FRD — what changed in the latest 10-Q
A section-by-section comparison of FRD's newest periodic SEC filing (10-K/10-Q) against the prior same-form filing: paragraphs added and removed per section, with verbatim excerpts. Purely a deterministic text diff — no similarity scores, no directional read, not investment advice.
Comparing 10-Q · 2026-11-05 vs the prior 10-Q · 2026-08-06
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +12 | −3 | ~8 | 9 |
| Controls & procedures | Text added/removed | 0 | 0 | ~2 | 0 |
| Other information | Text added/removed | 0 | 0 | ~1 | 0 |
Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.
Not shown (absent or not faithfully extractable): Market risk (Item 3), Legal proceedings, Risk factors
Representative excerpts
Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.
MD&A
Text added vs the prior filing · source: 10-Q · 2026-11-05
The Company's operating results are influenced by fluctuations in market prices for metals, particularly hot-rolled steel coil ("HRC"), as the majority of the Company's revenue is generated from processing HRC and products derived from HRC. During the 2026 period, the Company benefited from a sustai…
Three Months Ended September 30, 2026 Compared to Three Months Ended September 30, 2025
During the three months ended September 30, 2026 (the “2026 quarter”), sales, cost of materials sold and adjusted gross profit increased approximately $134.4 million, $85.7 million and $48.7 million, respectively, compared to the amounts recorded during the three months ended September 30, 2025 (the…
The Company's operating results are influenced by fluctuations in market prices for metals, particularly hot-rolled steel coil ("HRC"), as the majority of the Company's revenue is generated from processing HRC and products derived from HRC. During the 2026 quarter, the Company benefited from the con…
Flat-roll product segment sales for the 2026 quarter totaled approximately $266.6 million compared to approximately $143.3 million for the 2025 quarter. For a more complete understanding of the average selling prices of goods sold, it is helpful to exclude any sales generated from processing or stor…
Text removed vs the prior filing · source: 10-Q · 2026-08-06
Our operating results are influenced by changes in the market prices of the metals we purchase. The majority of the Company's revenue is generated from processing hot-rolled steel coil ("HRC") and products derived from HRC. Entering the 2026 quarter, HRC prices were in a sustained upward trend, incr…
During the three months ended June 30, 2026, the Company maintained assets and liabilities at levels it believed were commensurate with operations. Changes in balance sheet amounts occurred in the ordinary course of business. The Company expects to continue to monitor, evaluate and manage balance sh…
The Company utilizes hot-rolled coil futures, options and swaps to manage price risk on unsold inventory and longer-term fixed price sales agreements. The Company has elected hedge accounting for some of its hedging activities previously but most recently the Company has classified its hedging activ…
How to read Risk Factors (Item 1A) in a 10-Q
A 10-Q risk-factor section usually takes one of three forms; this page classifies it as one of:
- Pointer — the filer states there have been no material changes and points back to the annual 10-K risk factors; there is no own risk text to compare this quarter.
- Partial update — the filer carves out specific updated risks ("except as set forth below"); the excerpts show exactly what is new this quarter.
- Restated in full — the quarter carries the complete risk-factor text. When the prior quarter was only a pointer there is no prior full text to diff against, so the page flags the section as restated instead.
This describes the filing structure only — it is never a judgement on whether risk went up or down.
Source: text-level diff of the two SEC EDGAR filings · deterministic (no AI-generated content) · for reference only · not investment advice