Over $45 Million of Bank Debt Paid Down
in 2017Growth and Margin Expansion Expected in
2018
Quanex Building Products Corporation (NYSE:NX)
(“Quanex” or the “Company”) today announced its results for the
quarter and fiscal year ended October 31, 2017.
Bill Griffiths, Chairman, President and Chief
Executive Officer, commented, “Fiscal 2017 was a year with a lot of
moving parts related to eliminating low margin business from the
portfolio, consolidating facilities and redeploying assets;
however, we are now well positioned for growth and margin expansion
in 2018. The hurricanes that hit Texas and Florida in August
and September created some softness and inefficiencies during the
fourth quarter, mostly in our North American Cabinet Components
segment, but we anticipate incremental demand for our products in
the coming months and years as rebuilding efforts continue.
Looking past the noise, the underlying growth rate for our legacy
fenestration business in the U.S. was 6.1% in fiscal 2017, which is
more than double Ducker’s latest window shipment estimate of 2.9%
growth for the twelve months ended September 30, 2017. Free
cash flow continued to be strong in fiscal 2017, which allowed us
to repay more than $45 million of bank debt. Looking ahead,
we will continue to focus on generating cash and deleveraging the
balance sheet.”
Fourth Quarter and Fiscal Year 2017
Results Summary
Quanex reported the following selected financial
results:
|
|
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|
|
|
Three Months Ended October 31, |
|
Twelve Months Ended October 31, |
|
|
2017 |
|
2016 |
|
2017 |
|
2016 |
Net Sales |
|
$233.0 |
|
$249.2 |
|
$866.6 |
|
$928.2 |
Net Income (loss) |
|
$10.7 |
|
$5.4 |
|
$18.7 |
|
($1.9) |
Diluted EPS |
|
$0.31 |
|
$0.16 |
|
$0.54 |
|
($0.05) |
|
|
|
|
|
|
|
|
|
Adjusted Net
Income |
|
$13.1 |
|
$15.7 |
|
$27.0 |
|
$27.7 |
Adjusted Diluted
EPS |
|
$0.37 |
|
$0.45 |
|
$0.77 |
|
$0.82 |
Adjusted EBITDA |
|
$33.3 |
|
$34.6 |
|
$99.0 |
|
$110.3 |
(See
Non-GAAP Terminology Definitions and Disclaimers section, Non-GAAP
Financial Measure Disclosure table and Selected Segment Data table
for additional information) |
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|
The decreases in net sales were largely driven
by the Company’s decision to exit business that does not meet its
financial objectives. (See Sales Analysis table for additional
information)
The decreases in adjusted earnings were
primarily attributable to lower volumes and short-term
inefficiencies related to transitioning away from less profitable
business throughout the year coupled with the impact of hurricanes
in the U.S. during the fourth quarter. (See Non-GAAP
Terminology Definitions and Disclaimers section, Non-GAAP Financial
Measure Disclosure table and Selected Segment Data table for
additional information)
As of October 31, 2017, Quanex’s leverage ratio
of Net Debt to LTM Adjusted EBITDA was 2.3x. The Company
remains focused on generating Free Cash Flow to pay down debt and
expects to end fiscal 2018 with a leverage ratio below 2.0x.
(See Non-GAAP Terminology Definitions and Disclaimers section for
additional information)
Business Update
Quanex divested its non-core wood flooring
business, Owens Flooring, on October 31, 2017. Owens Flooring
contributed $9.4 million of revenue and net income of less than
$0.1 million, excluding the loss on the sale of the plant, in
fiscal 2017.
Outlook
Bill Griffiths, Chairman, President and Chief
Executive Officer, stated, “We continue to be encouraged by the
macro indicators that impact our business and believe this housing
cycle has several years to run at low-to-mid single-digit growth
rates for Quanex as a whole. In fact, after adjusting for the
foreign exchange impact, the divestiture of the wood flooring
business and other business we consciously shed, the consolidated
business grew at 4.4% in 2017. We anticipate a similar growth
rate in 2018. As a result, we expect to generate net sales of
$890 million to $900 million and Adjusted EBITDA* of $103 million
to $108 million.”
*When Quanex provides expectations for Adjusted
EBITDA on a forward-looking basis, a reconciliation of the
differences between the non-GAAP expectations and corresponding
GAAP measures is generally not available without unreasonable
effort. Certain items required for such a reconciliation are
outside of the Company’s control and/or cannot be reasonably
predicted or estimated, such as the provision for income taxes.
Conference Call and Webcast
InformationThe Company has scheduled a conference call for
Tuesday, December 12, 2017, at 11:00 a.m. ET (10:00 a.m. CT).
To participate in the conference call dial (877) 388-2139 for
domestic callers and (541) 797-2983 for international callers, in
both cases using the conference passcode 5996538, and ask for the
Quanex call a few minutes prior to the start time. A link to
the live audio webcast will also be available on the Company’s
website at http://www.quanex.com in the Investors section under
Presentations & Events. A telephonic replay of the call
will be available approximately two hours after the live broadcast
ends and will be accessible through December 19, 2017. To
access the replay dial (855) 859-2056 for domestic callers and
(404) 537-3406 for international callers, in both cases referencing
conference passcode 5996538.
About Quanex
Quanex Building Products Corporation is an
industry-leading manufacturer of components sold to Original
Equipment Manufacturers (OEMs) in the building products
industry. Quanex designs and produces energy-efficient
fenestration products in addition to kitchen and bath cabinet
components.
For more information contact Scott Zuehlke, Vice
President, Investor Relations & Treasurer, at 713-877-5327 or
scott.zuehlke@quanex.com.
Non-GAAP Terminology Definitions and
Disclaimers
Adjusted Net Income (Loss) (defined as net
income further adjusted to exclude purchase price accounting
inventory step-ups, transaction costs, gain/loss on the sale of
fixed assets, one-time employee benefit adjustment, restructuring
charges, adjustments related to accelerated depreciation and
amortization for restructured PP&E and intangible assets,
interest expense adjustments related to the write off of deferred
loan costs, unamortized original issuance discount and prepayment
call premium related to debt refinance, other net adjustments
related to foreign currency transaction gain/loss and effective tax
rates reflecting impacts of adjustments on a with and without
basis) and Adjusted EPS are non-GAAP financial measures that Quanex
believes provide a consistent basis for comparison between periods
and more accurately reflects operational performance, as they are
not influenced by certain income or expense items not affecting
ongoing operations. EBITDA (defined as net income or loss before
interest, taxes, depreciation and amortization and other, net) and
Adjusted EBITDA (defined as EBITDA further adjusted to exclude
purchase price accounting inventory step-ups, transaction costs,
gain/loss on the sale of fixed assets, one-time employee benefit
adjustment and restructuring charges) are non-GAAP financial
measures that the Company uses to measure operational performance
and assist with financial decision-making. Net Debt is
calculated using the sum of current maturities of long-term debt
and long-term debt, minus cash and cash equivalents. The
leverage ratio of Net Debt to LTM Adjusted EBITDA is a financial
measure that Quanex believes is useful to investors and financial
analysts in evaluating the Company’s leverage. In addition,
with certain limited adjustments, this leverage ratio is the basis
for a key covenant in Quanex’s credit agreement. Free Cash
Flow is a non-GAAP measure calculated using cash provided by
operating activities less capital expenditures. Quanex
believes that the presented non-GAAP measures provide a consistent
basis for comparison between periods, and will assist investors in
understanding the Company’s financial performance when comparing
results to other investment opportunities. The presented
non-GAAP measures may not be the same as those used by other
companies. Quanex does not intend for this information to be
considered in isolation or as a substitute for other measures
prepared in accordance with U.S. GAAP.
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, the Company’s future operating results, future
financial condition, future uses of cash and other expenditures,
expenses and tax rates, expectations relating to Quanex’s industry,
and the Company’s future growth, including any guidance discussed
in this press release. The statements and guidance set forth
in this release are based on current expectations. Actual
results or events may differ materially from this release.
For a complete discussion of factors that may affect Quanex’s
future performance, please refer to the Company’s Annual Report on
Form 10-K for the fiscal year ended October 31, 2016, under the
sections entitled “Cautionary Note Regarding Forward-Looking
Statements” and “Risk Factors”. Any forward-looking
statements in this press release are made as of the date hereof,
and Quanex undertakes no obligation to update or revise any
forward-looking statements to reflect new information or
events.
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|
QUANEX BUILDING PRODUCTS
CORPORATION |
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(LOSS) |
(In thousands, except per share data) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended October 31, |
|
Twelve Months Ended October 31, |
|
|
|
2017 |
|
|
|
2016 |
|
|
|
2017 |
|
|
|
2016 |
|
|
|
|
|
|
|
|
|
|
Net sales |
|
$ |
232,959 |
|
|
$ |
249,171 |
|
|
$ |
866,555 |
|
|
$ |
928,184 |
|
Cost of sales |
|
|
178,325 |
|
|
|
188,168 |
|
|
|
672,162 |
|
|
|
710,644 |
|
Selling, general and
administrative |
|
|
23,142 |
|
|
|
26,480 |
|
|
|
97,981 |
|
|
|
114,910 |
|
Restructuring
charges |
|
|
1,467 |
|
|
|
529 |
|
|
|
4,550 |
|
|
|
529 |
|
Depreciation and
amortization |
|
|
13,794 |
|
|
|
13,387 |
|
|
|
57,495 |
|
|
|
53,146 |
|
Asset impairment
charges |
|
|
- |
|
|
|
12,602 |
|
|
|
- |
|
|
|
12,602 |
|
Operating income |
|
|
16,231 |
|
|
|
8,005 |
|
|
|
34,367 |
|
|
|
36,353 |
|
Interest expense |
|
|
(2,469 |
) |
|
|
(2,174 |
) |
|
|
(9,595 |
) |
|
|
(36,498 |
) |
Other, net |
|
|
158 |
|
|
|
(1,443 |
) |
|
|
730 |
|
|
|
(5,479 |
) |
Income (loss) before
income taxes |
|
|
13,920 |
|
|
|
4,388 |
|
|
|
25,502 |
|
|
|
(5,624 |
) |
Income tax (expense)
benefit |
|
|
(3,188 |
) |
|
|
1,043 |
|
|
|
(6,819 |
) |
|
|
3,765 |
|
Net income (loss) |
|
$ |
10,732 |
|
|
$ |
5,431 |
|
|
$ |
18,683 |
|
|
$ |
(1,859 |
) |
|
|
|
|
|
|
|
|
|
Income (loss) per
common share, basic |
|
$ |
0.31 |
|
|
$ |
0.16 |
|
|
$ |
0.55 |
|
|
$ |
(0.05 |
) |
Income (loss) per
common share, diluted |
|
$ |
0.31 |
|
|
$ |
0.16 |
|
|
$ |
0.54 |
|
|
$ |
(0.05 |
) |
|
|
|
|
|
|
|
|
|
Weighted average common
shares outstanding: |
|
|
|
|
|
|
|
|
Basic |
|
|
34,493 |
|
|
|
33,953 |
|
|
|
34,230 |
|
|
|
33,876 |
|
Diluted |
|
|
35,169 |
|
|
|
34,536 |
|
|
|
34,837 |
|
|
|
33,876 |
|
|
|
|
|
|
|
|
|
|
Cash dividends per
share |
|
$ |
0.04 |
|
|
$ |
0.04 |
|
|
$ |
0.16 |
|
|
$ |
0.16 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
QUANEX BUILDING PRODUCTS
CORPORATION |
CONDENSED CONSOLIDATED BALANCE
SHEETS |
(In thousands) |
(Unaudited) |
|
|
|
|
|
|
|
October 31, 2017 |
|
October 31, 2016 |
ASSETS |
|
|
|
|
Current assets: |
|
|
|
|
Cash and
cash equivalents |
|
$ |
17,455 |
|
|
$ |
25,526 |
|
Accounts
receivable, net |
|
|
79,411 |
|
|
|
83,625 |
|
Inventories, net |
|
|
87,529 |
|
|
|
84,335 |
|
Prepaid
and other current assets |
|
|
7,406 |
|
|
|
10,488 |
|
Total
current assets |
|
|
191,801 |
|
|
|
203,974 |
|
Property, plant and
equipment, net |
|
|
211,131 |
|
|
|
198,497 |
|
Goodwill |
|
|
222,194 |
|
|
|
217,035 |
|
Intangible assets,
net |
|
|
139,778 |
|
|
|
154,180 |
|
Other assets |
|
|
8,975 |
|
|
|
6,667 |
|
Total
assets |
|
$ |
773,879 |
|
|
$ |
780,353 |
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
Current
liabilities: |
|
|
|
|
Accounts
payable |
|
$ |
44,150 |
|
|
$ |
47,781 |
|
Accrued
liabilities |
|
|
38,871 |
|
|
|
55,101 |
|
Income
taxes payable |
|
|
2,192 |
|
|
|
732 |
|
Current
maturities of long-term debt |
|
|
21,242 |
|
|
|
10,520 |
|
Total
current liabilities |
|
|
106,455 |
|
|
|
114,134 |
|
Long-term debt |
|
|
218,184 |
|
|
|
259,011 |
|
Deferred pension and
postretirement benefits |
|
|
4,433 |
|
|
|
8,167 |
|
Deferred income
taxes |
|
|
21,960 |
|
|
|
18,322 |
|
Other liabilities |
|
|
16,000 |
|
|
|
12,888 |
|
Total
liabilities |
|
|
367,032 |
|
|
|
412,522 |
|
Stockholders’
equity: |
|
|
|
|
Common
stock |
|
|
375 |
|
|
|
376 |
|
Additional paid-in-capital |
|
|
255,719 |
|
|
|
254,540 |
|
Retained
earnings |
|
|
225,704 |
|
|
|
214,047 |
|
Accumulated other comprehensive loss |
|
|
(25,076 |
) |
|
|
(38,765 |
) |
Treasury
stock at cost |
|
|
(49,875 |
) |
|
|
(62,367 |
) |
Total
stockholders’ equity |
|
|
406,847 |
|
|
|
367,831 |
|
Total
liabilities and stockholders' equity |
|
$ |
773,879 |
|
|
$ |
780,353 |
|
|
|
|
|
|
|
|
|
|
|
|
QUANEX BUILDING PRODUCTS
CORPORATION |
CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOW |
(In thousands) |
(Unaudited) |
|
|
|
|
|
Twelve Months Ended October 31, |
|
|
2017 |
|
|
|
2016 |
|
Operating activities: |
|
|
|
Net
income (loss) |
$ |
18,683 |
|
|
$ |
(1,859 |
) |
Adjustments to reconcile net income (loss)' to cash provided by
operating activities: |
|
|
Depreciation and amortization |
|
57,495 |
|
|
|
53,146 |
|
Stock-based compensation |
|
5,189 |
|
|
|
6,089 |
|
Deferred
income tax |
|
(112 |
) |
|
|
(8,469 |
) |
Excess
tax benefit from share-based compensation |
|
(248 |
) |
|
|
(136 |
) |
Loss
(gain) on the disposition of capital assets |
|
1,528 |
|
|
|
(20 |
) |
Charge
for deferred loan costs and debt discount |
|
- |
|
|
|
16,022 |
|
Asset
impairment charge |
|
- |
|
|
|
12,602 |
|
Gain on
involuntary conversion |
|
- |
|
|
|
- |
|
Other,
net |
|
1,741 |
|
|
|
339 |
|
Changes
in assets and liabilities, net of effects from acquisitions: |
|
|
|
Decrease
in accounts receivable |
|
5,378 |
|
|
|
796 |
|
(Increase) decrease in inventory |
|
(3,240 |
) |
|
|
5,346 |
|
Increase
in other current assets |
|
186 |
|
|
|
2,503 |
|
Decrease
in accounts payable |
|
(4,893 |
) |
|
|
(2,273 |
) |
(Decrease) increase in accrued liabilities |
|
(8,497 |
) |
|
|
1,246 |
|
Increase
(decrease) in income taxes |
|
4,670 |
|
|
|
(365 |
) |
(Decrease) increase in deferred pension and postretirement
benefits |
|
(271 |
) |
|
|
588 |
|
Increase
in other long-term liabilities |
|
1,382 |
|
|
|
956 |
|
Other,
net |
|
(437 |
) |
|
|
(93 |
) |
Cash provided by
operating activities |
|
78,554 |
|
|
|
86,418 |
|
Investing activities: |
|
|
|
Acquisitions, net of cash acquired |
|
(8,497 |
) |
|
|
(245,904 |
) |
Capital
expenditures |
|
(34,564 |
) |
|
|
(37,243 |
) |
Proceeds
from disposition of capital assets |
|
1,937 |
|
|
|
1,044 |
|
Cash used for investing
activities |
|
(41,124 |
) |
|
|
(282,103 |
) |
Financing activities: |
|
|
|
Borrowings under credit facilities |
|
53,500 |
|
|
|
634,800 |
|
Repayments of credit facility borrowings |
|
(98,875 |
) |
|
|
(422,875 |
) |
Debt
issuance costs |
|
- |
|
|
|
(11,435 |
) |
Repayments of other long-term debt |
|
(2,722 |
) |
|
|
(2,185 |
) |
Common
stock dividends paid |
|
(5,516 |
) |
|
|
(5,470 |
) |
Issuance
of common stock |
|
7,953 |
|
|
|
3,400 |
|
Excess
tax benefit from share-based compensation |
|
248 |
|
|
|
136 |
|
Cash (used for)
provided by financing activities |
|
(45,412 |
) |
|
|
196,371 |
|
Effect of
exchange rate changes on cash and cash equivalents |
|
(89 |
) |
|
|
1,715 |
|
(Decrease) increase in
cash and cash equivalents |
|
(8,071 |
) |
|
|
2,401 |
|
Cash and cash
equivalents at beginning of period |
|
25,526 |
|
|
|
23,125 |
|
Cash and cash
equivalents at end of period |
$ |
17,455 |
|
|
$ |
25,526 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
QUANEX BUILDING PRODUCTS
CORPORATION |
NON-GAAP FINANCIAL MEASURE
DISCLOSURE |
(In thousands, except per share data) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation
of Adjusted Net Income and Adjusted EPS |
|
Three Months Ended October 31,
2017 |
|
|
Three Months Ended October 31,
2016 |
|
|
Twelve Months Ended October
31, 2017 |
|
|
Twelve Months Ended October
31, 2016 |
|
|
|
Net Income |
|
Diluted EPS |
|
|
Net Income |
|
Diluted EPS |
|
|
Net Income |
|
Diluted EPS |
|
|
Net Income |
|
Diluted EPS |
|
Net
income (loss) as reported |
|
$ |
10,732 |
|
|
$ |
0.31 |
|
|
|
$ |
5,431 |
|
|
$ |
0.16 |
|
|
|
$ |
18,683 |
|
|
$ |
0.54 |
|
|
|
$ |
(1,859 |
) |
|
$ |
(0.05 |
) |
|
Reconciling items from below |
|
|
2,337 |
|
|
|
0.06 |
|
|
|
|
10,214 |
|
|
|
0.29 |
|
|
|
|
8,303 |
|
|
|
0.23 |
|
|
|
|
29,551 |
|
|
|
0.87 |
|
|
Adjusted
Net income and Adjusted EPS |
|
$ |
13,069 |
|
|
$ |
0.37 |
|
|
|
$ |
15,645 |
|
|
$ |
0.45 |
|
|
|
$ |
26,986 |
|
|
$ |
0.77 |
|
|
|
$ |
27,692 |
|
|
$ |
0.82 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation
of Adjusted EBITDA |
|
Three Months Ended October 31,
2017 |
|
|
Three Months Ended October 31,
2016 |
|
|
Twelve Months Ended October
31, 2017 |
|
|
Twelve Months Ended October
31, 2016 |
|
|
|
Reconciliation |
|
|
|
|
Reconciliation |
|
|
|
|
Reconciliation |
|
|
|
|
Reconciliation |
|
|
|
Net
income (loss) as reported |
|
$ |
10,732 |
|
|
|
|
|
$ |
5,431 |
|
|
|
|
|
$ |
18,683 |
|
|
|
|
|
$ |
(1,859 |
) |
|
|
|
Income
tax (expense) benefit |
|
|
3,188 |
|
|
|
|
|
|
(1,043 |
) |
|
|
|
|
|
6,819 |
|
|
|
|
|
|
(3,765 |
) |
|
|
|
Other,
net |
|
|
(158 |
) |
|
|
|
|
|
1,443 |
|
|
|
|
|
|
(730 |
) |
|
|
|
|
|
5,479 |
|
|
|
|
Interest
expense |
|
|
2,469 |
|
|
|
|
|
|
2,174 |
|
|
|
|
|
|
9,595 |
|
|
|
|
|
|
36,498 |
|
|
|
|
Depreciation and amortization |
|
|
13,794 |
|
|
|
|
|
|
13,387 |
|
|
|
|
|
|
57,495 |
|
|
|
|
|
|
53,146 |
|
|
|
|
EBITDA |
|
|
30,025 |
|
|
|
|
|
|
21,392 |
|
|
|
|
|
|
91,862 |
|
|
|
|
|
|
89,499 |
|
|
|
|
Reconciling items from below |
|
|
3,263 |
|
|
|
|
|
|
13,164 |
|
|
|
|
|
|
7,156 |
|
|
|
|
|
|
20,790 |
|
|
|
|
Adjusted
EBITDA |
|
$ |
33,288 |
|
|
|
|
|
$ |
34,556 |
|
|
|
|
|
$ |
99,018 |
|
|
|
|
|
$ |
110,289 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciling
Items |
|
Three Months Ended October 31,
2017 |
|
|
Three Months Ended October 31,
2016 |
|
|
Twelve Months Ended October
31, 2017 |
|
|
Twelve Months Ended October
31, 2016 |
|
|
|
Income Statement |
|
Reconciling
Items |
|
|
Income Statement |
|
Reconciling
Items |
|
|
Income Statement |
|
Reconciling
Items |
|
|
Income Statement |
|
Reconciling
Items |
|
Net
sales |
|
$ |
232,959 |
|
|
$ |
- |
|
|
|
$ |
249,171 |
|
|
$ |
- |
|
|
|
$ |
866,555 |
|
|
$ |
- |
|
|
|
$ |
928,184 |
|
|
$ |
- |
|
|
Cost of
sales |
|
|
178,325 |
|
|
|
- |
|
|
|
|
188,168 |
|
|
|
(32 |
) |
(1 |
) |
|
|
672,162 |
|
|
|
(104 |
) |
(1 |
) |
|
|
710,644 |
|
|
|
(2,671 |
) |
(1 |
) |
Selling,
general and administrative |
|
|
23,142 |
|
|
|
(1,796 |
) |
(2 |
) |
|
|
26,480 |
|
|
|
(1 |
) |
(2 |
) |
|
|
97,981 |
|
|
|
(2,502 |
) |
(2 |
) |
|
|
114,910 |
|
|
|
(4,988 |
) |
(2 |
) |
Restructuring charges |
|
|
1,467 |
|
|
|
(1,467 |
) |
(3 |
) |
|
|
529 |
|
|
|
(529 |
) |
(3 |
) |
|
|
4,550 |
|
|
|
(4,550 |
) |
(3 |
) |
|
|
529 |
|
|
|
(529 |
) |
(3 |
) |
EBITDA |
|
|
30,025 |
|
|
|
3,263 |
|
|
|
|
33,994 |
|
|
|
562 |
|
|
|
|
91,862 |
|
|
|
7,156 |
|
|
|
|
102,101 |
|
|
|
8,188 |
|
|
Asset
impairment charges |
|
|
- |
|
|
|
|
|
|
12,602 |
|
|
|
(12,602 |
) |
(4 |
) |
|
|
- |
|
|
|
|
|
|
12,602 |
|
|
|
(12,602 |
) |
(4 |
) |
Depreciation and amortization |
|
|
13,794 |
|
|
|
(731 |
) |
(5 |
) |
|
|
13,387 |
|
|
|
(1,295 |
) |
(5 |
) |
|
|
57,495 |
|
|
|
(6,233 |
) |
(4 |
) |
|
|
53,146 |
|
|
|
(1,295 |
) |
(5 |
) |
Operating income (loss) |
|
|
16,231 |
|
|
|
3,994 |
|
|
|
|
8,005 |
|
|
|
14,459 |
|
|
|
|
34,367 |
|
|
|
13,389 |
|
|
|
|
36,353 |
|
|
|
22,085 |
|
|
Interest
expense |
|
|
(2,469 |
) |
|
|
- |
|
|
|
|
(2,174 |
) |
|
|
- |
|
|
|
|
(9,595 |
) |
|
|
- |
|
|
|
|
(36,498 |
) |
|
|
16,677 |
|
(5 |
) |
Other,
net |
|
|
158 |
|
|
|
(111 |
) |
(6 |
) |
|
|
(1,443 |
) |
|
|
1,501 |
|
(6 |
) |
|
|
730 |
|
|
|
(625 |
) |
(6 |
) |
|
|
(5,479 |
) |
|
|
5,380 |
|
(6 |
) |
Income
(loss) before income taxes |
|
|
13,920 |
|
|
|
3,883 |
|
|
|
|
4,388 |
|
|
|
15,960 |
|
|
|
|
25,502 |
|
|
|
12,764 |
|
|
|
|
(5,624 |
) |
|
|
44,142 |
|
|
Income
tax (expense) benefit |
|
|
(3,188 |
) |
|
|
(1,546 |
) |
(7 |
) |
|
|
1,043 |
|
|
|
(5,746 |
) |
(7 |
) |
|
|
(6,819 |
) |
|
|
(4,461 |
) |
(7 |
) |
|
|
3,765 |
|
|
|
(14,591 |
) |
(7 |
) |
Net
income (loss) |
|
$ |
10,732 |
|
|
$ |
2,337 |
|
|
|
$ |
5,431 |
|
|
$ |
10,214 |
|
|
|
$ |
18,683 |
|
|
$ |
8,303 |
|
|
|
$ |
(1,859 |
) |
|
$ |
29,551 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
earnings (loss) per share |
|
$ |
0.31 |
|
|
|
|
|
$ |
0.16 |
|
|
|
|
|
$ |
0.54 |
|
|
|
|
|
$ |
(0.05 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
Relates solely to purchase price accounting inventory step-up
impact from HL Plastics acquisition. |
(2)
Acquisition related transaction costs, and the loss on the sale of
plant in 4Q17. |
(3)
Restructuring charges relate to the closure of several
manufacturing plant facilities. |
(4)
Impairment of goodwill at United States vinyl business in
2016. |
(5)
Accelerated depreciation and amortization for restructured PP&E
and intangible assets. |
(6)
Foreign currency transaction (gains) losses. |
(7) Impact
on a with and without basis. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
QUANEX BUILDING PRODUCTS
CORPORATION |
Segment Reconciliation |
(In thousands) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
The following tables reconcile the Company's segment
presentation to account for the transfer of operating facilities
from the North American Engineered Components segment to the
Cabinet Components segment, as previously reported in our earnings
release for the three-months and twelve-months ended October 31,
2016, to the current presentation: |
|
|
|
|
|
|
|
|
|
|
|
|
|
NA EngineeredComponents |
|
EU EngineeredComponents |
|
NA CabinetComponents |
|
UnallocatedCorp &
Other |
|
Total |
Three months
ended October 31, 2016 |
|
|
|
|
|
|
|
|
|
|
As previously
reported |
|
|
|
|
|
|
|
|
|
|
Net
sales |
|
$ |
154,000 |
|
|
$ |
39,953 |
|
$ |
56,485 |
|
$ |
(1,267 |
) |
|
$ |
249,171 |
Cost of
sales |
|
|
111,491 |
|
|
|
27,754 |
|
|
49,844 |
|
|
(921 |
) |
|
|
188,168 |
Selling,
general and administrative |
|
|
16,548 |
|
|
|
5,817 |
|
|
2,554 |
|
|
1,561 |
|
|
|
26,480 |
Restructuring costs |
|
|
387 |
|
|
|
- |
|
|
142 |
|
|
- |
|
|
|
529 |
Depreciation and amortization |
|
|
8,874 |
|
|
|
2,148 |
|
|
2,239 |
|
|
126 |
|
|
|
13,387 |
Asset
impairment charges |
|
|
12,602 |
|
|
|
- |
|
|
- |
|
|
- |
|
|
|
12,602 |
Operating
income (loss) |
|
$ |
4,098 |
|
|
$ |
4,234 |
|
$ |
1,706 |
|
$ |
(2,033 |
) |
|
$ |
8,005 |
|
|
|
|
|
|
|
|
|
|
|
Reclassification |
|
|
|
|
|
|
|
|
|
|
Net
sales |
|
$ |
(6,007 |
) |
|
$ |
- |
|
$ |
6,598 |
|
$ |
(591 |
) |
|
$ |
- |
Cost of
sales |
|
|
(4,329 |
) |
|
|
- |
|
|
4,920 |
|
|
(591 |
) |
|
|
- |
Selling,
general and administrative |
|
|
(237 |
) |
|
|
- |
|
|
194 |
|
|
43 |
|
|
|
- |
Restructuring costs |
|
|
- |
|
|
|
- |
|
|
- |
|
|
- |
|
|
|
- |
Depreciation and amortization |
|
|
(131 |
) |
|
|
- |
|
|
131 |
|
|
- |
|
|
|
- |
Asset
impairment charges |
|
|
- |
|
|
|
- |
|
|
- |
|
|
- |
|
|
|
- |
Operating
income (loss) |
|
$ |
(1,310 |
) |
|
$ |
- |
|
$ |
1,353 |
|
$ |
(43 |
) |
|
$ |
- |
|
|
|
|
|
|
|
|
|
|
|
Current
presentation |
|
|
|
|
|
|
|
|
|
|
Net
sales |
|
$ |
147,993 |
|
|
$ |
39,953 |
|
$ |
63,083 |
|
$ |
(1,858 |
) |
|
$ |
249,171 |
Cost of
sales |
|
|
107,162 |
|
|
|
27,754 |
|
|
54,764 |
|
|
(1,512 |
) |
|
|
188,168 |
Selling,
general and administrative |
|
|
16,311 |
|
|
|
5,817 |
|
|
2,748 |
|
|
1,604 |
|
|
|
26,480 |
Restructuring costs |
|
|
387 |
|
|
|
- |
|
|
142 |
|
|
- |
|
|
|
529 |
Depreciation and amortization |
|
|
8,743 |
|
|
|
2,148 |
|
|
2,370 |
|
|
126 |
|
|
|
13,387 |
Asset
impairment charges |
|
|
12,602 |
|
|
|
- |
|
|
- |
|
|
- |
|
|
|
12,602 |
Operating
income (loss) |
|
$ |
2,788 |
|
|
$ |
4,234 |
|
$ |
3,059 |
|
$ |
(2,076 |
) |
|
$ |
8,005 |
|
|
|
|
|
|
|
|
|
|
|
Twelve months
ended October 31, 2016 |
|
|
|
|
|
|
|
|
|
|
As previously
reported |
|
|
|
|
|
|
|
|
|
|
Net
sales |
|
$ |
560,029 |
|
|
$ |
150,203 |
|
$ |
223,391 |
|
$ |
(5,439 |
) |
|
$ |
928,184 |
Cost of
sales |
|
|
415,925 |
|
|
|
104,452 |
|
|
193,560 |
|
|
(3,293 |
) |
|
|
710,644 |
Selling,
general and administrative |
|
|
62,934 |
|
|
|
23,187 |
|
|
14,920 |
|
|
13,869 |
|
|
|
114,910 |
Restructuring costs |
|
|
387 |
|
|
|
- |
|
|
142 |
|
|
- |
|
|
|
529 |
Depreciation and amortization |
|
|
30,298 |
|
|
|
9,339 |
|
|
12,948 |
|
|
561 |
|
|
|
53,146 |
Asset
impairment charges |
|
|
12,602 |
|
|
|
- |
|
|
- |
|
|
- |
|
|
|
12,602 |
Operating
income (loss) |
|
$ |
37,883 |
|
|
$ |
13,225 |
|
$ |
1,821 |
|
$ |
(16,576 |
) |
|
$ |
36,353 |
|
|
|
|
|
|
|
|
|
|
|
Reclassification |
|
|
|
|
|
|
|
|
|
|
Net
sales |
|
$ |
(21,780 |
) |
|
$ |
- |
|
$ |
24,728 |
|
$ |
(2,948 |
) |
|
$ |
- |
Cost of
sales |
|
|
(16,770 |
) |
|
|
- |
|
|
19,718 |
|
|
(2,948 |
) |
|
|
- |
Selling,
general and administrative |
|
|
(851 |
) |
|
|
- |
|
|
851 |
|
|
- |
|
|
|
- |
Restructuring costs |
|
|
- |
|
|
|
- |
|
|
- |
|
|
- |
|
|
|
- |
Depreciation and amortization |
|
|
(505 |
) |
|
|
- |
|
|
505 |
|
|
- |
|
|
|
- |
Asset
impairment charges |
|
|
- |
|
|
|
- |
|
|
- |
|
|
- |
|
|
|
- |
Operating
income (loss) |
|
$ |
(3,654 |
) |
|
$ |
- |
|
$ |
3,654 |
|
$ |
- |
|
|
$ |
- |
|
|
|
|
|
|
|
|
|
|
|
Current
presentation |
|
|
|
|
|
|
|
|
|
|
Net
sales |
|
$ |
538,249 |
|
|
$ |
150,203 |
|
$ |
248,119 |
|
$ |
(8,387 |
) |
|
$ |
928,184 |
Cost of
sales |
|
|
399,155 |
|
|
|
104,452 |
|
|
213,278 |
|
|
(6,241 |
) |
|
|
710,644 |
Selling,
general and administrative |
|
|
62,083 |
|
|
|
23,187 |
|
|
15,771 |
|
|
13,869 |
|
|
|
114,910 |
Restructuring costs |
|
|
387 |
|
|
|
- |
|
|
142 |
|
|
- |
|
|
|
529 |
Depreciation and amortization |
|
|
29,793 |
|
|
|
9,339 |
|
|
13,453 |
|
|
561 |
|
|
|
53,146 |
Asset
impairment charges |
|
|
12,602 |
|
|
|
- |
|
|
- |
|
|
- |
|
|
|
12,602 |
Operating
income (loss) |
|
$ |
34,229 |
|
|
$ |
13,225 |
|
$ |
5,475 |
|
$ |
(16,576 |
) |
|
$ |
36,353 |
|
|
|
|
|
|
|
|
|
|
|
QUANEX BUILDING
PRODUCTS CORPORATION |
|
|
|
|
|
|
|
|
SELECTED
SEGMENT DATA |
|
|
|
|
|
|
|
(In thousands) |
|
|
|
|
|
|
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
This table
provides operating income (loss), EBITDA, and Adjusted EBITDA by
reportable segment. Non-operating expense and income tax
expense are not allocated to the reportable segments. |
|
|
|
NA Engineered Components |
|
EU Engineered Components |
|
NA Cabinet Components |
|
Unallocated Corp & Other |
|
Total |
Three months
ended October 31, 2017 |
|
|
|
|
|
|
|
|
|
|
Net
sales |
|
$ |
131,380 |
|
|
$ |
41,830 |
|
|
$ |
61,110 |
|
|
$ |
(1,361 |
) |
|
$ |
232,959 |
|
Cost of
sales |
|
|
97,523 |
|
|
|
29,572 |
|
|
|
52,214 |
|
|
|
(984 |
) |
|
|
178,325 |
|
Selling,
general and administrative |
|
|
14,076 |
|
|
|
5,449 |
|
|
|
3,887 |
|
|
|
(270 |
) |
|
|
23,142 |
|
Restructuring charges |
|
|
1,357 |
|
|
|
- |
|
|
|
110 |
|
|
|
- |
|
|
|
1,467 |
|
Depreciation and amortization |
|
|
7,932 |
|
|
|
2,080 |
|
|
|
3,650 |
|
|
|
132 |
|
|
|
13,794 |
|
Operating
income (loss) |
|
|
10,492 |
|
|
|
4,729 |
|
|
|
1,249 |
|
|
|
(239 |
) |
|
|
16,231 |
|
Depreciation and amortization |
|
|
7,932 |
|
|
|
2,080 |
|
|
|
3,650 |
|
|
|
132 |
|
|
|
13,794 |
|
EBITDA |
|
|
18,424 |
|
|
|
6,809 |
|
|
|
4,899 |
|
|
|
(107 |
) |
|
|
30,025 |
|
Transaction related costs |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
169 |
|
|
|
169 |
|
Loss on
sale of plant |
|
|
1,627 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
1,627 |
|
Restructuring charges |
|
|
1,357 |
|
|
|
- |
|
|
|
110 |
|
|
|
- |
|
|
|
1,467 |
|
Adjusted
EBITDA |
|
$ |
21,408 |
|
|
$ |
6,809 |
|
|
$ |
5,009 |
|
|
$ |
62 |
|
|
$ |
33,288 |
|
Adjusted
EBITDA Margin % |
|
|
16.3 |
% |
|
|
16.3 |
% |
|
|
8.2 |
% |
|
|
|
|
14.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
Three months
ended October 31, 2016 |
|
|
|
|
|
|
|
|
|
|
Net
sales |
|
$ |
147,993 |
|
|
$ |
39,953 |
|
|
$ |
63,083 |
|
|
$ |
(1,858 |
) |
|
$ |
249,171 |
|
Cost of
sales |
|
|
107,162 |
|
|
|
27,754 |
|
|
|
54,764 |
|
|
|
(1,512 |
) |
|
|
188,168 |
|
Selling,
general and administrative |
|
|
16,311 |
|
|
|
5,817 |
|
|
|
2,748 |
|
|
|
1,604 |
|
|
|
26,480 |
|
Restructuring charges |
|
|
387 |
|
|
|
- |
|
|
|
142 |
|
|
|
- |
|
|
|
529 |
|
Depreciation and amortization |
|
|
8,743 |
|
|
|
2,148 |
|
|
|
2,370 |
|
|
|
126 |
|
|
|
13,387 |
|
Asset
impairment charges |
|
|
12,602 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
12,602 |
|
Operating
income (loss) |
|
|
2,788 |
|
|
|
4,234 |
|
|
|
3,059 |
|
|
|
(2,076 |
) |
|
|
8,005 |
|
Depreciation and amortization |
|
|
8,743 |
|
|
|
2,148 |
|
|
|
2,370 |
|
|
|
126 |
|
|
|
13,387 |
|
EBITDA |
|
|
11,531 |
|
|
|
6,382 |
|
|
|
5,429 |
|
|
|
(1,950 |
) |
|
|
21,392 |
|
Transaction related costs |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
1 |
|
|
|
1 |
|
Restructuring charges |
|
|
387 |
|
|
|
- |
|
|
|
142 |
|
|
|
- |
|
|
|
529 |
|
Asset
impairment charges |
|
|
12,602 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
12,602 |
|
PPA-Inventory Step-up |
|
|
- |
|
|
|
32 |
|
|
|
- |
|
|
|
- |
|
|
|
32 |
|
Adjusted
EBITDA |
|
$ |
24,520 |
|
|
$ |
6,414 |
|
|
$ |
5,571 |
|
|
$ |
(1,949 |
) |
|
$ |
34,556 |
|
Adjusted
EBITDA Margin % |
|
|
16.6 |
% |
|
|
16.1 |
% |
|
|
8.8 |
% |
|
|
|
|
13.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
Twelve months
ended October 31, 2017 |
|
|
|
|
|
|
|
|
|
|
Net
sales |
|
$ |
474,878 |
|
|
$ |
147,963 |
|
|
$ |
248,808 |
|
|
$ |
(5,094 |
) |
|
$ |
866,555 |
|
Cost of
sales |
|
|
357,806 |
|
|
|
104,876 |
|
|
|
213,257 |
|
|
|
(3,777 |
) |
|
|
672,162 |
|
Selling,
general and administrative |
|
|
52,889 |
|
|
|
20,581 |
|
|
|
16,626 |
|
|
|
7,885 |
|
|
|
97,981 |
|
Restructuring charges |
|
|
3,564 |
|
|
|
- |
|
|
|
986 |
|
|
|
- |
|
|
|
4,550 |
|
Depreciation and amortization |
|
|
34,308 |
|
|
|
8,833 |
|
|
|
13,811 |
|
|
|
543 |
|
|
|
57,495 |
|
Operating
income (loss) |
|
|
26,311 |
|
|
|
13,673 |
|
|
|
4,128 |
|
|
|
(9,745 |
) |
|
|
34,367 |
|
Depreciation and amortization |
|
|
34,308 |
|
|
|
8,833 |
|
|
|
13,811 |
|
|
|
543 |
|
|
|
57,495 |
|
EBITDA |
|
|
60,619 |
|
|
|
22,506 |
|
|
|
17,939 |
|
|
|
(9,202 |
) |
|
|
91,862 |
|
Transaction related costs |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
497 |
|
|
|
497 |
|
Mexico
restructuring, loss on disposal of fixed assets |
|
|
- |
|
|
|
- |
|
|
|
190 |
|
|
|
- |
|
|
|
190 |
|
One-time
employee benefit adjustment |
|
|
- |
|
|
|
- |
|
|
|
188 |
|
|
|
- |
|
|
|
188 |
|
PPA-Inventory Step-up |
|
|
- |
|
|
|
104 |
|
|
|
- |
|
|
|
- |
|
|
|
104 |
|
Loss on
sale of plant |
|
|
1,627 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
1,627 |
|
Restructuring charges |
|
|
3,564 |
|
|
|
- |
|
|
|
986 |
|
|
|
- |
|
|
|
4,550 |
|
Asset
impairment charges |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Adjusted
EBITDA |
|
$ |
65,810 |
|
|
$ |
22,610 |
|
|
$ |
19,303 |
|
|
$ |
(8,705 |
) |
|
$ |
99,018 |
|
Adjusted
EBITDA Margin % |
|
|
13.9 |
% |
|
|
15.3 |
% |
|
|
7.8 |
% |
|
|
|
|
11.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
Twelve months
ended October 31, 2016 |
|
|
|
|
|
|
|
|
|
|
Net
sales |
|
$ |
538,249 |
|
|
$ |
150,203 |
|
|
$ |
248,119 |
|
|
$ |
(8,387 |
) |
|
$ |
928,184 |
|
Cost of
sales |
|
|
399,155 |
|
|
|
104,452 |
|
|
|
213,278 |
|
|
|
(6,241 |
) |
|
|
710,644 |
|
Selling,
general and administrative |
|
|
62,083 |
|
|
|
23,187 |
|
|
|
15,771 |
|
|
|
13,869 |
|
|
|
114,910 |
|
Restructuring charges |
|
|
387 |
|
|
|
- |
|
|
|
142 |
|
|
|
- |
|
|
|
529 |
|
Depreciation and amortization |
|
|
29,793 |
|
|
|
9,339 |
|
|
|
13,453 |
|
|
|
561 |
|
|
|
53,146 |
|
Asset
impairment charges |
|
|
12,602 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
12,602 |
|
Operating
income (loss) |
|
|
34,229 |
|
|
|
13,225 |
|
|
|
5,475 |
|
|
|
(16,576 |
) |
|
|
36,353 |
|
Depreciation and amortization |
|
|
29,793 |
|
|
|
9,339 |
|
|
|
13,453 |
|
|
|
561 |
|
|
|
53,146 |
|
EBITDA |
|
|
64,022 |
|
|
|
22,564 |
|
|
|
18,928 |
|
|
|
(16,015 |
) |
|
|
89,499 |
|
Transaction related costs |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
4,988 |
|
|
|
4,988 |
|
Restructuring charges |
|
|
387 |
|
|
|
- |
|
|
|
142 |
|
|
|
- |
|
|
|
529 |
|
Asset
impairment charges |
|
|
12,602 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
12,602 |
|
PPA-Inventory Step-up |
|
|
- |
|
|
|
384 |
|
|
|
2,287 |
|
|
|
- |
|
|
|
2,671 |
|
Adjusted
EBITDA |
|
$ |
77,011 |
|
|
$ |
22,948 |
|
|
$ |
21,357 |
|
|
$ |
(11,027 |
) |
|
$ |
110,289 |
|
Adjusted
EBITDA Margin % |
|
|
14.3 |
% |
|
|
15.3 |
% |
|
|
8.6 |
% |
|
|
|
|
11.9 |
% |
QUANEX BUILDING PRODUCTS CORPORATION |
|
|
|
|
|
|
|
|
SALES ANALYSIS |
|
|
|
|
|
|
|
|
(In
thousands) |
|
|
|
|
|
|
|
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Twelve Months Ended |
|
|
|
October 31, 2017 |
|
October 31, 2016
(1) |
|
October 31, 2017 |
|
October 31, 2016
(1) |
|
|
|
|
|
|
|
|
|
|
|
NA
Engineered Components: |
|
|
|
|
|
|
|
|
|
United States -
fenestration (2) |
$ |
110,659 |
|
|
$ |
124,670 |
|
|
$ |
399,694 |
|
|
$ |
444,571 |
|
|
|
International -
fenestration |
|
9,334 |
|
|
|
9,530 |
|
|
|
34,279 |
|
|
|
38,439 |
|
|
|
United States -
non-fenestration |
|
5,673 |
|
|
|
8,677 |
|
|
|
25,263 |
|
|
|
36,986 |
|
|
|
International -
non-fenestration |
|
5,714 |
|
|
|
5,116 |
|
|
|
15,642 |
|
|
|
18,253 |
|
|
|
|
$ |
131,380 |
|
|
$ |
147,993 |
|
|
$ |
474,878 |
|
|
$ |
538,249 |
|
|
EU
Engineered Components (3): |
|
|
|
|
|
|
|
|
|
United States -
fenestration |
$ |
- |
|
|
$ |
159 |
|
|
$ |
303 |
|
|
$ |
412 |
|
|
|
International -
fenestration |
|
37,015 |
|
|
|
35,283 |
|
|
|
129,140 |
|
|
|
134,631 |
|
|
|
International -
non-fenestration |
|
4,815 |
|
|
|
4,511 |
|
|
|
18,520 |
|
|
|
15,160 |
|
|
|
|
$ |
41,830 |
|
|
$ |
39,953 |
|
|
$ |
147,963 |
|
|
$ |
150,203 |
|
|
NA
Cabinet Components: |
|
|
|
|
|
|
|
|
|
United States -
fenestration |
$ |
5,597 |
|
|
$ |
3,008 |
|
|
$ |
17,083 |
|
|
$ |
21,779 |
|
|
|
United States -
non-fenestration (4) |
|
54,977 |
|
|
|
59,431 |
|
|
|
229,550 |
|
|
|
223,664 |
|
|
|
International -
non-fenestration |
|
536 |
|
|
|
644 |
|
|
|
2,175 |
|
|
|
2,676 |
|
|
|
|
$ |
61,110 |
|
|
$ |
63,083 |
|
|
$ |
248,808 |
|
|
$ |
248,119 |
|
|
Unallocated Corporate & Other: |
|
|
|
|
|
|
|
|
|
Eliminations |
$ |
(1,361 |
) |
|
$ |
(1,858 |
) |
|
$ |
(5,094 |
) |
|
$ |
(8,387 |
) |
|
|
|
$ |
(1,361 |
) |
|
$ |
(1,858 |
) |
|
$ |
(5,094 |
) |
|
$ |
(8,387 |
) |
|
|
|
|
|
|
|
|
|
|
|
Net
Sales |
$ |
232,959 |
|
|
$ |
249,171 |
|
|
$ |
866,555 |
|
|
$ |
928,184 |
|
|
|
|
|
|
|
|
|
|
|
|
(1)
Updated to reflect transfer of operating facilities from NA
Engineered Components to NA Cabinet Components. See
Reconciliation for additional details. |
|
(2)
Reflects the loss of revenue associated with eliminated products of
$14.5 million and $67.9 million for the three-months and
twelve-months ended October 31, 2017, respectively. |
|
(3)
Reflects a gain of $1.0 million, and a loss $10.7 million in
revenue associated with foreign currency impacts for the
three-months and twelve-months ended October 31, 2017,
respectively. |
|
(4)
Reflects the loss of revenue associated with eliminated products of
$2.0 million and $10.3 million for the three-months and
twelve-months ended October 31, 2017, respectively. |
|
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