- Fourth quarter net sales increased 17% to $275 million vs. $235
million in Q4 2012
- Fourth quarter EBITDA of $25 million vs. $10 million in Q4
2012
- Fourth quarter net loss of $1.2 million vs. net income of $1.0
million in Q4 2012
- Cash and cash equivalents were $50 million as of October 31,
2013
HOUSTON, Dec. 18, 2013 (GLOBE NEWSWIRE) -- Quanex
Building Products Corporation (NYSE:NX) today released
results for its fourth fiscal quarter ended October 31, 2013.
"EBITDA results for each of our business segments improved in
the quarter," CEO Bill Griffiths said. "Results were favorably
impacted by an improvement in the housing market, coupled with
savings generated from last year's insulating glass facility
consolidation and the addition of Aluminite earlier in
2013. Corporate results were negatively impacted as we
recognized $15 million of accelerated depreciation from the
cessation of our ERP implementation."
Engineered Products Group
(EPG)
EPG reported fourth quarter 2013 net sales of $167 million, an
increase of 22% (10% excluding Aluminite's sales), compared to $136
million in the fourth quarter of 2012. Fourth quarter 2013
operating income was $18 million compared to $14 million in the
fourth quarter of 2012. EPG's fourth quarter 2013 EBITDA was
$26 million compared to $21 million in the fourth quarter of
2012. EPG's results continue to be impacted by higher industry
sales of lower performance windows typically installed in new
construction and continued weak residential remodeling and
replacement (R&R) sales.
Preliminary U.S. window shipments as reported by Ducker
Worldwide (Ducker), a market intelligence firm, increased 11% for
the 12 months ended September 30, 2013, driven by a 24% increase in
new construction units. U.S. window shipments to the R&R
market, as reported by Ducker, increased 4% for the 12 month period
ended September 30, 2013. The Company estimates that
approximately 70% of EPG's sales are currently tied to R&R
versus new construction. EPG's North American domestic
fenestration sales, the most comparable sales figure to those
reported by Ducker, increased 18% (6% excluding Aluminite) from the
previous 12 months.
Aluminum Sheet Products Group
(Nichols)
The Aluminum Sheet Products Group reported fourth quarter 2013
net sales of $111 million, an increase of 9% compared to $101
million in the fourth quarter of 2012. Fourth quarter 2013
operating income was $4 million compared to an operating loss of $1
million in the fourth quarter of 2012. Fourth quarter 2013
EBITDA was $6 million compared to $1 million in the fourth quarter
of 2012.
The improved fourth quarter performance was due to an increase
in shipped pounds, primarily due to regaining market share from
2012 strike-related losses and improved equipment
reliability. Nichols' shipments for the 12 months ended
October 31, 2013, increased 17%. Industry shipments, as
reported by the Aluminum Association, decreased 3% over the same
period. Profitability was negatively impacted by product mix,
with increased demand for mill finished product, which commands a
lower price when compared to painted sheet. Spread improved
$0.01 per pound to $0.42 per pound compared to $0.41 per pound in
the year ago quarter, driven primarily by a modest improvement in
scrap spread. Spread at Nichols remains challenging
primarily due to a larger reduction in aluminum prices compared to
the reduction in scrap aluminum prices, driven by tight scrap
supply market.
Corporate and Other Items
Fourth quarter 2013 corporate costs were $24 million compared to
$12 million in the year ago fourth quarter. Fourth quarter
results were negatively impacted by a non-cash Enterprise Resource
Planning (ERP)-related accelerated depreciation charge of $15.3
million, partially offset by a LIFO inventory adjustment of $2.6
million. Excluding the accelerated depreciation charge and
LIFO inventory adjustment, fourth quarter 2013 corporate expenses
were $11.3 million. During the fourth quarter of 2013, the
Company ceased the ERP project.
The cash balance improved significantly to $50 million at
year-end. For the year, cash provided by operating activities
during 2013 was $44 million. There were no outstanding
borrowings against the revolving credit facility.
Additional information related to fourth quarter and full year
2013 results, including a reconciliation of EBITDA (defined as net
income or loss before interest, taxes, depreciation and
amortization and other, net) to its most comparable GAAP figure,
can be found in the supplemental schedules accompanying this press
release.
2014 Business Outlook and Guidance
"The key indicators that impact our markets are encouraging,"
Griffiths continued. "New housing starts have improved, home
prices are increasing and consumers are beginning to invest in
R&R. Much of the recovery in new construction is weighted
more toward entry level windows; and, consumers are investing
R&R dollars in items such as paint, cabinets and appliances,
but not yet into windows. Prime window demand for the R&R
market, which has been flat for the past several years, will remain
challenging and we believe a measurable recovery is likely 12-18
months away, as low energy costs and tough financing conditions
discourage homeowners from replacing windows."
Ducker is currently forecasting 2014 U.S. window shipments to
increase 12%, with new construction increasing 22% and R&R
increasing 6%. In 2014, EPG's revenue is expected to grow
5%-6% over 2013 results. EPG's EBITDA margins are expected to
be similar to 2013 levels. Pricing pressure, particularly on
vinyl profiles, is expected to remain throughout 2014.
As a result of the continued uncertainty surrounding the changes
to the aluminum warehouse rules and their impact on net spread
levels, it is difficult to provide specific EBITDA guidance for
Nichols. Nichol's EBITDA sensitivity to an improvement in net
spread is roughly $3 million of EBITDA improvement for every $0.01
improvement in the net spread. Notwithstanding this, we expect
2014 revenue growth in the mid to high single digit range and
operational improvements to contribute modestly to Nichol's
profitability in a steady spread environment.
Corporate expenses during 2014 are expected to total $30 million
(excluding LIFO, transaction and deferred compensation-related
costs). Capital expenditures are expected to be $40 million in
2014, with $28 million being attributable to EPG, $11 million to
Nichols and $1 million to Corporate. All capital expenditures
will be aimed toward improvements in worker safety, operational
efficiency, cost reduction and growth initiatives.
Quanex remains very positive on the long-term growth prospects
of its markets and expects to continue to invest for its future
through both organic growth initiatives and acquisitions.
Conference Call Information
Quanex will host its conference call today, December 18, 2013 at
11:00 a.m. (Eastern) to discuss its results and outlook. The call
will be available via webcast at www.quanex.com in the Investors
section.
Forward Looking Statements
Statements that use the words "estimated," "expect," "could,"
"should," "believe," "will," "might," or similar words reflecting
future expectations or beliefs are forward-looking statements. The
forward-looking statements include, but are not limited to, future
operating results of Quanex, the financial condition of Quanex,
future uses of cash and other expenditures, expenses and tax rates,
expectations relating to the company's industry, and the company's
future growth. The statements in this release are based on current
expectations. Actual results or events may differ materially from
this release. Factors that could impact future results may include,
without limitation, the effect of both domestic and global economic
conditions, the impact of competitive products and pricing, the
availability and cost of raw materials, and customer demand. For a
more complete discussion of factors that may affect the company's
future performance, please refer to the company's Annual Report on
Form 10-K for the fiscal year ended October 31, 2012, under the
Securities Exchange Act of 1934 ("Exchange Act"), in particular the
section titled, "Private Securities Litigation Reform Act"
contained therein, and subsequently filed Exchange Act reports.
For additional information, please visit
www.quanex.com
QUANEX BUILDING PRODUCTS
CORPORATION |
CONDENSED CONSOLIDATED
STATEMENTS OF INCOME |
(In thousands, except per share
data) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
Three
Months Ended October 31, |
|
Twelve Months Ended October 31, |
2013 |
2012 |
|
2013 |
2012 |
|
|
|
|
|
$ 275,297 |
$ 235,048 |
Net sales |
$ 952,642 |
$ 828,976 |
222,242 |
193,302 |
Cost of sales |
799,077 |
703,844 |
26,262 |
30,641 |
Selling, general and administrative |
109,325 |
111,577 |
27,115 |
9,215 |
Depreciation and amortization |
60,504 |
37,596 |
1,465 |
912 |
Asset impairment charges |
1,465 |
912 |
(1,787) |
978 |
Operating income (loss) |
(17,729) |
(24,953) |
(145) |
(106) |
Interest expense |
(640) |
(454) |
296 |
23 |
Other, net |
168 |
222 |
(1,636) |
895 |
Income (loss) before income
taxes |
(18,201) |
(25,185) |
430 |
73 |
Income tax benefit (expense) |
6,498 |
8,651 |
$ (1,206) |
$ 968 |
Net income (loss) |
$ (11,703) |
$ (16,534) |
|
|
|
|
|
|
|
Earnings (loss) per common
share: |
|
|
$ (0.03) |
$ 0.03 |
Basic |
$ (0.32) |
$ (0.45) |
$ (0.03) |
$ 0.03 |
Diluted |
$ (0.32) |
$ (0.45) |
|
|
|
|
|
|
|
Weighted average common shares
outstanding: |
|
|
36,941 |
36,737 |
Basic |
36,864 |
36,622 |
36,941 |
37,322 |
Diluted |
36,864 |
36,622 |
|
|
|
|
|
$ 0.04 |
$ 0.04 |
Cash dividends per share |
$ 0.16 |
$ 0.16 |
|
|
|
|
|
|
QUANEX BUILDING PRODUCTS
CORPORATION |
CONDENSED CONSOLIDATED
BALANCE SHEETS |
(In thousands) |
(Unaudited) |
|
|
|
|
|
|
|
October 31,
2013 |
October 31, 2012 |
Assets |
|
|
Cash and cash equivalents |
$ 49,736 |
$ 71,255 |
Accounts receivable, net |
98,833 |
85,644 |
Inventories, net |
58,316 |
65,904 |
Deferred income taxes |
22,786 |
20,439 |
Prepaid and other current
assets |
6,612 |
7,628 |
Total current assets |
236,283 |
250,870 |
Property, plant and equipment,
net |
157,219 |
168,877 |
Deferred income taxes |
13,444 |
8,911 |
Goodwill |
71,866 |
68,331 |
Intangible assets, net |
78,962 |
78,380 |
Other assets |
14,041 |
14,169 |
Total
assets |
$ 571,815 |
$ 589,538 |
|
|
|
Liabilities and stockholders'
equity |
|
|
Accounts payable |
$ 76,900 |
$ 80,985 |
Accrued liabilities |
44,785 |
46,459 |
Current maturities of long-term
debt |
183 |
368 |
Total current liabilities |
121,868 |
127,812 |
Long-term debt |
752 |
1,033 |
Deferred pension and
postretirement benefits |
3,712 |
6,873 |
Liability for uncertain tax
positions |
5,396 |
6,736 |
Non-current environmental
reserves |
9,255 |
9,827 |
Other liabilities |
14,638 |
15,430 |
Total liabilities |
155,621 |
167,711 |
Total stockholders' equity |
416,194 |
421,827 |
Total
liabilities and stockholders' equity |
$ 571,815 |
$ 589,538 |
|
|
|
|
QUANEX BUILDING PRODUCTS
CORPORATION |
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOW |
(In thousands) |
(Unaudited) |
|
|
|
|
|
|
|
Twelve Months Ended October 31, |
|
2013 |
2012 |
Operating activities: |
|
|
Net loss |
$ (11,703) |
$ (16,534) |
Adjustments to reconcile net
loss to cash provided by operating activities: |
|
|
Depreciation and
amortization |
60,504 |
37,596 |
Loss (gain) on disposition of
property assets |
449 |
(989) |
Stock-based compensation |
4,910 |
4,403 |
Deferred income tax
benefit |
(8,288) |
(9,843) |
Excess tax benefit from
share-based compensation |
(236) |
(496) |
Asset impairment charges |
1,465 |
912 |
Restructuring charges |
— |
(122) |
Other, net |
781 |
2,638 |
Changes in assets and
liabilities, net of effects from acquisitions and
dispositions: |
|
|
Decrease (increase) in accounts
receivable |
(9,204) |
(4,250) |
Decrease (increase) in
inventory |
12,791 |
(10,288) |
Decrease (increase) in other
current assets |
1,622 |
(50) |
Increase (decrease) in accounts
payable |
(5,903) |
14,920 |
Increase (decrease) in accrued
liabilities |
(7,473) |
8,539 |
Increase (decrease) in income
taxes |
1,708 |
(547) |
Increase (decrease) in deferred
pension and postretirement benefits |
(164) |
(693) |
Increase (decrease) in other
long-term liabilities |
1,574 |
678 |
Other, net |
688 |
604 |
Cash provided by operating activities |
43,521 |
26,478 |
Investing activities: |
|
|
Acquisitions, net of cash
acquired |
(22,096) |
— |
Capital expenditures |
(37,931) |
(42,871) |
Proceeds from disposition of
capital assets |
340 |
44 |
Proceeds from property
insurance claim |
— |
1,123 |
Cash used for investing activities |
(59,687) |
(41,704) |
Financing activities: |
|
|
Borrowings under credit
facility |
23,500 |
— |
Repayments of credit facility
borrowings |
(23,500) |
— |
Repayments of other long-term
debt |
(557) |
(264) |
Common stock dividends
paid |
(5,931) |
(5,891) |
Issuance of common stock |
2,583 |
3,015 |
Excess tax benefit from
share-based compensation |
236 |
496 |
Debt issuance costs |
(1,200) |
— |
Purchase of treasury stock |
— |
(1,284) |
Cash used for financing activities |
(4,869) |
(3,928) |
|
|
|
Effect of exchange rate changes
on cash and equivalents |
(484) |
790 |
|
|
|
Decrease in cash and equivalents |
(21,519) |
(18,364) |
Cash and equivalents at beginning of
period |
71,255 |
89,619 |
Cash and equivalents at end of period |
$ 49,736 |
$ 71,255 |
|
|
|
QUANEX BUILDING PRODUCTS
CORPORATION |
SEGMENT
INFORMATION |
(In thousands) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
Three
Months Ended October 31, |
|
Twelve Months Ended October 31, |
2013 |
2012 |
|
2013 |
2012 |
|
|
Net Sales: |
|
|
$ 166,879 |
$ 136,355 |
Engineered Products |
$ 554,980 |
$ 478,578 |
110,888 |
101,298 |
Aluminum Sheet Products |
410,380 |
362,315 |
277,767 |
237,653 |
Building Products |
965,360 |
840,893 |
|
|
|
|
|
(2,470) |
(2,605) |
Eliminations |
(12,718) |
(11,917) |
|
|
|
|
|
$ 275,297 |
$ 235,048 |
Net Sales |
$ 952,642 |
$ 828,976 |
|
|
|
|
|
|
|
Operating Income (Loss) |
|
|
$ 18,021 |
$ 13,541 |
Engineered Products |
$ 45,324 |
$ 28,490 |
4,191 |
(885) |
Aluminum Sheet Products |
(996) |
(17,098) |
22,212 |
12,656 |
Building Products |
44,328 |
11,392 |
|
|
|
|
|
(23,999) |
(11,678) |
Corporate & Other |
(62,057) |
(36,345) |
|
|
|
|
|
$ (1,787) |
$ 978 |
Operating Income (Loss) |
$ (17,729) |
$ (24,953) |
|
|
|
|
|
|
QUANEX BUILDING PRODUCTS
CORPORATION |
NON-GAAP FINANCIAL MEASURE
DISCLOSURE |
(In thousands) |
(Unaudited) |
|
EBITDA (defined as net income or loss before
interest, taxes, depreciation and amortization and other, net) is a
non-GAAP financial measure that Quanex management uses to measure
its operational performance and assist with financial
decision-making. We believe this non-GAAP measure provides a
consistent basis for comparison between periods, and will assist
investors in understanding our financial performance, including
under market conditions outlined in our forward-looking guidance.
The company does not intend for this information to be considered
in isolation or as a substitute for other measures prepared in
accordance with GAAP. |
|
Three
Months Ended October 31, 2013 |
|
Twelve Months Ended October 31, 2013 |
Engineered |
Aluminum Sheet |
Corporate & |
|
|
Engineered |
Aluminum Sheet |
Corporate & |
|
Products |
Products |
Other |
Quanex |
|
Products |
Products |
Other |
Quanex |
|
|
|
$ (1,206) |
Net income (loss) |
|
|
|
$ (11,703) |
|
|
|
(430) |
Income tax expense (benefit) |
|
|
|
(6,498) |
|
|
|
(296) |
Other, net |
|
|
|
(168) |
|
|
|
145 |
Interest expense |
|
|
|
640 |
18,021 |
4,191 |
(23,999) |
(1,787) |
Operating income (loss) |
45,324 |
(996) |
(62,057) |
(17,729) |
7,731 |
1,810 |
17,574 |
27,115 |
Depreciation and amortization |
31,368 |
6,983 |
22,153 |
60,504 |
25,752 |
6,001 |
(6,425) |
25,328 |
EBITDA |
76,692 |
5,987 |
(39,904) |
42,775 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended October 31, 2012 |
|
Twelve Months Ended October 31, 2012 |
Engineered |
Aluminum Sheet |
Corporate & |
|
|
Engineered |
Aluminum Sheet |
Corporate & |
|
Products |
Products |
Other |
Quanex |
|
Products |
Products |
Other |
Quanex |
|
|
|
$ 968 |
Net income (loss) |
|
|
|
$ (16,534) |
|
|
|
(73) |
Income tax expense (benefit) |
|
|
|
(8,651) |
|
|
|
(23) |
Other, net |
|
|
|
(222) |
|
|
|
106 |
Interest expense |
|
|
|
454 |
13,541 |
(885) |
(11,678) |
978 |
Operating income (loss) |
28,490 |
(17,098) |
(36,345) |
(24,953) |
7,154 |
1,467 |
594 |
9,215 |
Depreciation and amortization |
28,115 |
7,621 |
1,860 |
37,596 |
20,695 |
582 |
(11,084) |
10,193 |
EBITDA |
56,605 |
(9,477) |
(34,485) |
12,643 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Statistics as
of October 31, 2013 |
|
|
|
|
|
|
Book value per common share: |
$11.20 |
|
|
|
|
|
Total debt to
capitalization: |
0.2% |
|
|
|
|
|
Return on invested
capital: |
-2.7% |
|
|
|
|
|
Actual number of common shares
outstanding: |
37,165,254 |
|
|
|
|
|
|
|
QUANEX BUILDING PRODUCTS
CORPORATION |
Supplemental Financial
Disclosures |
(In millions, except spread per
pound) |
(Unaudited) |
|
|
|
|
|
|
|
Engineered Products Group
(EPG) is focused on providing window and door OEMs with
fenestration components, products, and systems. Key end market
are residential remodeling and replacement (R&R) and new home
construction. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q4
2013 |
Q4
2012 |
Change |
FY
2013 |
FY
2012 |
Change |
|
(In millions) |
Net sales |
$ 166.9 |
$ 136.4 |
$ 30.5 |
$ 555.0 |
$ 478.6 |
$ 76.4 |
Operating income |
18.0 |
13.5 |
4.5 |
45.3 |
28.0 |
17.3 |
EBITDA |
$ 25.8 |
$ 20.7 |
$ 5.1 |
$ 76.7 |
$ 57.0 |
$ 19.7 |
|
|
|
|
|
|
|
Aluminum Sheet Products
Group is a leading provider of aluminum sheet coil through its
Nichols Aluminum operation. Key end markets are residential
R&R, new home construction and transportation. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q4
2013 |
Q4
2012 |
Change |
FY
2013 |
FY
2012 |
Change |
|
(In millions, except for
spread) |
Net sales |
$ 110.9 |
$ 101.3 |
$ 9.6 |
$ 410.4 |
$ 362.3 |
$ 48.1 |
Operating income (loss) |
4.2 |
(0.9) |
5.1 |
(1.0) |
(17.1) |
16.1 |
EBITDA |
6.0 |
0.6 |
5.4 |
6.0 |
(9.5) |
15.5 |
Shipped pounds |
83 |
73 |
10 |
296 |
253 |
43 |
Spread per pound |
$ 0.42 |
$ 0.41 |
$ 0.01 |
$ 0.41 |
$ 0.41 |
$ -- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate & Other
Items |
|
Q4
2013 |
Q4
2012 |
Change |
FY
2013 |
FY
2012 |
Change |
|
(In millions) |
ERP implementation costs |
$ 5.2 |
$ 2.7 |
$ 2.5 |
$ 16.3 |
$ 6.9 |
$ 9.4 |
ERP accelerated depreciation |
15.3 |
-- |
15.3 |
15.3 |
-- |
15.3 |
LIFO adjustment |
(2.6) |
(1.7) |
(0.9) |
(2.6) |
(1.7) |
(0.9) |
Stock-based compensation cost |
1.4 |
1.8 |
(0.4) |
5.2 |
5.6 |
(0.4) |
Transaction costs |
-- |
-- |
-- |
1.0 |
-- |
1.0 |
Other costs |
4.7 |
8.9 |
(4.2) |
26.9 |
25.5 |
1.4 |
Total corporate costs |
$ 24.0 |
$ 11.7 |
$ 12.3 |
$ 62.1 |
$ 36.3 |
$ 25.8 |
|
|
|
|
|
|
|
|
QUANEX BUILDING PRODUCTS
CORPORATION |
PRE-TAX & AFTER TAX
PRESENTATION |
(In millions, except per share
data) |
(Unaudited) |
|
|
Segment |
Q4 2013 |
|
Q4 2012 |
|
FY 2013 |
|
FY 2012 |
|
Pre-Tax
Presentation |
|
$MM |
|
$MM |
|
$MM |
|
$MM |
|
Operating Income (Loss) As
Reported |
|
$ (1.8) |
|
$ 1.0 |
|
$ (17.7) |
|
$ (25.0) |
|
Benefit (Reduction) to Operating Income: |
|
|
|
|
|
|
|
|
|
Strike Related |
Nichols |
-- |
|
-- |
|
-- |
|
(11.1) |
|
Facility Consolidations |
EPG |
-- |
|
0.7 |
|
-- |
|
(8.0) |
|
IG Warranty Reserve |
EPG |
-- |
|
0.1 |
|
-- |
|
0.9 |
|
Asset Impairment |
EPG |
(1.5) |
|
(0.9) |
|
(1.5) |
|
(0.9) |
|
Transaction Related |
Corp |
-- |
|
-- |
|
(1.0) |
|
-- |
|
Discontinued ERP expenses* |
Corp |
(20.0) |
|
(2.3) |
|
(29.7) |
|
(5.0) |
|
LIFO Income (Charge) |
Corp |
2.6 |
|
1.7 |
|
2.6 |
|
1.7 |
|
Operating Income As
Adjusted |
|
$ 17.1 |
|
$ 1.7 |
|
$ 11.9 |
|
$ (2.6) |
|
|
|
Segment |
Q4 2013 |
Q4 2013 |
Q4 2012 |
Q4 2012 |
FY 2013 |
FY 2013 |
FY 2012 |
FY 2012 |
After-Tax
Presentation |
|
$MM |
EPS |
$MM |
EPS |
$MM |
EPS |
$MM |
EPS |
Income (Loss) As
Reported |
|
$ (1.2) |
$ (0.03) |
$ 1.0 |
$ 0.03 |
$ (11.7) |
$ (0.32) |
$ (16.5) |
$ (0.45) |
Benefit (Reduction) to EPS: |
|
|
|
|
|
|
|
|
|
Strike Related |
Nichols |
-- |
-- |
-- |
-- |
-- |
-- |
(7.3) |
(0.20) |
Facility Consolidations |
EPG |
-- |
-- |
0.4 |
0.01 |
-- |
-- |
(5.3) |
(0.14) |
IG Warranty Reserve |
EPG |
-- |
-- |
0.1 |
-- |
-- |
-- |
0.6 |
0.01 |
Asset Impairment |
EPG |
(0.9) |
(0.02) |
(0.6) |
(0.02) |
(0.9) |
(0.03) |
(0.6) |
(0.02) |
Transaction Related |
Corp |
-- |
-- |
-- |
-- |
(0.6) |
(0.02) |
-- |
-- |
Discontinued ERP expenses |
Corp |
(12.9) |
(0.33) |
(1.5) |
(0.04) |
(19.1) |
(0.51) |
(3.3) |
(0.09) |
LIFO Income (Charge) |
Corp |
1.7 |
0.04 |
1.1 |
0.03 |
1.7 |
0.04 |
1.1 |
0.03 |
Diluted Earnings (Loss) As Adjusted
* |
|
$ 10.9 |
$ 0.28 |
$ 1.5 |
$ 0.05 |
$ 7.2 |
$ 0.20 |
$ (1.7) |
$ (0.04) |
|
Notes: |
* Q4 2013 and 2013 figures
include $15.3M of accelerated depreciation related to ERP |
Columns may not add up due to
rounding |
CONTACT: Financial Contact:
Marty Ketelaar
713-877-5402
Media Contact:
Valerie Calvert
713-877-5305
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