Quanex Building Products Announces Third Quarter 2017 Results
EPS Improves Year-over-Year
Margin Expansion Continues in Cabinet Components Segment
Strong Free Cash Flow Generation Allows
Third Quarter 2017 Results Summary
The Company reported net sales of
Net income increased to
Cash provided by operating activities for the three months ended
Three Months Ended July 31, 2017 | Three Months Ended July 31, 2016 | |||||||||||||||||||||||
($ in thousands, except per share data) | Results Before Adjustments |
Adjustments | Adjusted Results |
Results Before Adjustments |
Adjustments | Adjusted Results |
||||||||||||||||||
Net sales | $ | 229,367 | $ | - | $ | 229,367 | $ | 248,085 | $ | - | $ | 248,085 | ||||||||||||
Cost of sales (1) | 176,758 | - | 176,758 | 186,631 | (67 | ) | 186,564 | |||||||||||||||||
Selling, general and administrative (2) | 20,478 | (35 | ) | 20,443 | 28,551 | (109 | ) | 28,442 | ||||||||||||||||
Restructuring charges (3) | 864 | (864 | ) | - | - | - | - | |||||||||||||||||
EBITDA | 31,267 | 899 | 32,166 | 32,903 | 176 | 33,079 | ||||||||||||||||||
Depreciation and amortization (4) | 13,915 | (1,277 | ) | 12,638 | 12,973 | - | 12,973 | |||||||||||||||||
Operating income (loss) | 17,352 | 2,176 | 19,528 | 19,930 | 176 | 20,106 | ||||||||||||||||||
Interest expense (5) | (2,575 | ) | - | (2,575 | ) | (22,200 | ) | 16,677 | (5,523 | ) | ||||||||||||||
Other, net (6) | 46 | (39 | ) | 7 | (2,523 | ) | 2,239 | (284 | ) | |||||||||||||||
Income (loss) before income taxes | 14,823 | 2,137 | 16,960 | (4,793 | ) | 19,092 | 14,299 | |||||||||||||||||
Income tax (expense) benefit (7) | (4,608 | ) | (860 | ) | (5,468 | ) | 817 | (5,910 | ) | (5,093 | ) | |||||||||||||
Net income (loss) | $ | 10,215 | $ | 1,277 | $ | 11,492 | $ | (3,976 | ) | $ | 13,182 | $ | 9,206 | |||||||||||
Diluted earnings (loss) per share (8) | $ | 0.29 | $ | 0.33 | $ | (0.12 | ) | $ | 0.27 | |||||||||||||||
(1) Cost of sales adjustment relates solely to purchase price accounting inventory step-up impact from HL Plastics acquisition. | ||||||||||||||||||||||||
(2) SG&A adjustments are for acquisition related transaction costs. | ||||||||||||||||||||||||
(3) Restructuring charges relate to the closure of several manufacturing plant facilities. | ||||||||||||||||||||||||
(4) D&A adjustments relate to accelerated depreciation and amortization for restructured PP&E and intangible assets. | ||||||||||||||||||||||||
(5) Interest expense adjustments relate to write off of deferred loan costs, unamortized original issuance discount, and prepayment call premium related to debt refinance. | ||||||||||||||||||||||||
(6) Other, net adjustments relate to foreign currency transaction (gains) losses. | ||||||||||||||||||||||||
(7) Effective tax rate reflects impacts of adjustments on a with and without basis. | ||||||||||||||||||||||||
(8) Adjusted EPS for 2016 is calculated using diluted shares outstanding of 34.5 million, respectively. | ||||||||||||||||||||||||
Recent Events
Quanex’s Board of Directors declared a quarterly cash dividend of
During the third quarter of 2017, Quanex transferred operating responsibility of two wood-based accessory plants from the North American Engineered Components segment to the North American Cabinet Components segment. These moves have been contemplated since the Company acquired Woodcraft and better align manufacturing capability and capacity. (See Segment Reconciliation table for additional information)
Conference Call and Webcast Information
The Company has scheduled a conference call for
About Quanex
For more information contact
Non-GAAP Terminology Definitions and Disclaimers
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 related to the plant closure in
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
QUANEX BUILDING PRODUCTS CORPORATION | ||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) | ||||||||||||||||
(In thousands, except per share data) | ||||||||||||||||
(Unaudited) | ||||||||||||||||
Three Months Ended July 31, | Nine Months Ended July 31, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Net sales | $ | 229,367 | $ | 248,085 | $ | 634,406 | $ | 679,013 | ||||||||
Cost of sales | 176,758 | 186,631 | 494,647 | 522,476 | ||||||||||||
Selling, general and administrative | 20,478 | 28,551 | 74,839 | 88,430 | ||||||||||||
Restructuring charges | 864 | - | 3,083 | - | ||||||||||||
Depreciation and amortization | 13,915 | 12,973 | 43,701 | 39,759 | ||||||||||||
Operating income | 17,352 | 19,930 | 18,136 | 28,348 | ||||||||||||
Interest expense | (2,575 | ) | (22,200 | ) | (7,126 | ) | (34,324 | ) | ||||||||
Other, net | 46 | (2,523 | ) | 572 | (4,036 | ) | ||||||||||
Income (loss) before income taxes | 14,823 | (4,793 | ) | 11,582 | (10,012 | ) | ||||||||||
Income tax (expense) benefit | (4,608 | ) | 817 | (3,631 | ) | 2,722 | ||||||||||
Net income (loss) | $ | 10,215 | $ | (3,976 | ) | $ | 7,951 | $ | (7,290 | ) | ||||||
Income (loss) per common share, basic | $ | 0.30 | $ | (0.12 | ) | $ | 0.23 | $ | (0.22 | ) | ||||||
Income (loss) per common share, diluted | $ | 0.29 | $ | (0.12 | ) | $ | 0.23 | $ | (0.22 | ) | ||||||
Weighted average common shares outstanding: | ||||||||||||||||
Basic | 34,224 | 33,916 | 34,141 | 33,850 | ||||||||||||
Diluted | 34,924 | 33,916 | 34,771 | 33,850 | ||||||||||||
Cash dividends per share | $ | 0.04 | $ | 0.04 | $ | 0.12 | $ | 0.12 | ||||||||
QUANEX BUILDING PRODUCTS CORPORATION | ||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||
(In thousands) | ||||||||
(Unaudited) | ||||||||
July 31, 2017 | October 31, 2016 | |||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 15,791 | $ | 25,526 | ||||
Accounts receivable, net | 78,046 | 83,625 | ||||||
Inventories, net | 94,373 | 84,335 | ||||||
Prepaid and other current assets | 8,119 | 10,488 | ||||||
Total current assets | 196,329 | 203,974 | ||||||
Property, plant and equipment, net | 214,829 | 198,497 | ||||||
Goodwill | 222,153 | 217,035 | ||||||
Intangible assets, net | 143,702 | 154,180 | ||||||
Other assets | 8,046 | 6,667 | ||||||
Total assets | $ | 785,059 | $ | 780,353 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 45,709 | $ | 47,781 | ||||
Accrued liabilities | 35,476 | 55,101 | ||||||
Income taxes payable | 2,133 | 732 | ||||||
Current maturities of long-term debt | 26,364 | 10,520 | ||||||
Total current liabilities | 109,682 | 114,134 | ||||||
Long-term debt | 238,033 | 259,011 | ||||||
Deferred pension and postretirement benefits | 10,704 | 8,167 | ||||||
Deferred income taxes | 18,509 | 18,322 | ||||||
Other liabilities | 15,460 | 12,888 | ||||||
Total liabilities | 392,388 | 412,522 | ||||||
Stockholders’ equity: | ||||||||
Common stock | 375 | 376 | ||||||
Additional paid-in-capital | 256,170 | 254,540 | ||||||
Retained earnings | 216,553 | 214,047 | ||||||
Accumulated other comprehensive loss | (27,491 | ) | (38,765 | ) | ||||
Treasury stock at cost | (52,936 | ) | (62,367 | ) | ||||
Total stockholders’ equity | 392,671 | 367,831 | ||||||
Total liabilities and stockholders' equity | $ | 785,059 | $ | 780,353 | ||||
QUANEX BUILDING PRODUCTS CORPORATION | |||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW | |||||||
(In thousands) | |||||||
(Unaudited) | |||||||
Nine Months Ended July 31, | |||||||
2017 | 2016 | ||||||
Operating activities: | |||||||
Net income (loss) | $ | 7,951 | $ | (7,290 | ) | ||
Adjustments to reconcile net income (loss) to cash provided by operating activities: | |||||||
Depreciation and amortization | 43,701 | 39,759 | |||||
Stock-based compensation | 4,305 | 4,587 | |||||
Deferred income tax | (1,847 | ) | (6,370 | ) | |||
Excess tax benefit from share-based compensation | (229 | ) | (134 | ) | |||
Charge for deferred loan costs and debt discount | - | 15,883 | |||||
Other, net | 1,136 | 543 | |||||
Changes in assets and liabilities, net of effects from acquisitions: | |||||||
Decrease in accounts receivable | 6,923 | 2,035 | |||||
Increase in inventory | (8,576 | ) | (1,530 | ) | |||
Increase in other current assets | (379 | ) | (1,239 | ) | |||
Decrease in accounts payable | (3,145 | ) | (2,092 | ) | |||
Decrease in accrued liabilities | (12,303 | ) | (2,139 | ) | |||
Increase in income taxes payable | 4,349 | 2,990 | |||||
Increase in deferred pension and postretirement benefits | 2,537 | 2,485 | |||||
Increase in other long-term liabilities | 1,226 | 894 | |||||
Other, net | (389 | ) | 676 | ||||
Cash provided by operating activities | 45,260 | 49,058 | |||||
Investing activities: | |||||||
Acquisitions, net of cash acquired | (8,497 | ) | (245,904 | ) | |||
Capital expenditures | (27,098 | ) | (25,938 | ) | |||
Proceeds from disposition of capital assets | 1,232 | 984 | |||||
Cash used for investing activities | (34,363 | ) | (270,858 | ) | |||
Financing activities: | |||||||
Borrowings under credit facilities | 53,500 | 632,800 | |||||
Repayments of credit facility borrowings | (74,125 | ) | (389,000 | ) | |||
Debt issuance costs | - | (11,795 | ) | ||||
Repayments of other long-term debt | (2,240 | ) | (1,825 | ) | |||
Common stock dividends paid | (4,127 | ) | (4,101 | ) | |||
Issuance of common stock | 6,379 | 3,368 | |||||
Excess tax benefit from share-based compensation | 229 | 134 | |||||
Cash (used for) provided by financing activities | (20,384 | ) | 229,581 | ||||
Effect of exchange rate changes on cash and cash equivalents | (248 | ) | 1,277 | ||||
(Decrease) increase in cash and cash equivalents | (9,735 | ) | 9,058 | ||||
Cash and cash equivalents at beginning of period | 25,526 | 23,125 | |||||
Cash and cash equivalents at end of period | $ | 15,791 | $ | 32,183 | |||
QUANEX BUILDING PRODUCTS CORPORATION |
|||||||||
FREE CASH FLOW RECONCILIATION | |||||||||
(In thousands) | |||||||||
(Unaudited) | |||||||||
The following table reconciles the Company's calculation of Free Cash Flow, a non-GAAP measure, to its most directly comparable GAAP measure. The Company defines Free Cash Flow as cash provided by operating activities less capital expenditures. |
|||||||||
Three Months Ended July 31, | |||||||||
2017 | 2016 | ||||||||
Cash provided by operating activities | $ | 29,556 | $ | 25,249 | |||||
Capital expenditures | (9,548 | ) | (8,519 | ) | |||||
Free Cash Flow | $ | 20,008 | $ | 16,730 |
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 nine-months ended July 31, 2016, to the current presentation: | |||||||||||||||||
NA Engineered Components |
EU Engineered Components |
NA Cabinet Components |
Unallocated Corp & Other |
Total | |||||||||||||
Three months ended July 31, 2016 | |||||||||||||||||
As previously reported | |||||||||||||||||
Net sales | $ | 150,462 | $ | 40,217 | $ | 58,826 | $ | (1,420 | ) | $ | 248,085 | ||||||
Cost of sales | 109,513 | 27,533 | 50,376 | (791 | ) | 186,631 | |||||||||||
Selling, general and administrative | 15,408 | 5,896 | 4,035 | 3,212 | 28,551 | ||||||||||||
Depreciation and amortization | 7,063 | 2,340 | 3,435 | 135 | 12,973 | ||||||||||||
Operating income (loss) | $ | 18,478 | $ | 4,448 | $ | 980 | $ | (3,976 | ) | $ | 19,930 | ||||||
Reclassification | |||||||||||||||||
Net sales | $ | (5,422 | ) | $ | - | $ | 6,094 | $ | (672 | ) | $ | - | |||||
Cost of sales | (4,364 | ) | - | 5,036 | (672 | ) | - | ||||||||||
Selling, general and administrative | (230 | ) | - | 230 | - | - | |||||||||||
Depreciation and amortization | (133 | ) | - | 133 | - | - | |||||||||||
Operating income (loss) | $ | (695 | ) | $ | - | $ | 695 | $ | - | $ | - | ||||||
Current presentation | |||||||||||||||||
Net sales | $ | 145,040 | $ | 40,217 | $ | 64,920 | $ | (2,092 | ) | $ | 248,085 | ||||||
Cost of sales | 105,149 | 27,533 | 55,412 | (1,463 | ) | 186,631 | |||||||||||
Selling, general and administrative | 15,178 | 5,896 | 4,265 | 3,212 | 28,551 | ||||||||||||
Depreciation and amortization | 6,930 | 2,340 | 3,568 | 135 | 12,973 | ||||||||||||
Operating income (loss) | $ | 17,783 | $ | 4,448 | $ | 1,675 | $ | (3,976 | ) | $ | 19,930 | ||||||
Nine months ended July 31, 2016 | |||||||||||||||||
As previously reported | |||||||||||||||||
Net sales | $ | 406,029 | $ | 110,250 | $ | 166,906 | $ | (4,172 | ) | $ | 679,013 | ||||||
Cost of sales | 304,434 | 76,698 | 143,716 | (2,372 | ) | 522,476 | |||||||||||
Selling, general and administrative | 46,386 | 17,370 | 12,366 | 12,308 | 88,430 | ||||||||||||
Depreciation and amortization | 21,424 | 7,191 | 10,709 | 435 | 39,759 | ||||||||||||
Operating income (loss) | $ | 33,785 | $ | 8,991 | $ | 115 | $ | (14,543 | ) | $ | 28,348 | ||||||
Reclassification | |||||||||||||||||
Net sales | $ | (15,772 | ) | $ | - | $ | 18,143 | $ | (2,371 | ) | $ | - | |||||
Cost of sales | (12,440 | ) | - | 14,811 | (2,371 | ) | - | ||||||||||
Selling, general and administrative | (660 | ) | - | 660 | - | - | |||||||||||
Depreciation and amortization | (375 | ) | - | 375 | - | - | |||||||||||
Operating income (loss) | $ | (2,297 | ) | $ | - | $ | 2,297 | $ | - | $ | - | ||||||
Current presentation | |||||||||||||||||
Net sales | $ | 390,257 | $ | 110,250 | $ | 185,049 | $ | (6,543 | ) | $ | 679,013 | ||||||
Cost of sales | 291,994 | 76,698 | 158,527 | (4,743 | ) | 522,476 | |||||||||||
Selling, general and administrative | 45,726 | 17,370 | 13,026 | 12,308 | 88,430 | ||||||||||||
Depreciation and amortization | 21,049 | 7,191 | 11,084 | 435 | 39,759 | ||||||||||||
Operating income (loss) | $ | 31,488 | $ | 8,991 | $ | 2,412 | $ | (14,543 | ) | $ | 28,348 | ||||||
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 July 31, 2017 | ||||||||||||||||||||
Net sales | $ | 126,446 | $ | 40,359 | $ | 63,839 | $ | (1,277 | ) | $ | 229,367 | |||||||||
Cost of sales | 94,169 | 29,002 | 54,538 | (951 | ) | 176,758 | ||||||||||||||
Selling, general and administrative | 11,829 | 5,162 | 3,968 | (481 | ) | 20,478 | ||||||||||||||
Restructuring charges | 727 | - | 137 | - | 864 | |||||||||||||||
Depreciation and amortization | 7,899 | 2,391 | 3,491 | 134 | 13,915 | |||||||||||||||
Operating income (loss) | 11,822 | 3,804 | 1,705 | 21 | 17,352 | |||||||||||||||
Depreciation and amortization | 7,899 | 2,391 | 3,491 | 134 | 13,915 | |||||||||||||||
EBITDA | 19,721 | 6,195 | 5,196 | 155 | 31,267 | |||||||||||||||
Transaction related costs | - | - | - | 35 | 35 | |||||||||||||||
Restructuring charges | 727 | - | 137 | - | 864 | |||||||||||||||
Adjusted EBITDA | $ | 20,448 | $ | 6,195 | $ | 5,333 | $ | 190 | $ | 32,166 | ||||||||||
Adjusted EBITDA Margin % | 16.2 | % | 15.3 | % | 8.4 | % | 14.0 | % | ||||||||||||
Three months ended July 31, 2016 (1) | ||||||||||||||||||||
Net sales | $ | 145,040 | $ | 40,217 | $ | 64,920 | $ | (2,092 | ) | $ | 248,085 | |||||||||
Cost of sales | 105,149 | 27,533 | 55,412 | (1,463 | ) | 186,631 | ||||||||||||||
Selling, general and administrative | 15,178 | 5,896 | 4,265 | 3,212 | 28,551 | |||||||||||||||
Depreciation and amortization | 6,930 | 2,340 | 3,568 | 135 | 12,973 | |||||||||||||||
Operating income (loss) | 17,783 | 4,448 | 1,675 | (3,976 | ) | 19,930 | ||||||||||||||
Depreciation and amortization | 6,930 | 2,340 | 3,568 | 135 | 12,973 | |||||||||||||||
EBITDA | 24,713 | 6,788 | 5,243 | (3,841 | ) | 32,903 | ||||||||||||||
Transaction related costs | - | - | - | 109 | 109 | |||||||||||||||
PPA-Inventory Step-up | - | 67 | - | - | 67 | |||||||||||||||
Adjusted EBITDA | $ | 24,713 | $ | 6,855 | $ | 5,243 | $ | (3,732 | ) | $ | 33,079 | |||||||||
Adjusted EBITDA Margin % | 17.0 | % | 17.0 | % | 8.1 | % | 13.3 | % | ||||||||||||
Nine months ended July 31, 2017 | ||||||||||||||||||||
Net sales | $ | 343,694 | $ | 106,133 | $ | 188,359 | $ | (3,780 | ) | $ | 634,406 | |||||||||
Cost of sales | 260,479 | 75,304 | 161,704 | (2,840 | ) | 494,647 | ||||||||||||||
Selling, general and administrative | 38,770 | 15,132 | 12,739 | 8,198 | 74,839 | |||||||||||||||
Restructuring charges | 2,207 | - | 876 | - | 3,083 | |||||||||||||||
Depreciation and amortization | 26,377 | 6,753 | 10,160 | 411 | 43,701 | |||||||||||||||
Operating income (loss) | 15,861 | 8,944 | 2,880 | (9,549 | ) | 18,136 | ||||||||||||||
Depreciation and amortization | 26,377 | 6,753 | 10,160 | 411 | 43,701 | |||||||||||||||
EBITDA | 42,238 | 15,697 | 13,040 | (9,138 | ) | 61,837 | ||||||||||||||
Transaction related costs | - | - | - | 327 | 327 | |||||||||||||||
Mexico restructuring, loss on sale of fixed assets | - | - | 190 | - | 190 | |||||||||||||||
One-time employee benefit adjustment | - | - | 188 | - | 188 | |||||||||||||||
PPA-Inventory Step-up | - | 104 | - | - | 104 | |||||||||||||||
Restructuring charges | 2,207 | - | 876 | - | 3,083 | |||||||||||||||
Adjusted EBITDA | $ | 44,445 | $ | 15,801 | $ | 14,294 | $ | (8,811 | ) | $ | 65,729 | |||||||||
Adjusted EBITDA Margin % | 12.9 | % | 14.9 | % | 7.6 | % | 10.4 | % | ||||||||||||
Nine months ended July 31, 2016 (1) | ||||||||||||||||||||
Net sales | $ | 390,257 | $ | 110,250 | $ | 185,049 | $ | (6,543 | ) | $ | 679,013 | |||||||||
Cost of sales | 291,994 | 76,698 | 158,527 | (4,743 | ) | 522,476 | ||||||||||||||
Selling, general and administrative | 45,726 | 17,370 | 13,026 | 12,308 | 88,430 | |||||||||||||||
Depreciation and amortization | 21,049 | 7,191 | 11,084 | 435 | 39,759 | |||||||||||||||
Operating income (loss) | 31,488 | 8,991 | 2,412 | (14,543 | ) | 28,348 | ||||||||||||||
Depreciation and amortization | 21,049 | 7,191 | 11,084 | 435 | 39,759 | |||||||||||||||
EBITDA | 52,537 | 16,182 | 13,496 | (14,108 | ) | 68,107 | ||||||||||||||
Transaction related costs | - | - | - | 4,987 | 4,987 | |||||||||||||||
PPA-Inventory Step-up | - | 351 | 2,287 | - | 2,638 | |||||||||||||||
Adjusted EBITDA | $ | 52,537 | $ | 16,533 | $ | 15,783 | $ | (9,121 | ) | $ | 75,732 | |||||||||
Adjusted EBITDA Margin % | 13.5 | % | 15.0 | % | 8.5 | % | 11.2 | % | ||||||||||||
(1) Updated to reflect transfer of operating facilities from NA Engineered Components to NA Cabinet Components. See Reconciliation for additional details. | ||||||||||||||||||||
QUANEX BUILDING PRODUCTS CORPORATION | ||||||||||||||||
SALES ANALYSIS | ||||||||||||||||
(In thousands) | ||||||||||||||||
(Unaudited) | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
July 31, 2017 | July 31, 2016 (1) | July 31, 2017 | July 31, 2016 (1) | |||||||||||||
NA Engineered Components: | ||||||||||||||||
United States - fenestration (2) | $ | 107,193 | $ | 121,717 | $ | 289,231 | $ | 328,957 | ||||||||
International - fenestration | 9,959 | 9,530 | 24,945 | 23,317 | ||||||||||||
United States - non-fenestration | 7,060 | 8,677 | 19,590 | 24,237 | ||||||||||||
International - non-fenestration | 2,234 | 5,116 | 9,928 | 13,746 | ||||||||||||
$ | 126,446 | $ | 145,040 | $ | 343,694 | $ | 390,257 | |||||||||
EU Engineered Components (3): | ||||||||||||||||
United States - fenestration | $ | 190 | $ | 159 | $ | 304 | $ | 285 | ||||||||
International - fenestration | 35,087 | 35,547 | 94,528 | 98,744 | ||||||||||||
International - non-fenestration | 5,082 | 4,511 | 11,301 | 11,221 | ||||||||||||
$ | 40,359 | $ | 40,217 | $ | 106,133 | $ | 110,250 | |||||||||
NA Cabinet Components: | ||||||||||||||||
United States - fenestration | $ | 4,322 | $ | 3,008 | $ | 12,316 | $ | 10,651 | ||||||||
United States - non-fenestration (4) | 59,237 | 61,268 | 174,404 | 172,273 | ||||||||||||
International - non-fenestration | 280 | 644 | 1,639 | 2,125 | ||||||||||||
$ | 63,839 | $ | 64,920 | $ | 188,359 | $ | 185,049 | |||||||||
Unallocated Corporate & Other: | ||||||||||||||||
Eliminations | $ | (1,277 | ) | $ | (2,092 | ) | $ | (3,780 | ) | $ | (6,543 | ) | ||||
$ | (1,277 | ) | $ | (2,092 | ) | $ | (3,780 | ) | $ | (6,543 | ) | |||||
Net Sales | $ | 229,367 | $ | 248,085 | $ | 634,406 | $ | 679,013 | ||||||||
(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 $20.1 million and $53.4 million for the three-months and nine-months ended July 31, 2017, respectively. | ||||||||||||||||
(3) Reflects the loss of revenue associated with foreign currency impacts of $2.6 million and $11.7 million for the three-months and nine-months ended July 31, 2017, respectively. | ||||||||||||||||
(4) Reflects the loss of revenue associated with eliminated products of $2.9 million and $8.3 million for the three-months and nine-months ended July 31, 2017, respectively. | ||||||||||||||||