalist and was an early investor in high-profile start-ups including Canva, Color Genomics, Dapper Labs, SafetyCulture, TweetDeck, and Zoom Video. Tai has co-founded several successful technology companies including IPInfusion and Treasure Data Inc., where he served as Chairman. He has served as a director of seven publicly listed companies.

2026 Director Election Results

On June 11, 2026, Hut 8 held its 2026 Annual Meeting of Stockholders (the “Meeting”).  At the Meeting, each of the eight nominees listed in the Company’s definitive proxy statement dated April 28, 2026 was elected as a director of the Company to hold office until the next annual meeting of stockholders or until his or her successor is duly elected or appointed, subject to earlier resignation or removal. Of the 70,859,886 total votes cast (including abstentions), the votes cast “for” each director were as follows: 



Nominee
 



  For
              

Joseph Flinn 

69,524,014

Asher Genoot 

70,536,078

Michael Ho 

70,530,325

E. Stanley O’Neal 

65,940,165

Carl J. (Rick) Rickertsen       

70,370,263

Mayo A. Shattuck III 

63,437,474

William Tai 

68,982,263

Amy Wilkinson 

62,429,791

Final voting results on all matters voted on at the Meeting will be filed on Form 8-K with the U.S. Securities and Exchange Commission and on SEDAR+.

About Hut 8

Hut 8 is an energy infrastructure platform integrating power, digital infrastructure, and compute at scale to fuel next-generation, energy-intensive technologies such as AI, high-performance computing, and ASIC compute. The Company develops, commercializes, and operates industrial-scale energy and data center infrastructure through a power-first, innovation-driven approach. For more information, visit hut8.com.

Cautionary Note Regarding Forward-Looking Information 

This press release includes “forward-looking information” and “forward-looking statements” within the meaning of Canadian securities laws and United States securities laws, respectively (collectively, “forward-looking information”). All information, other than statements of historical facts, included in this press release that address activities, events, or developments that Hut 8 expects or anticipates will or may occur in the future, including statements relating to the Company’s leadership and governance succession, the Company’s development pipeline, and the Company’s future business strategy, competitive strengths, expansion, and growth of the business and operations more generally, and other such matters is forward-looking information. Forward-looking information is often identified by the words “may,” “would,” “could,” “should,” “will,” “intend,” “plan,” “anticipate,” “allow,” “believe,” “estimate,” “expect,” “predict,” “can, “might,” “potential,” “is designed to,” “likely,” or similar expressions. 

Statements containing forward-looking information are not historical facts, but instead represent management’s expectations, estimates, and projections regarding future events based on certain material factors and assumptions at the time the statement was made. While considered reasonable by Hut 8 as of the date of this press release, such statements are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance, or achievements to be materially different from those expressed or implied by such forward-looking information, including, but not limited to, risks relating to the construction of new data centers, including cost overruns, delays, supply chain issues, permitting or regulatory hurdles, unexpected technical challenges, and dependency on contractors; risks relating to the financing of new data centers, including the potential dilutive impact of equity issuances (if any), access to capital markets, timing and cost of financing, and market conditions such as increases in interest rates, declining equity valuations, volatility in credit markets, or tightening lending standards; risks impacting our ability to expand the power capacity at the River Bend campus, such as limitations of transmission and/or generation resources; failure of critical systems; geopolitical, social, economic, and other events and circumstances; competition from current and future competitors; risks related to power requirements; cybersecurity threats and breaches; hazards and operational risks; changes in leasing arrangements; Internet-related disruptions; dependence on key personnel; having a limited operating history; attracting and retaining customers; entering into new offerings or lines of business; price fluctuations and rapidly changing technologies; predicting facility requirements; strategic alliances or joint ventures; operating and expanding internationally; failing to grow hashrate; purchasing miners; relying on third-party mining pool service providers; uncertainty in the development and acceptance of the Bitcoin network; Bitcoin halving events; competition from other methods of investing in Bitcoin; concentration of Bitcoin holdings; hedging transactions; potential liquidity constraints; legal, regulatory, governmental, and technological uncertainties; physical risks related to climate change; involvement in legal proceedings; trading volatility; and other risks described from time to time in Company’s filings with the U.S. Securities and Exchange Commission. In particular, see the Company’s recent and upcoming annual and quarterly reports and other continuous disclosure documents, which are available under the Company’s EDGAR profile at sec.gov and SEDAR+ profile at sedarplus.ca. 

Hut 8

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SOURCE Hut 8 Corp.

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Lennar Reports Second Quarter 2026 Results

PR Newswire

Second Quarter 2026 Highlights

  • Net earnings per diluted share of $1.24 ($1.31 excluding mark-to-market losses on technology investments)
  • Net earnings of $305 million
  • New orders decreased 4% year over year to 21,749 homes
  • Backlog of 16,818 homes with a dollar value of $6.6 billion
  • Deliveries increased 2% year over year to 20,519 homes
  • Total revenues of $7.9 billion
  • Homebuilding operating earnings of $489 million
    • Gross margin on home sales of 15.6%
    • S,G&A expenses as a % of revenues from home sales of 9.2%
    • Net margin on home sales of 6.4%
  • Financial Services operating earnings of $100 million
  • Multifamily operating earnings of $18 million
  • Lennar Other operating loss of $39 million
  • Homebuilding cash and cash equivalents of $1.8 billion
  • No outstanding borrowings under the Company’s $3.1 billion revolving credit facility
  • Homebuilding debt to total capital of 15.8%
  • Repurchased 5 million shares of Lennar common stock for $447 million
  • Redeemed $400 million of 5.25% senior notes due in June 2026, subsequent to May 31, 2026

MIAMI, June 11, 2026 /PRNewswire/ — Lennar Corporation (NYSE: LEN and LEN.B), one of the nation’s leading homebuilders, today reported results for its second quarter ended May 31, 2026. Second quarter net earnings attributable to Lennar in 2026 were $305 million, or $1.24 per diluted share, compared to second quarter net earnings attributable to Lennar in 2025 of $477 million, or $1.81 per diluted share. Excluding pretax mark-to-market losses of $23 million and $29 million on technology investments, respectively, second quarter net earnings attributable to Lennar in 2026 were $322 million, or $1.31 per diluted share compared to $499 million or $1.90 per diluted share in the second quarter of 2025.

Stuart Miller, Executive Chairman, Chief Executive Officer and President of Lennar, said, “Our second quarter of fiscal year 2026 was defined by the same stubborn headwinds that have challenged the housing market for the past several years – persistently elevated mortgage rates, constrained affordability, and cautious consumer sentiment, exacerbated by geopolitical uncertainty creating a resurgent inflation reading of 4.2% driven by higher energy prices. Against that backdrop, our team delivered results that demonstrate the strength and resilience of our operating platform. 

“We delivered 20,519 homes, within our guidance of 20,000 to 21,000, generated 21,749 new orders and produced earnings per share of $1.31 excluding mark-to-market losses. Our average sales price was $371,000, reflecting approximately 12.9% in incentives, along with base price adjustments necessary to sustain volume in a market where affordability remains the defining constant. Our gross margin improved sequentially to 15.6% while our net margin increased to 6.4%.”

“Our continued focus on operational execution is reflected across numerous key metrics. Our construction costs improved another 2% sequentially and 13% over the last several years. Our cycle time reached a new record low of 121 days, down from 122 days last quarter and 132 days a year ago. We reduced our inventory to 2.1 homes per community from 3 homes per community last quarter, and our inventory turn stands at 2.5 times. Less than 5% of our land is on our balance sheet and our total owned homebuilding inventory has declined from $11.4 billion a year ago to $10.9 billion today. Finally, we ended the quarter with $1.8 billion in cash as we purchased 5 million shares of stock for $447 million.”

“Looking ahead to the third quarter of 2026, we expect to deliver approximately 20,500 to 21,500 homes with gross margin improving to approximately 16% as volume increases, incentive levels continue to moderate, and our cost discipline continues to gain traction. We expect our average sales price to be in the range of approximately $375,000 to $380,000 and our SG&A to improve toward 8.8% to 9.0%. Given current pressure on interest rates and geopolitical uncertainty we are moderating our target full-year 2026 deliveries to approximately 82,000 to 83,000 homes.”

“In order to help clearly communicate our operating strategy and operating model, we are pleased to announce the publication of a new Investor Deck on the Lennar Investor Relations website tomorrow morning. This deck has been designed to give investors a current view of Lennar’s transformation, our asset-light operating model, our technology platform, and our path to margin recovery and long-term value creation. We believe it provides important context for understanding not just where we are today, but where we are going, and why we remain so confident about Lennar’s long-term position.”

Mr. Miller concluded, “Our strategy consistently has been to execute around the affordability challenge rather than wait it out. We have prioritized volume to create durable scale advantages, to deliver that volume at lower prices, and ultimately improve margins. Our costs are down materially over the past two years, volume is holding, our asset-light balance sheet is functioning extremely well and improving, and our technology initiatives are defining a new Lennar. Additionally, the gap between our current incentive levels of 12.9% and normalized levels of 4% to 6% is narrowing for the first time in three years as the mismatch between higher home prices with higher interest rates and household income is narrowing, as wages drift higher and employment remains strong. The fundamental shortage of housing in America has not been solved. Demand is real, deferred, and building. Lennar is positioned better than at any point in recent history to capture demand as conditions normalize. We remain deeply committed to building the homes America needs, at prices families can afford, and to generating the returns our shareholders deserve.”


RESULTS OF OPERATIONS


SECOND QUARTER 2026 COMPARED TO SECOND QUARTER 2025


Homebuilding

Revenues from home sales decreased 2% in the second quarter of 2026 to $7.6 billion from $7.8 billion in the second quarter of 2025. Revenues were lower primarily due to a 5% decrease in the average sales price of homes delivered, partially offset by a 2% increase in the number of home deliveries. New home deliveries were 20,519 homes in the second quarter of 2026, compared to 20,131 homes in the second quarter of 2025. The average sales price of homes delivered was $371,000 in the second quarter of 2026, compared to $389,000 in the second quarter of 2025. The decrease in average sales price of homes delivered in the second quarter of 2026 compared to the same period last year was primarily due to continued weakness in the market.

Gross margins on home sales were $1.2 billion, or 15.6%, in the second quarter of 2026, compared to $1.4 billion, or 17.8%, in the second quarter of 2025. During the second quarter of 2026, gross margins decreased primarily due to lower revenue per square foot and higher land costs year over year, which were partially offset by a decrease in construction costs, reflecting the Company’s continued focus on cost-saving initiatives.

Selling, general and administrative expenses were $698 million in the second quarter of 2026, compared to $689 million in the second quarter of 2025. As a percentage of revenues from home sales, selling, general and administrative expenses increased to 9.2% in the second quarter of 2026, from 8.8% in the second quarter of 2025, primarily due to less leverage as a result of lower revenues and an increase in marketing and selling expenses.


Financial Services

Operating earnings for the Financial Services segment were $100 million in the second quarter of 2026, compared to $157 million in the second quarter of 2025, both amounts are net of noncontrolling interest. The decrease in operating earnings was primarily due to lower profit per locked loan in the mortgage business.


Ancillary Businesses

Operating earnings for the Multifamily segment were $18 million in the second quarter of 2026, compared to an operating loss of $15 million in the second quarter of 2025. Operating loss for the Lennar Other segment was $39 million in the second quarter of 2026, compared to an operating loss of $53 million in the second quarter of 2025. The Lennar Other operating loss for both second quarters of 2026 and 2025 was primarily driven by mark-to-market losses of $23 million and $29 million, respectively, on the Company’s technology investments.


Tax Rate

In the second quarter of 2026 and 2025, the Company had tax provisions of $105 million and $160 million, which resulted in an overall effective income tax rate of 25.6% and 25.1%, respectively. For both periods, the Company’s effective income tax rate included state income tax expense and non-deductible executive compensation, partially offset by tax credits.


Share Repurchases

In the second quarter of 2026, the Company repurchased 5 million shares of its common stock for $447 million at an average share price of $89.35.


Guidance

The following are the Company’s expected results of its homebuilding and financial services activities for the third quarter of 2026:

New Orders

21,000 – 22,000

Deliveries

20,500 – 21,500

Average Sales Price

$375,000 – $380,000

Gross Margin % on Home Sales

Approximately 16%

SG&A as a % of Home Sales

8.8% – 9.0%

Financial Services Operating Earnings

$95 million – $100 million

About Lennar
Lennar Corporation, founded in 1954, is one of the nation’s leading builders of quality homes for all generations. Lennar builds affordable, move-up and active adult homes primarily under the Lennar brand name. Lennar’s Financial Services segment provides mortgage financing, title and closing services primarily for buyers of Lennar’s homes and, through LMF Commercial, originates mortgage loans secured primarily by commercial real estate properties throughout the United States. Lennar’s Multifamily segment is a nationwide developer of high-quality multifamily rental properties. LENX drives Lennar’s technology, innovation and strategic investments. For more information about Lennar, please visit www.lennar.com.

Note Regarding Forward-Looking Statements: Some of the statements in this press release are “forward-looking statements,” as that term is defined in the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements relating to the homebuilding market and other markets in which we participate, as well as our expected results and guidance. You can identify forward-looking statements by the fact that these statements do not relate strictly to historical or current matters. Rather, forward-looking statements relate to anticipated or expected events, activities, trends or results. Accordingly, these forward-looking statements should be evaluated with consideration given to the many risks and uncertainties inherent in our business that could cause actual results and events to differ materially from those anticipated by the forward-looking statements. We wish to caution readers not to place undue reliance on any forward-looking statements, which are expressly qualified in their entirety by this cautionary statement and speak only as of the date made.

Important factors that could cause differences between anticipated and actual results include slowdowns in real estate markets in regions where we have significant Homebuilding or Multifamily development activities or own a substantial number of single-family homes for rent; decreased demand for our homes, either for sale or for rent, or Multifamily rental apartments; the potential impact of inflation; the impact of increased cost of mortgage financing for homebuyers, increased or continued high interest rates or increased competition in the mortgage industry; supply shortages and increased costs related to construction materials and labor; changes in trade policy affecting our business, including new or increased tariffs, as well as the potential impact of retaliatory tariffs and other penalties that may impact the cost of raw materials and other goods related to our homebuilding businesses; changes in U.S. and foreign governmental laws, regulations and policies, including retaliatory policies against the United States, that may impact our business operations; cost increases related to real estate taxes and insurance; the effect of increased interest rates with regard to our funds’ borrowings or the willingness of the funds to invest in new projects; reductions in the market value of our investments in public companies; natural disasters or catastrophic events for which our insurance may not provide adequate coverage; our inability to successfully execute our strategies, including our land light strategy; problems exercising options to purchase homesites; a decline in the value of the land and home inventories we maintain and resulting possible future writedowns of the carrying value of our real estate assets; the forfeiture of deposits and pre-acquisition costs on real estate related to land purchase options we decide not to exercise; the potential negative impact to our business from public health issues; labor shortages and/or a decrease in the number of potential homebuyers due to increased enforcement of restrictions on immigration; possible unfavorable outcomes in legal proceedings; conditions in the capital, credit and financial markets; changes in laws, regulations or the regulatory environment affecting our business; and the other risks and uncertainties described in our filings from time to time with the Securities and Exchange Commission, including those included under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our most recent Annual Report on Form 10-K filed on January 28, 2026 and Quarterly Reports on Form 10-Q.

We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

A conference call to discuss the Company’s second quarter earnings will be held at 11:00 a.m. Eastern Time on Friday, June 12, 2026. The call will be broadcast live on the Internet and can be accessed through the Company’s website at investors.lennar.com. If you are unable to participate in the conference call, the call will be archived at investors.lennar.com for 90 days. A replay of the conference call will also be available later that day by calling 203-369-1938 and entering 5723593 as the confirmation number.

 


LENNAR CORPORATION AND SUBSIDIARIES

Selected Revenues and Operating Information

(In thousands, except per share amounts)

(unaudited)

 


Three Months Ended


Six Months Ended


May 31,


May 31,


2026


2025


2026


2025


Revenues:

Homebuilding


$  7,616,314

7,843,862


13,914,877

15,127,732

Financial Services


236,939

298,098


452,494

575,175

Multifamily


63,564

230,305


146,063

293,501

Lennar Other


23,055

5,237


45,914

12,639


Total revenues


$  7,939,872

8,377,502


14,559,348

16,009,047

Homebuilding operating earnings


$     489,371

728,234


862,399

1,537,507

Financial Services operating earnings


101,103

157,280


192,416

300,763

Multifamily operating earnings (loss)


18,325

(14,754)


36,184

(14,777)

Lennar Other operating loss


(38,944)

(52,895)


(44,190)

(142,178)

Corporate general and administrative expenses


(136,149)

(155,853)


(293,787)

(303,231)

Charitable foundation contribution


(20,519)

(20,131)


(37,382)

(37,965)

Earnings before income taxes


413,187

641,881


715,640

1,340,119

Provision for income taxes


(105,058)

(160,061)


(174,150)

(329,586)


Net earnings (including net earnings attributable to noncontrolling interests)


308,129

481,820


541,490

1,010,533


Less: Net earnings attributable to noncontrolling interests


3,357

4,371


7,335

13,558


Net earnings attributable to Lennar


$     304,772

477,449


534,155

996,975


Basic and diluted average shares outstanding

240,776

260,286

242,607

261,510


Basic and diluted earnings per share


$           1.24

1.81


2.17

3.77


Supplemental information:


Interest incurred (1)


$       56,881

41,846


111,456

73,335


EBIT (2):

Net earnings attributable to Lennar


$     304,772

477,449


534,155

996,975

Provision for income taxes


105,058

160,061


174,150

329,586

Interest expense included in:

Costs of homes and land sold


52,574

33,525


91,448

61,775

Homebuilding other income, net


2,710

3,655


5,823

7,051

Total interest expense


55,284

37,180


97,271

68,826


EBIT


$     465,114

674,690


805,576

1,395,387

(1)

Amount represents interest incurred related to homebuilding debt.

(2)

EBIT is a non-GAAP financial measure defined as earnings before interest and taxes. This financial measure has been presented because the Company finds it important and useful in evaluating its performance and believes that it helps readers of the Company’s financial statements compare its operations with those of its competitors. Although management finds EBIT to be an important measure in conducting and evaluating the Company’s operations, this measure has limitations as an analytical tool as it is not reflective of the actual profitability generated by the Company during the period. Management compensates for the limitations of using EBIT by using this non-GAAP measure only to supplement the Company’s GAAP results. Due to the limitations discussed, EBIT should not be viewed in isolation, as it is not a substitute for GAAP measures.

 


LENNAR CORPORATION AND SUBSIDIARIES

Segment Information

(In thousands)

(unaudited)

 


Three Months Ended


Six Months Ended


May 31,


May 31,


2026


2025


2026


2025


Homebuilding revenues:

Sales of homes


$   7,595,039

7,788,275


13,867,961

15,028,821

Sales of land


12,401

43,195


27,559

78,521

Other homebuilding


8,874

12,392


19,357

20,390

  Total homebuilding revenues


7,616,314

7,843,862


13,914,877

15,127,732


Homebuilding costs and expenses:

Costs of homes sold


6,412,619

6,402,532


11,734,233

12,290,676

Costs of land sold


21,544

56,173


52,855

92,250

Selling, general and administrative


698,395

688,847


1,315,890

1,304,586

  Total homebuilding costs and expenses


7,132,558

7,147,552


13,102,978

13,687,512


Homebuilding net margins


483,756

696,310


811,899

1,440,220

Homebuilding equity in earnings from unconsolidated entities


2,670

17,716


40,851

52,720

Homebuilding other income, net


2,945

14,208


9,649

44,567


Homebuilding operating earnings


$     489,371

728,234


862,399

1,537,507

Financial Services revenues


$     236,939

298,098


452,494

575,175

Financial Services costs and expenses


135,836

140,818


260,078

274,412


Financial Services operating earnings


$     101,103

157,280


192,416

300,763

Multifamily revenues


$       63,564

230,305


146,063

293,501

Multifamily costs and expenses


72,788

254,677


163,216

328,053

Multifamily equity in earnings from unconsolidated entities and other income, net


27,549

9,618


53,337

19,775


Multifamily operating earnings (loss)


$       18,325

(14,754)


36,184

(14,777)

Lennar Other revenues


$       23,055

5,237


45,914

12,639

Lennar Other costs and expenses


43,726

30,025


87,410

53,589

Lennar Other equity in earnings (loss) from unconsolidated entities and other


4,979

1,333


5,720

(9,285)

Lennar Other losses from technology investments


(23,252)

(29,440)


(8,414)

(91,943)


Lennar Other operating loss


$      (38,944)

(52,895)


(44,190)

(142,178)

 


LENNAR CORPORATION AND SUBSIDIARIES

Summary of Deliveries, New Orders and Backlog

(Dollars in thousands, except average sales price)

(unaudited)

Lennar’s reportable homebuilding segments and all other homebuilding operations not required to be reported separately have divisions located in:

 


East: Florida, New Jersey and Pennsylvania


Central: Alabama, Georgia, Illinois, Indiana, Maryland/Virginia, Minnesota, North Carolina, South Carolina and Tennessee


South Central: Arkansas, Kansas, Oklahoma and Texas


West: Arizona, California, Colorado, Idaho, Nevada, Oregon, Utah and Washington


Other: Urban divisions


Three Months Ended May 31,


2026


2025


2026


2025


2026


2025


Deliveries:


Homes


Dollar Value


Average Sales Price

East


4,761

4,742


$     1,757,118

1,766,459


$       369,000

373,000

Central


4,606

4,538


1,662,594

1,743,304


361,000

384,000

South Central


6,286

6,174


1,463,140

1,505,750


233,000

244,000

West


4,863

4,669


2,758,154

2,818,980


567,000

604,000

Other


3

8


1,897

4,834


632,000

604,000

Total


20,519

20,131


$     7,642,903

7,839,327


$       371,000

389,000

Of the total homes delivered listed above, 73 homes with a dollar value of $48 million and an average sales price of $656,000 represent homes from

unconsolidated entities for the three months ended May 31, 2026, compared to 113 homes with a dollar value of $51 million and an average sales

price of $452,000 for the three months ended May 31, 2025.


As of May 31,


Three Months Ended May 31,


2026


2025


2026


2025


2026


2025


2026


2025


New Orders:


Active Communities


Homes


Dollar Value


Average Sales Price

East


346

340


5,064

5,604


$ 1,929,424

1,978,078


$   381,000

353,000

Central


462

443


5,218

5,266


1,896,583

1,987,955


363,000

378,000

South Central


433

391


6,293

6,626


1,475,500

1,607,319


234,000

243,000

West


441

441


5,173

5,098


2,906,234

2,997,528


562,000

588,000

Other


1

2


1

7


668

4,383


668,000

626,000

Total


1,683

1,617


21,749

22,601


$ 8,208,409

8,575,263


$   377,000

379,000

Of the total new orders listed above, 57 homes with a dollar value of $31 million and an average sales price of $542,000 represent homes in five active

communities from unconsolidated entities for the three months ended May 31, 2026, compared to 141 homes with a dollar value of $70 million and an

average sales price of $495,000 in 10 active communities for the three months ended May 31, 2025.


Six Months Ended May 31,


2026


2025


2026


2025


2026


2025


Deliveries:


Homes


Dollar Value


Average Sales Price

East


8,911

9,126


$      3,341,069

3,462,701


$        375,000

379,000

Central


8,407

8,494


3,007,627

3,273,497


358,000

385,000

South Central


11,325

10,904


2,623,320

2,666,273


232,000

245,000

West


8,731

9,425


5,009,901

5,707,665


574,000

606,000

Other


8

16


5,780

10,720


723,000

670,000

Total


37,382

37,965


$     13,987,697

15,120,856


$        374,000

398,000

Of the total homes delivered listed above, 157 homes with a dollar value of $120 million and an average sales price of $763,000 represent homes from

unconsolidated entities for the six months ended May 31, 2026, compared to 193 homes with a dollar value of $92 million and an average sales price of

$477,000 for the six months ended May 31, 2025.


Six Months Ended May 31,


2026


2025


2026


2025


2026


2025


New Orders:


Homes


Dollar Value


Average Sales Price

East


9,544

9,667


$      3,641,071

3,539,940


$       382,000

366,000

Central


9,810

9,816


3,532,795

3,788,150


360,000

386,000

South Central


11,298

11,547


2,639,114

2,780,180


234,000

241,000

West


9,604

9,909


5,529,034

5,886,178


576,000

594,000

Other


8

17


5,781

11,547


723,000

679,000

Total


40,264

40,956


$    15,347,795

16,005,995


$       381,000

391,000

Of the total new orders listed above, 128 homes with a dollar value of $62 million and an average sales price of $485,000 represent homes from

unconsolidated entities for the six months ended May 31, 2026, compared to 242 homes with a dollar value of $130 million and an average sales price of

$536,000 for the six months ended May 31, 2025.


At May 31,


2026


2025


2026


2025


2026


2025


Backlog:


Homes


Dollar Value


Average Sales Price

East


5,455

3,900


$     2,069,490

1,562,457


$       379,000

401,000

Central


4,875

4,706


1,797,844

1,905,125


369,000

405,000

South Central


3,018

3,430


671,772

815,681


223,000

238,000

West


3,470

3,500


2,067,167

2,200,051


596,000

629,000

Other


—

2


—

1,176


—

588,000

Total


16,818

15,538


$     6,606,273

6,484,490


$       393,000

417,000

Of the total homes in backlog listed above, 50 homes with a backlog dollar value of $28 million and an average sales price of $568,000 represent the

backlog from unconsolidated entities at May 31, 2026, compared to 128 homes with a backlog dollar value of $101 million and an average sales price

of $792,000 at May 31, 2025.

 


LENNAR CORPORATION AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

(In thousands, except per share amounts)

(unaudited)

 


May 31, 2026


November 30, 2025


ASSETS


Homebuilding:

Cash and cash equivalents


$             1,816,248

3,441,324

Restricted cash


29,204

25,930

Receivables, net


978,796

1,002,629

Inventories:

  Finished homes and construction in progress


10,093,878

8,822,271

  Land and land under development


801,156

1,098,961

Inventory owned


10,895,034

9,921,232

  Consolidated inventory not owned


1,488,684

1,696,401

Inventory owned and consolidated inventory not owned


12,383,718

11,617,633

Deposits and pre-acquisition costs on real estate


7,061,935

6,383,633

Investments in unconsolidated entities


1,478,719

1,545,370

Goodwill


3,442,359

3,442,359

Other assets


1,785,201

1,794,378


28,976,180

29,253,256


Financial Services


3,123,509

3,377,413


Multifamily


801,356

902,136


Lennar Other


800,410

897,632


Total assets


$           33,701,455

34,430,437


LIABILITIES AND EQUITY


Homebuilding:

Accounts payable


$             1,784,916

1,812,484

Liabilities related to consolidated inventory not owned


1,312,689

1,476,376

Senior notes and other debts payable, net


4,047,487

4,084,686

Other liabilities


2,470,608

2,691,876


9,615,700

10,065,422


Financial Services


2,151,670

2,010,598


Multifamily


76,768

113,361


Lennar Other


91,591

100,447


Total liabilities


11,935,729

12,289,828


Stockholders’ equity:

Preferred stock


—

—

Class A common stock of $0.10 par value


26,309

26,158

Class B common stock of $0.10 par value


3,660

3,660

Additional paid-in capital


6,020,306

5,909,726

Retained earnings


22,759,089

22,471,471

Treasury stock


(7,194,402)

(6,457,609)

Accumulated other comprehensive income


5,676

6,011


Total stockholders’ equity


21,620,638

21,959,417


Noncontrolling interests


145,088

181,192


Total equity


21,765,726

22,140,609


Total liabilities and equity


$           33,701,455

34,430,437

 


LENNAR CORPORATION AND SUBSIDIARIES

Supplemental Data

(Dollars in thousands)

(unaudited)

 


May 31, 2026


November 30, 2025


May 31, 2025

Homebuilding debt


$          4,047,487

4,084,686

2,791,987

Stockholders’ equity


21,620,638

21,959,417

22,579,080

Total capital


$        25,668,125

26,044,103

25,371,067


Homebuilding debt to total capital


15.8 %

15.7 %

11.0 %

Homebuilding debt


$          4,047,487

4,084,686

2,791,987

Less: Homebuilding cash and cash equivalents


1,816,248

3,441,324

1,168,143

Net homebuilding debt


$          2,231,239

643,362

1,623,844


Net homebuilding debt to total capital (1)


9.4 %

2.8 %

6.7 %

(1)

Net homebuilding debt to total capital is a non-GAAP financial measure defined as net homebuilding debt (homebuilding debt less homebuilding cash and cash equivalents) divided by total capital (net homebuilding debt plus stockholders’ equity). The Company believes the ratio of net homebuilding debt to total capital is a relevant and a useful financial measure to investors in understanding the leverage employed in homebuilding operations. However, because net homebuilding debt to total capital is not calculated in accordance with GAAP, this financial measure should not be considered in isolation or as an alternative to financial measures prescribed by GAAP. Rather, this non-GAAP financial measure should be used to supplement the Company’s GAAP results.

Contact:
Jorge Almeida
Investor Relations
Lennar Corporation
(305) 485-4129

Cision View original content:https://www.prnewswire.com/news-releases/lennar-reports-second-quarter-2026-results-302798539.html

SOURCE Lennar Corporation

Posted on

Omega Flex, Inc. Announces Regular Quarterly Dividend for the Second Quarter 2026

EXTON, Pa., June 11, 2026 (GLOBE NEWSWIRE) — Omega Flex, Inc. (the “Company”) (NASDAQ: OFLX) today announced that the Board of Directors declared a regular quarterly dividend of $0.34 per share payable on July 7, 2026, to shareholders of record on June 23, 2026. In determining the amount of future regular quarterly dividends, the Board will review the cash needs of the Company, and based on results of operations, financial condition, capital expenditure plans, and consideration of possible acquisitions, as well as such other factors as the Board of Directors may consider relevant, determine on a quarterly basis the amount of a regular quarterly dividend.

INFORMATION CONCERNING FORWARD-LOOKING STATEMENTS – This press release contains forward-looking statements, which are subject to inherent uncertainties which are difficult to predict and may be beyond the ability of Omega Flex to control. Certain statements in this press release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are not historical facts, but rather reflect Omega Flex’s current expectations concerning future results and events. The words “believes,” “expects,” “intends,” “plans,” “anticipates,” “hopes,” “likely,” “will,” and similar expressions identify such forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance, or achievements of Omega Flex (or entities in which Omega Flex has interests) or industry results, to differ materially from future results, performance or achievements expressed or implied by such forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management’s view only as of the date of this press release. Omega Flex undertakes no obligation to publicly release the result of any revisions to these forward-looking statements which may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, conditions, or circumstances.

Contact: Dean W. Rivest
(610) 524-7272



Posted on

Adamas Trust Declares Second Quarter 2026 Common Stock Dividend of $0.27 Per Share, and Preferred Stock Dividends

NEW YORK, June 11, 2026 (GLOBE NEWSWIRE) — Adamas Trust, Inc. (Nasdaq: ADAM) (the “Company” or “Adamas”) announced today that its Board of Directors (the “Board”) declared a regular quarterly cash dividend of $0.27 per share on shares of its common stock for the quarter ending June 30, 2026. The dividend will be payable on July 28, 2026 to common stockholders of record as of the close of business on June 23, 2026.

In addition, the Board declared cash dividends on the Company’s 8.000% Series D Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock (“Series D Preferred Stock”), 7.875% Series E Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock (“Series E Preferred Stock”), 6.875% Series F Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock (“Series F Preferred Stock”) and 7.000% Series G Cumulative Redeemable Preferred Stock (“Series G Preferred Stock”) as stated below.

Quarterly Preferred Stock Dividends

The Board declared cash dividends for the dividend period that began on April 15, 2026 and ends on July 14, 2026 as follows:

Class of Preferred Stock   Series D   Series E   Series F   Series G
Record Date   July 1, 2026   July 1, 2026   July 1, 2026   July 1, 2026
Payment Date   July 15, 2026   July 15, 2026   July 15, 2026   July 15, 2026
Cash Dividend Per Share   $0.50   $0.6549289   $0.4296875   $0.4375

About Adamas Trust

Adamas Trust, Inc. is an internally managed real estate investment trust (“REIT”) focused on strategically deploying capital across complementary businesses to generate durable earnings and long-term value for stockholders through disciplined portfolio management and an operating platform designed to capture opportunities across real estate and capital markets.


Forward-Looking Statements

When used in this press release, in future filings with the Securities and Exchange Commission (the “SEC”) or in other written or oral communications, statements which are not historical in nature, including those containing words such as “will,” “believe,” “expect,” “anticipate,” “estimate,” “plan,” “continue,” “intend,” “could,” “would,” “should,” “may” or similar expressions, are intended to identify “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and, as such, may involve known and unknown risks, uncertainties and assumptions. Statements regarding the following subject, among others, may be forward-looking: the payment of dividends.

Forward-looking statements are based on estimates, projections, beliefs and assumptions of management of the Company at the time of such statements and are not guarantees of future performance. Forward-looking statements involve risks and uncertainties in predicting future results and conditions. Actual results and outcomes could differ materially from those projected in these forward-looking statements due to a variety of factors, including, without limitation: changes in the Company’s business and investment strategy; inflation and changes in interest rates and the fair market value of the Company’s assets, including negative changes resulting in margin calls relating to the financing of the Company’s assets; changes in credit spreads; changes in the long-term credit ratings of the U.S., Fannie Mae, Freddie Mac, and Ginnie Mae; general volatility of the markets in which the Company invests; changes in prepayment rates on the loans the Company owns or that underlie the Company’s investment securities; increased rates of default, delinquency or vacancy and/or decreased recovery rates on or at the Company’s assets; the Company’s ability to identify and acquire targeted assets, including assets in its investment pipeline; the Company’s ability to dispose of assets from time to time on terms favorable to it; changes in relationships with the Company’s financing counterparties and the Company’s ability to borrow to finance its assets and the terms thereof; changes in the Company’s relationships with and/or the performance of its operating partners; the Company’s ability to predict and control costs; changes in laws, regulations or policies affecting the Company’s business; the Company’s ability to make distributions to its stockholders in the future; the Company’s ability to maintain its qualification as a REIT for U.S. federal income tax purposes; the Company’s ability to maintain its exemption from registration under the Investment Company Act of 1940, as amended; impairments and declines in the value of the collateral underlying the Company’s investments; changes in the benefits the Company anticipates from the acquisition of Constructive Loans, LLC; the Company’s ability to effectively integrate Constructive Loans, LLC into the Company and the risks associated with the ongoing operation thereof; the Company’s ability to manage or hedge credit risk, interest rate risk, and other financial and operational risks; the Company’s exposure to liquidity risk, risks associated with the use of leverage, and market risks; and risks associated with investing in real estate assets and/or operating companies, including changes in business conditions and the general economy, the availability of investment opportunities and conditions in markets for residential loans, mortgage-backed securities, structured multi-family investments and other assets that the Company owns or in which the Company invests.

These and other risks, uncertainties and factors, including the risk factors and other information described in the Company’s reports filed with the SEC pursuant to the Exchange Act, could cause the Company’s actual results to differ materially from those projected in any forward-looking statements the Company makes. All forward-looking statements speak only as of the date on which they are made. New risks and uncertainties arise over time and it is not possible to predict those events or how they may affect the Company. Except as required by law, the Company is not obligated to, and does not intend to, update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

For Further Information

AT THE COMPANY
Investor Relations
Phone: 212-792-0107
Email: [email protected]



Posted on

Broadstone Net Lease Adds $40 Million to its Committed Pipeline of Build-to-Suit Developments

Broadstone Net Lease Adds $40 Million to its Committed Pipeline of Build-to-Suit Developments

VICTOR, N.Y.–(BUSINESS WIRE)–
Broadstone Net Lease, Inc. (NYSE: BNL) (“BNL”, the “Company”, “we”, “our”, or “us”) announced today that it has added one additional build-to-suit development for Tesla, Inc, with an estimated total project investment of $39.8 million. The project includes a new state of the art sales, service, and delivery (SSD) facility located in Las Vegas, Nevada sourced through an existing developer relationship, and is expected to rent commence in the fourth quarter of 2027.

BUILD-TO-SUIT DEVELOPMENT UPDATE

The following table summarizes the recently added build-to-suit development for Tesla, Inc:

(in thousands)

 

 

Property

 

Total Rentable Square Feet

 

Start Date

 

Stabilization Date/Stabilized Date

 

Lease Term (Years)

 

Annual Rent Escalations

 

Estimated Total Project Investment

 

Cumulative Investment

 

Estimated Remaining Investment

 

Cash Capitalization Rate

 

Straight-line Yield 1

Stabilized industrial:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tesla Inc. (Las Vegas, NV)

 

60

 

Jun. 2026

 

Nov. 2027

 

15.0

 

3.0

%

 

$

39,794

 

$

19,191

 

$

20,603

 

6.7

%

 

8.3

%
1 Represents our pro-rata share of the estimated first year yield to be generated on a real estate investment, which was computed at the time of investment based on the estimated annual straight-line rental income computed in accordance with GAAP, divided by the estimated total project investment.
 

About Broadstone Net Lease, Inc.

BNL is an industrial-focused, diversified net lease REIT that invests in primarily single-tenant commercial real estate properties that are net leased on a long-term basis to a diversified group of tenants. Utilizing an investment strategy underpinned by strong fundamental credit analysis and prudent real estate underwriting, as of March 31, 2026, BNL’s diversified portfolio consisted of 773 individual net leased commercial properties with 766 properties located in 44 U.S. states and seven properties located in four Canadian provinces across the industrial, retail, and other property types.

Forward-Looking Statements

This press release contains “forward-looking” statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, regarding, among other things, our plans, strategies, and prospects, both business and financial. Such forward-looking statements can generally be identified by our use of forward-looking terminology such as “outlook,” “potential,” “may,” “will,” “should,” “could,” “seeks,” “approximately,” “projects,” “predicts,” “expect,” “intends,” “anticipates,” “estimates,” “plans,” “would be,” “believes,” “continues,” or the negative version of these words or other comparable words. Forward-looking statements, including our 2026 guidance and assumptions, rent commencement timing, and build-to-suit developments, involve known and unknown risks and uncertainties, which may cause BNL’s actual future results to differ materially from expected results, including, without limitation, risks and uncertainties related to general economic conditions, including but not limited to increases in the rate of inflation and/or fluctuation of interest rates, local real estate conditions, tenant financial health, property investments and acquisitions, and the timing and uncertainty of completing these property investments and acquisitions, and uncertainties regarding future distributions to our stockholders. These and other risks, assumptions, and uncertainties are described in Item 1A “Risk Factors” of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed with the SEC on February 19, 2026 which you are encouraged to read, and is available on the SEC’s website at www.sec.gov. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. Accordingly, you are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date they are made. The Company assumes no obligation to, and does not currently intend to, update any forward-looking statements after the date of this press release, whether as a result of new information, future events, changes in assumptions, or otherwise.

Company Contact:

Brent Maedl

Director, Corporate Finance & Investor Relations

[email protected]

585.382.8507

KEYWORDS: United States North America Nevada New York

INDUSTRY KEYWORDS: REIT Finance Professional Services Commercial Building & Real Estate Construction & Property

MEDIA:

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Posted on

Friedman Industries, Incorporated Announces Fourth Quarter and Fiscal Year 2026 Results

March 31, 2026 Quarter Highlights:

  • Net earnings of $9.2 million; EBITDA of $15.2 million
  • Sales of $191.8 million
  • Record quarterly sales volume
  • 6% increase in sales volume over the preceding third quarter
  • 14% increase in sales volume over the prior year fourth quarter

Fiscal Year March 31, 2026 Highlights:

  • Net earnings of $19.5 million; EBITDA of $34.3 million
  • Sales of $646.9 million – 46% increase over the prior fiscal year
  • Record annual sales volume
  • 22% increase in sales volume over the prior fiscal year

LONGVIEW, Texas, June 11, 2026 (GLOBE NEWSWIRE) — Friedman Industries, Incorporated (NASDAQ/GS: FRD) announced today its results of operations for the quarter and fiscal year ended March 31, 2026.

“We delivered an outstanding fourth quarter and a strong finish to fiscal 2026 as our strategic investments and operating initiatives translated into meaningful financial results,” said Michael J. Taylor, President and Chief Executive Officer. “Fourth quarter net earnings increased to $9.2 million on sales of $191.8 million, while sales volume reached the highest quarterly level in Company history. Fiscal 2026 sales volume also established a new Company record, driving net earnings of $19.5 million on sales of $646.9 million. These results reflect the strength of our operating platform, disciplined commercial execution, and continued focus on profitable growth.”

Taylor continued, “Our fiscal 2026 performance demonstrates the effectiveness of our long-term growth strategy. Record sales volumes, increased capacity utilization, and strong execution across our facilities drove improved operating results throughout the year. In addition, the Century Metals acquisition has proven to be an excellent strategic fit by expanding our processing capabilities, enhancing our geographic reach, and contributing meaningfully to both volume growth and profitability. Combined with our risk management capabilities and strong balance sheet, we believe we are well positioned to continue building value for our shareholders.”

FINANCIAL RESULTS

For the quarter ended March 31, 2026 (the “2026 quarter”), the Company recorded net earnings of approximately $9.2 million ($1.30 diluted earnings per share) on sales of approximately $191.8 million compared to net earnings of approximately $5.3 million ($0.76 diluted earnings per share) on net sales of approximately $129.2 million for the quarter ended March 31, 2025 (the “2025 quarter”). EBITDA for the 2026 quarter was approximately $15.2 million compared to approximately $8.5 million for the 2025 quarter. Sales volume increased from approximately 166,500 tons for the 2025 quarter to approximately 189,000 tons for the 2026 quarter, an increase of approximately 22,500 tons, or 14%. Approximately half of the increase was attributable to same-facility volume growth at the Company’s existing operations, while the remaining increase resulted from volumes contributed by Century Metals, which was acquired during fiscal 2026.

For the year ended March 31, 2026 (“fiscal 2026”), the Company recorded net earnings of approximately $19.5 million ($2.76 diluted earnings per share) on sales of approximately $646.9 million. For the year ended March 31, 2025 (“fiscal 2025”), the Company recorded net earnings of approximately $6.1 million ($0.87 diluted earnings per share) on sales of approximately $444.6 million. EBITDA for fiscal 2026 was approximately $34.3 million compared to approximately $13.9 million for fiscal 2025. Sales volume increased from approximately 579,500 tons for fiscal 2025 to approximately 706,000 tons for fiscal 2026, an increase of approximately 126,500 tons, or 22%. Approximately 100,500 tons of the increase, or 80%, was attributable to same-facility volume growth at the Company’s existing operations, while the remaining approximately 26,000 tons, or 20%, resulted from volumes contributed by Century Metals, which was acquired during fiscal 2026.

The table below provides our statements of operations for the quarters and fiscal years ended March 31, 2026 and 2025:

SUMMARY OF OPERATIONS                
(In thousands, except for per share data)              
                 
    Three Months Ended March 31,


 		  Fiscal Year Ended March 31,
    2026
   2025
   2026
   2025
                 
Net Sales   $ 191,779     $ 129,216     $ 646,913     $ 444,600  
                 
Cost and expenses:                
Cost of materials sold (excludes items shown separately below)   (149,438 )     (102,483 )     (518,696 )     (365,648 )
Processing and warehousing expense   (12,131 )     (9,447 )     (41,722 )     (33,477 )
Delivery expense     (7,617 )     (6,855 )     (28,398 )     (23,228 )
Selling, general and administrative expenses   (9,730 )     (3,838 )     (28,622 )     (16,171 )
Depreciation and amortization     (1,033 )     (846 )     (3,824 )     (3,291 )
      (179,949 )     (123,469 )     (621,262 )     (441,815 )
                 
Gain on disposal of property, plant & equipment   –       105       –       258  
                 
Earnings from operations     11,830       5,852       25,651       3,043  
                 
Gain on economic hedges of risk     904       1,765       3,412       7,598  
Interest expense     (1,394 )     (771 )     (4,104 )     (2,953 )
Fair value adjustment of contingent consideration   1,420       –       1,420       –  
Other income (expense)     (14 )     2       (7 )     5  
                 
Earnings before income taxes     12,746       6,848       26,372       7,693  
                 
Income tax expense     (3,524 )     (1,503 )     (6,839 )     (1,608 )
                 
Net earnings   $ 9,222     $ 5,345     $ 19,533     $ 6,085  
                 
Net earnings per share:                
Basic   $ 1.30     $ 0.76     $ 2.76     $ 0.87  
Diluted   $ 1.30     $ 0.76     $ 2.76     $ 0.87  
                                 

The table below provides summarized balance sheets as of March 31, 2026 and 2025:

SUMMARIZED BALANCE SHEETS      
(In thousands)      
       
  March 31, 2026   March 31, 2025
ASSETS:      
Current Assets 257,039   166,467
Noncurrent Assets 79,771   60,355
Total Assets 336,810   226,822
       
LIABILITIES AND STOCKHOLDERS’ EQUITY:      
Current Liabilities 76,149   38,324
Noncurrent Liabilities 109,167   56,073
Total Liabilities 185,316   94,397
       
Total Stockholders’ Equity 151,494   132,425
       
Total Liabilities and Stockholders’ Equity 336,810   226,822
       

FLAT-ROLL SEGMENT OPERATIONS

Flat-roll segment sales for the 2026 quarter totaled approximately $175.7 million, compared to approximately $117.7 million for the 2025 quarter.

Sales volume for the 2026 quarter consisted of approximately 157,500 tons from inventory and another 19,000 tons of toll processing, compared to approximately 139,000 tons from inventory and 16,500 tons of toll processing in the 2025 quarter. The increase in sales volume was driven by stronger demand among some customers, successful commercial efforts to increase capacity utilization and the acquisition of Century.

The average selling price increased from approximately $836 per ton in the 2025 quarter to approximately $1,108 per ton in the 2026 quarter. The flat-roll segment recorded earnings from operations of approximately $13.9 million and $7.1 million for the 2026 quarter and 2025 quarter, respectively.

TUBULAR SEGMENT OPERATIONS

Tubular segment sales for the 2026 quarter totaled approximately $16.1 million, compared to approximately $11.5 million for the 2025 quarter.

Tons sold increased from approximately 11,000 tons for the 2025 quarter to approximately 12,500 tons for the 2026 quarter. The average per ton selling price increased from approximately $1,044 per ton in the 2025 quarter to approximately $1,287 per ton in the 2026 quarter. The tubular segment recorded earnings from operations of approximately $2.0 million and $0.6 million for the 2026 quarter and 2025 quarter, respectively.

HEDGING ACTIVITIES

The Company utilizes hot-rolled coil (“HRC”) futures, options and swaps to manage price risk on unsold inventory and longer-term fixed price sales agreements. Hedging activities are typically accounted for using mark-to-market (“MTM”) accounting treatment and hedging decisions are intended to protect the value of our inventory and produce more consistent financial results over price cycles. With MTM accounting treatment it is possible that hedging related gains or losses might be recognized in a different period than the corresponding improvement or contraction in our physical margins. For the 2026 quarter, we recognized a gain on hedging activities of approximately $0.9 million. For fiscal 2026, we recognized a total hedging gain of approximately $3.4 million.

OUTLOOK

Management expects first quarter fiscal 2027 sales volumes to be comparable to fourth quarter fiscal 2026 volumes. Management anticipates sequential improvement in sales margins driven by increases in average selling prices during the first quarter.

“Friedman enters fiscal 2027 with strong operating momentum following a year of record sales volumes and significantly improved earnings,” Taylor added. “We expect first quarter sales volumes to be similar to fourth quarter levels and anticipate sequential margin improvement driven by higher average selling prices. The successful execution of our growth strategy, including the integration of Century, has strengthened our operating platform and expanded our ability to serve customers across our markets.”

Taylor concluded, “With a diversified footprint, a strong balance sheet, disciplined commercial approach, and proven risk management capabilities, we believe we are well positioned to capitalize on market opportunities and continue delivering profitable growth and long-term value for our shareholders.”

ABOUT FRIEDMAN INDUSTRIES

Friedman Industries, Incorporated (“the Company”), headquartered in Longview, Texas, is a diversified metals processing and pipe manufacturing company operating through two segments: flat-roll products and tubular products.

The flat-roll products segment includes processing facilities in Hickman, Arkansas; Decatur, Alabama; Miami, Florida; East Chicago, Indiana; Granite City, Illinois; and Sinton, Texas, as well as a distribution facility in Orlando, Florida. This segment processes carbon steel, stainless steel, and aluminum flat-rolled products. The Hickman, East Chicago, and Granite City facilities operate temper mills and corrective leveling cut-to-length lines; the Sinton and Decatur facilities operate stretcher leveler cut-to-length lines; and the Miami facility operates both a corrective leveling cut-to-length line and a slitting line. Additionally, the Granite City facility operates a fiber laser to further process sheet and plate into customer parts.

The tubular products segment operates in Lone Star, Texas, where the Company manufactures electric resistance welded (ERW) pipe and distributes pipe through its Texas Tubular Products division.

For more information, visit www.friedmanindustries.com.

NON-GAAP FINANCIAL MEASURES

The Company uses the non-GAAP (Generally Accepted Accounting Principles) financial measure of EBITDA in this news release. We define EBITDA as net earnings plus the following items: interest expense; provision for income tax; depreciation; and amortization. The Company presents EBITDA because it considers the measure as an important supplemental financial measure which provides additional insight for investors evaluating the Company’s financial and operational performance. The table below provides a reconciliation of net earnings to EBITDA for the periods discussed in this news release:

Reconciliation of EBITDA              
(In thousands)              
  Three months ended March 31,   Fiscal year ended March 31,
  2026   2025   2026   2025
Net earnings 9,222   5,345   19,533   6,085
Interest expense 1,394   771   4,104   2,953
Provision for income taxes 3,524   1,503   6,839   1,608
Depreciation and amortization 1,033   846   3,824   3,291
EBITDA 15,173   8,465   34,300   13,937
               

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act, and such statements involve risk and uncertainty. Forward-looking statements include those preceded by, followed by or including the words “will,” “expect,” “intended,” “anticipated,” “believe,” “project,” “forecast,” “propose,” “plan,” “estimate,” “enable,” and similar expressions, including, for example, statements about our business strategy, our industry, our future profitability, growth in the industry sectors we serve, our expectations, beliefs, plans, strategies, objectives, prospects and assumptions, future production capacity and product quality.  These forward-looking statements may include, but are not limited to, everything under the header “Outlook” above, including sales volumes, margins, hedging results, and potential price increases, expectations as to financial results during the Company’s upcoming fiscal quarters, future changes in the Company’s financial condition or results of operations, future production capacity, product quality and proposed expansion plans. Forward-looking statements may be made by management orally or in writing including, but not limited to, this news release.  

Forward-looking statements are not guarantees of future performance. These statements are based on management’s expectations that involve a number of business risks and uncertainties, any of which could cause actual results to differ materially from those expressed in or implied by the forward-looking statements. Although forward-looking statements reflect our current beliefs, reliance should not be placed on forward-looking statements because they involve known and unknown risks, uncertainties and other factors, which may cause our actual results, performance or achievements to differ materially from anticipated future results, performance or achievements expressed or implied by such forward-looking statements.

Actual results and trends in the future may differ materially depending on a variety of factors including, but not limited to, changes in the demand for and prices of the Company’s products, changes in government policy regarding steel, changes in the demand for steel and steel products in general and the Company’s success in executing its internal operating plans, changes in and availability of raw materials, our ability to satisfy our take or pay obligations under certain supply agreements, unplanned shutdowns of our production facilities due to equipment failures or other issues, increased competition from alternative materials and risks concerning innovation, new technologies, products and increasing customer requirements. Accordingly, undue reliance should not be placed on our forward-looking statements. Such risks and uncertainty are also addressed in our Management’s Discussion and Analysis of Financial Condition and Results of Operations and other sections of the Company’s filings with the U.S. Securities and Exchange Commission (the “SEC”) under the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended (the “Exchange Act”), including the Company’s Annual Report on Form 10-K and its other Quarterly Reports on Form 10-Q. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, changed circumstances or otherwise, except to the extent law requires.

For further information, please refer to the Company’s Form 10-K as filed with the SEC on June 11, 2026 or contact Alex LaRue, Chief Financial Officer – Secretary and Treasurer, at (903)758-3431.



Posted on

Xeris Biopharma Announces Notice of Allowance From U.S. Patent and Trademark Office for New Patent Covering KEVEYIS®

Xeris Biopharma Announces Notice of Allowance From U.S. Patent and Trademark Office for New Patent Covering KEVEYIS®

Patent expected to provide intellectual property protection for Keveyis through 2039

Reinforces Xeris’ commitment to the primary periodic paralysis community and the patients who rely on Keveyis

CHICAGO–(BUSINESS WIRE)–
Xeris Pharmaceuticals, Inc., a wholly owned subsidiary of Biopharma Holdings, Inc. (Nasdaq: XERS), a fast-growing biopharmaceutical company committed to improving patient lives by developing and commercializing innovative products across a range of therapies, announced that today the United States Patent and Trademark Office (USPTO) has issued a Notice of Allowance with respect to U.S. Patent Application No. 17/151,405, entitled “Compositions and Methods of Use.” The allowed claims in this application cover the use of the company’s KEVEYIS® (dichlorphenamide) product. The Notice of Allowance indicates that the USPTO has determined that the application meets the requirements for patentability and is expected to issue as a U.S. patent following the completion of standard administrative steps. Following this issuance, the Company will submit the patent to the U.S. Food and Drug Administration (FDA) for listing in the FDA’s publication “Approved Drug Products with Therapeutic Equivalence Evaluations”, commonly known as the Orange Book. Assuming that all necessary actions are taken and all maintenance fees are paid, this new patent will provide intellectual property protection for KEVEYIS through 2039.

“KEVEYIS is the first FDA-approved therapy for primary periodic paralysis, a rare and debilitating condition, and this Notice of Allowance reflects our long-standing commitment to this highly underserved patient community who depend on it,” said John Shannon, CEO of Xeris. “What we do matters. We fight for patients every day, and protecting and strengthening the intellectual property around KEVEYIS ensures we can continue to deliver this important therapy and comprehensive support for the primary periodic paralysis community for years to come.”

KEVEYIS® (dichlorphenamide) is an FDA-approved treatment for primary periodic paralysis (PPP). KEVEYIS is indicated for the treatment of primary hyperkalemic periodic paralysis, primary hypokalemic periodic paralysis, and related variants. PPP is a rare genetic condition that affects muscles and causes episodes of muscle weakness and/or temporary paralysis that can be progressive and debilitating. KEVEYIS has been shown to reduce the number, severity, and duration of PPP attacks. For full prescribing information, including Important Safety Information, please visit www.keveyis.com.

Important Safety Information

  • Contraindications

    • Hypersensitivity to dichlorphenamide or other sulfonamides

    • Concomitant use of KEVEYIS and high-dose aspirin

    • Severe pulmonary disease, limiting compensation to metabolic acidosis caused by KEVEYIS

    • Hepatic insufficiency: KEVEYIS may aggravate hepatic encephalopathy

  • Warnings and Precautions

    • Hypersensitivity/Anaphylaxis/Idiosyncratic Reactions

      • Fatalities associated with the administration of sulfonamides have occurred due to adverse reactions including Stevens-Johnson syndrome, toxic epidermal necrolysis, fulminant hepatic necrosis, agranulocytosis, aplastic anemia and other blood dyscrasias.

      • Pulmonary involvement can occur in isolation or as part of a systemic reaction.

      • Discontinue KEVEYIS at the first appearance of skin rash or any sign of immune-mediated or other life-threatening adverse reaction.

  • Concomitant Use of Aspirin or Other Salicylates

    • Carbonic anhydrous inhibitors, including KEVEYIS, can cause metabolic acidosis, which can increase the risk of salicylate toxicity.

    • Anorexia, tachypnea, lethargy, and coma have been reported with concomitant use of dichlorphenamide and high-dose aspirin.

    • Concomitant use of KEVEYIS and high-dose aspirin is contraindicated. Use with caution and carefully monitor in patients receiving low-dose aspirin.

  • Hypokalemia

    • KEVEYIS increases potassium excretion and can cause hypokalemia.

    • The risk of hypokalemia is greater when KEVEYIS is used in patients with conditions associated with hypokalemia (e.g., adrenocortical excess, renal tubular acidosis type 1 and 2), and in patients receiving other drugs that may cause hypokalemia (e.g., loop diuretics, thiazide diuretics, laxatives, antifungals, penicillin, and theophylline).

    • Baseline and periodic measurements of serum potassium are recommended.

    • If hypokalemia develops or persists, consider reducing the dose or discontinuing KEVEYIS and correction of potassium levels.

  • Metabolic Acidosis

    • KEVEYIS can cause hyperchloremic non-anion gap metabolic acidosis.

    • Concomitant use of KEVEYIS with other drugs that cause metabolic acidosis may increase the severity of acidosis.

    • Concomitant use of KEVEYIS in compensated patients with respiratory acidosis, such as in advanced lung diseases, may lead to respiratory decompensation.

    • Baseline and periodic measurements of serum bicarbonate during KEVEYIS treatment are recommended.

    • If metabolic acidosis develops or persists, consider reducing the dose or discontinuing KEVEYIS.

  • Falls

    • KEVEYIS increases the risk of falls; risk is greater in the elderly and with higher doses.

    • Consider dose reduction or discontinuation of KEVEYIS in patients who experience falls while treated with KEVEYIS.

  • Pregnancy and Lactation

    • Use during pregnancy only if the potential benefit justifies the potential risk to the fetus. It is not known in humans whether dichlorphenamide is excreted in human milk; exercise caution when administered to a nursing woman.

  • Adverse Reactions

    • The most common adverse reactions seen in clinical trials (incidence ≥ 10% and greater than placebo) include paresthesias, cognitive disorder, dysgeusia, and confusional state.

  • Please see Full Prescribing Information.

About Xeris

Xeris (Nasdaq: XERS) is a fast-growing biopharmaceutical company committed to improving patient lives by developing and commercializing innovative products across a range of therapies. Xeris has three commercially available products: RECORLEV®, for the treatment of endogenous Cushing’s syndrome; GVOKE®, a ready-to-use liquid glucagon for the treatment of severe hypoglycemia; and KEVEYIS®, a proven therapy for primary periodic paralysis. Xeris also has a pipeline of development programs led by XP-8121, a Phase 3-ready, once-weekly subcutaneous injection for hypothyroidism, as well as multiple early-stage programs leveraging Xeris’ technology platforms, XeriSol® and XeriJect®, for its partners.

Xeris Biopharma Holdings is headquartered in Chicago, IL. For more information, visit www.xerispharma.com, or follow us on X, LinkedIn, or Instagram.

Forward-Looking Statements

Any statements in this press release other than statements of historical fact are forward-looking statements. Forward-looking statements include, but are not limited to, statements about future expectations, plans, opportunities, and prospects for Xeris Biopharma Holdings, Inc., including statements regarding, the expected grant and scope of the U.S. patent for Keveyis, the company’s intention to submit the patent for listing in the FDA’s Orange Book, the term of intellectual property protection for Keveyis, the company’s intention to protect and strengthen its intellectual property rights relating to KEVEYIS®, commitment to protecting the long-term value of its assets, the growth potential of its drug products, including KEVEYIS®, the market and therapeutic potential of its products and product candidates, and other statements containing the words “will,” “would,” “continue,” “expect,” “should,” “anticipate,” and similar expressions, constitute forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on numerous assumptions and assessments made in light of Xeris’ experience and perception of historical trends, current conditions, business strategies, operating environment, future developments, geopolitical factors and other factors it believes appropriate. By their nature, forward-looking statements involve known and unknown risks and uncertainties because they relate to events and depend on circumstances that will occur in the future. The various factors that could cause Xeris’ actual results, performance or achievements, industry results and developments to differ materially from those expressed in or implied by such forward-looking statements, include, but are not limited to, its financial position and need for financing, including to fund its product development programs or commercialization efforts, whether its products will achieve and maintain market acceptance in a competitive business environment, its reliance on third-party suppliers, including single-source suppliers, its reliance on third parties to conduct clinical trials, the ability of its product candidates to compete successfully with existing and new drugs, and its collaborators’ ability to protect its intellectual property and proprietary technology, and general macroeconomic and geopolitical conditions, including the possibility of an economic downturn, changes in governmental priorities and resources, announced or implemented tariffs, and market volatility. No assurance can be given that such expectations will be realized and persons reading this communication are, therefore, cautioned not to place undue reliance on these forward-looking statements. Additional risks and information about potential impacts of financial, operational, economic, competitive, regulatory, governmental, technological, and other factors that may affect Xeris can be found in Xeris’ filings, including its most recently filed Annual Report on Form 10-K and subsequent filings with the U.S. Securities and Exchange Commission, the contents of which are not incorporated by reference into, nor do they form part of, this communication. Forward-looking statements in this communication are based on information available to management, as of the date of this communication and, while the Company believes its assumptions are reasonable, actual results may differ materially. Subject to any obligations under applicable law, the Company does not undertake any obligation to update any forward-looking statement whether as a result of new information, future developments or otherwise, or to conform any forward-looking statement to actual results, future events, or to changes in expectations.

Investor Contact

Allison Wey

Senior Vice President, Investor Relations

[email protected]

KEYWORDS: United States North America Illinois

INDUSTRY KEYWORDS: Research FDA Clinical Trials Biotechnology Other Health Health Pharmaceutical Other Science Science

MEDIA:

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Colgate Declares Regular Quarterly Dividend

Colgate Declares Regular Quarterly Dividend

NEW YORK–(BUSINESS WIRE)–
The Board of Directors of Colgate-Palmolive Company (NYSE:CL) today declared a quarterly cash dividend of $0.53 per common share, payable on August 14, 2026, to shareholders of record on July 20, 2026. The Company has paid uninterrupted dividends on its common stock since 1895.

* * *

Colgate-Palmolive Company is a caring, innovative growth company that is reimagining a healthier future for all people, their pets and our planet. Focused on Oral Care, Personal Care, Home Care and Pet Nutrition, we sell our products in more than 200 countries and territories under brands such as Colgate, Palmolive, Ajax, Axion, Darlie, elmex, EltaMD, Fabuloso, Filorga, hello, Hill’s Prescription Diet, Hill’s Science Diet, Irish Spring, Lady Speed Stick, meridol, PCA SKIN, Prime100, Protex, Sanex, Softsoap, Sorriso, Soupline, Speed Stick, Suavitel and Tom’s of Maine. We are recognized for our leadership and innovation in promoting sustainability and community wellbeing, including our achievements in decreasing plastic waste and promoting recyclability, saving water and improving children’s oral health through our Colgate Bright Smiles, Bright Futures program, which has reached approximately two billion children and their families since 1991. For more information about Colgate-Palmolive and how we make more smiles, visit www.colgatepalmolive.com. CL-D

Investor Relations: [email protected]

Communications: [email protected]

KEYWORDS: United States North America New York

INDUSTRY KEYWORDS: Retail Health Consumer Home Goods Supermarket Dental Pets

MEDIA:

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W. P. Carey Increases Quarterly Dividend to $0.940 per Share

PR Newswire

NEW YORK, June 11, 2026 /PRNewswire/ — W. P. Carey Inc. (W. P. Carey, NYSE: WPC) reported today that its Board of Directors increased its quarterly cash dividend to $0.940 per share, equivalent to an annualized dividend rate of $3.76 per share. The dividend is payable on July 15, 2026 to stockholders of record as of June 30, 2026.

W. P. Carey Inc.   

W. P. Carey ranks among the largest net lease REITs with a well-diversified portfolio of high-quality, operationally critical commercial real estate, which includes 1,703 net lease properties covering approximately 185 million square feet as of March 31, 2026. With offices in New York, London, Amsterdam and Dallas, the company remains focused on investing primarily in single-tenant industrial, warehouse and retail properties located in the U.S. and Europe, under long-term net leases with built-in rent escalations.

www.wpcarey.com

Institutional Investors:
Peter Sands
1 (212) 492-1110
[email protected]

Individual Investors:
W. P. Carey Inc.
1 (212) 492-8920
[email protected]

Press Contact:
Amanda Woodward
1 (212) 492-1171
[email protected]

W. P. Carey Inc. Logo. (PRNewsFoto/W. P. Carey Inc.)

 

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/w-p-carey-increases-quarterly-dividend-to-0-940-per-share-302798416.html

SOURCE W. P. Carey Inc.

Posted on

Lowe’s to Participate in Virtual Fireside Chat Hosted by Oppenheimer & Co. Inc.

PR Newswire

MOORESVILLE, N.C., June 11, 2026 /PRNewswire/ — Lowe’s Companies, Inc. (NYSE: LOW) announces that Marvin R. Ellison, chairman and chief executive officer, and Brandon J. Sink, chief financial officer, will participate in a virtual fireside chat hosted by Oppenheimer & Co. Inc.

Lowe's Companies, Inc. Logo. (PRNewsFoto/Lowe's Companies, Inc.)


What:

Marvin Ellison and Brandon Sink to participate in virtual fireside chat hosted by Brian Nagel from Oppenheimer & Co. Inc.


When:

9 a.m. ET on Thursday, June 18, 2026


Where:

Visit Lowe’s Investor Relations at ir.lowes.com for the video webcast

A link will be displayed under “Events & Presentations”


How:

Watch live online – the archived webcast will be available at the same location approximately 24 hours after the conclusion of the live event

About Lowe’s

Lowe’s Companies, Inc. (NYSE: LOW) is a FORTUNE® 100 home improvement company with total fiscal 2025 sales of more than $86 billion. Lowe’s employs approximately 300,000 associates and operates over 1,750 home improvement stores, 540 branches and 120 distribution centers. Based in Mooresville, N.C., Lowe’s supports the communities it serves through programs focused on creating safe, affordable housing, improving community spaces, helping to develop the next generation of skilled trade experts and providing disaster relief to communities in need. For more information, visit Lowes.com.  

LOW-IR


Contacts: 


Shareholder /Analyst Inquiries:           


Media Inquiries:         

Shelly Hubbard                                 

Steve Salazar

704-775-3856                                               


[email protected]


[email protected]                      

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/lowes-to-participate-in-virtual-fireside-chat-hosted-by-oppenheimer–co-inc-302798146.html

SOURCE Lowe’s Companies, Inc.