Investor Press Release

<< Back

Quanex Building Products Announces Third Quarter 2018 Results

Board Approves 100% Dividend Increase and Authorizes $60 Million Share Repurchase Program 
Strong Free Cash Flow Generation Facilitates Deleveraging and Return of Capital to Shareholders 
Significant Margin Expansion in NA Cabinet Components Segment 
Healthy Underlying Growth Continues in NA and EU Engineered Components Segments

HOUSTON, Sept. 06, 2018 (GLOBE NEWSWIRE) --  Quanex Building Products Corporation(NYSE:NX) (“Quanex” or the “Company”) today announced its results for the three months ended July 31, 2018.  The Company also announced today a significant increase in the return of capital to shareholders through a 100% increase in the quarterly cash dividend and a $60 million share repurchase authorization.

Bill Griffiths, Chairman, President and Chief Executive Officer, stated, “We delivered solid third quarter results, driven by improved operational efficiency and margin expansion of 200 basis points in our North American Cabinet Components segment, despite ongoing inflationary pressures.  Underlying growth remains healthy in our North American and European Engineered Components segments.

“We are also pleased that our strong free cash flow generation in the third quarter facilitated a further reduction of our leverage ratio to 2.0x Net Debt to LTM Adjusted EBITDA as of July 31, 2018.  In addition, our Board of Directors has approved a robust capital return program, including both a 100% increase to our quarterly cash dividend and a $60 million share repurchase program, which reflects our strong balance sheet, commitment to returning capital to shareholders and confidence in our prospects for growth and value creation.

“As part of a strategic review process, our Board of Directors and management team, with the support of outside advisors, recently undertook a thorough review of Quanex’s strategy and business, and evaluated a broad range of strategic alternatives to maximize shareholder value.  Our Board of Directors unanimously concluded that the best path forward for the Company and its shareholders at this time is the continued execution of our strategic plan and the accelerated return of capital.  We remain open to and will continue to consider all opportunities to create additional shareholder value.”

Third Quarter 2018 Results Summary  

The Company reported the following selected financial results:

    Three Months Ended July 31,   Nine Months Ended July 31,
    2018   2017   2018   2017
Net Sales   $239.8   $229.4   $645.7   $634.4
Net Income   $10.8   $10.2   $19.8   $8.0
Diluted EPS   $0.31   $0.29   $0.56   $0.23
                 
Adjusted Net Income   $11.6   $11.5   $15.1   $13.9
Adjusted Diluted EPS   $0.33   $0.33   $0.43   $0.40
Adjusted EBITDA   $30.8   $32.2   $65.7   $65.7
                 
Cash provided by operating activities   $26.8   $29.7   $48.5   $46.5
Free Cash Flow   $21.0   $20.2   $27.4   $19.4

(See Non-GAAP Terminology Definitions and Disclaimers section, Non-GAAP Financial Measure Disclosure table, Selected Segment Data table and Free Cash Flow Reconciliation table for additional information)

Similar to the first half of 2018, the increase in net sales during the third quarter was largely driven by market growth combined with price increases mostly related to raw material inflation recovery and a favorable foreign exchange impact.  (See Sales Analysis table for additional information)

The increase in net income for the third quarter of 2018 was primarily driven by lower depreciation and amortization coupled with a lower effective tax rate.

Adjusted EBITDA decreased slightly during the third quarter of 2018 mainly due to the negative impact of inflationary pressures combined with an increase in selling, general and administrative expense as results for the third quarter of 2017 included a benefit of $2.0 million related to a legal expense reimbursement from one of Quanex’s insurance carriers.          

As of July 31, 2018, the Company’s leverage ratio of Net Debt to LTM Adjusted EBITDA decreased to 2.0x.  (See Non-GAAP Terminology Definitions and Disclaimers section for additional information)

Strategy Update and Recent Events

Quanex is committed to driving operational improvement and creating shareholder value.  As part of a strategic review process, the Company’s Board of Directors (the “Board”) and management team, with Citi as financial advisor, recently completed a comprehensive review of Quanex’s overall strategy, capital structure and capital allocation priorities.  As part of that review process, the Board evaluated a broad range of strategic alternatives, including a potential sale of the Company, and carefully considered feedback from shareholders.

The Board unanimously concluded that, at this time, Quanex is best positioned to drive value for shareholders through the continued successful execution of its strategy and continued focus on driving improved performance and returning capital to shareholders.

As such, the Board declared a quarterly cash dividend of $0.08 per share on the Company’s common stock, representing a 100% increase compared to the prior dividend, payable September 28, 2018, to shareholders of record on September 14, 2018.

In addition, Quanex’s Board of Directors authorized a $60 million share repurchase program representing approximately 10% of common shares outstanding based on the Company’s stock price and share count as of July 31, 2018.  Repurchases under the new program will be made in open market transactions or privately negotiated transactions, subject to market conditions, applicable legal requirements and other relevant factors.  The program does not have an expiration date or a limit on the number of shares that may be purchased.

The Board will continue to consider all opportunities to further enhance shareholder value now and in the future.

Conference Call and Webcast Information

The Company has scheduled a conference call for Friday, September 7, 2018, 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 3847158, 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 September 14, 2018.  To access the replay dial (855) 859-2056 for domestic callers and (404) 537-3406 for international callers, in both cases referencing conference passcode 3847158. 

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, restructuring charges, 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, and restructuring charges) are non-GAAP financial measures that the Company uses to measure operational performance and assist with financial decision-making.  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.  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 the Company believes is useful to investors and financial analysts in evaluating Quanex’s leverage.  In addition, with certain limited adjustments, this leverage ratio is the basis for a key covenant in the Company’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, 2017, 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.

 
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,
      2018       2017       2018       2017  
                 
Net sales   $ 239,821     $ 229,367     $ 645,699     $ 634,406  
Cost of sales     185,610       176,758       508,791       494,647  
Selling, general and administrative     24,190       20,478       72,049       74,839  
Restructuring charges     243       864       851       3,083  
Depreciation and amortization     12,691       13,915       39,274       43,701  
Operating income     17,087       17,352       24,734       18,136  
Interest expense     (2,641 )     (2,575 )     (7,584 )     (7,126 )
Other, net     (62 )     46       150       572  
Income before income taxes     14,384       14,823       17,300       11,582  
Income tax (expense) benefit     (3,631 )     (4,608 )     2,536       (3,631 )
Net income   $ 10,753     $ 10,215     $ 19,836     $ 7,951  
                 
Income per common share, basic   $ 0.31     $ 0.30     $ 0.57     $ 0.23  
Income per common share, diluted   $ 0.31     $ 0.29     $ 0.56     $ 0.23  
                 
Weighted average common shares outstanding:                
Basic     34,840       34,224       34,766       34,141  
Diluted     35,120       34,924       35,124       34,771  
                 
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, 2018   October 31, 2017
ASSETS        
Current assets:        
Cash and cash equivalents   $ 12,400     $ 17,455  
Accounts receivable, net     80,236       79,411  
Inventories, net     87,105       87,529  
Prepaid and other current assets     8,636       7,406  
Total current assets     188,377       191,801  
Property, plant and equipment, net     205,304       211,131  
Goodwill     221,587       222,194  
Intangible assets, net     127,071       139,778  
Other assets     9,184       8,975  
Total assets   $ 751,523     $ 773,879  
         
LIABILITIES AND STOCKHOLDERS' EQUITY        
Current liabilities:        
Accounts payable   $ 44,871     $ 44,150  
Accrued liabilities     31,693       38,871  
Income taxes payable     2,405       2,192  
Current maturities of long-term debt     16,120       21,242  
Total current liabilities     95,089       106,455  
Long-term debt     193,654       218,184  
Deferred pension and postretirement benefits     6,612       4,433  
Deferred income taxes     16,765       21,960  
Other liabilities     15,640       16,000  
Total liabilities     327,760       367,032  
Stockholders’ equity:        
Common stock     374       375  
Additional paid-in-capital     253,806       255,719  
Retained earnings     240,025       225,704  
Accumulated other comprehensive loss     (27,601 )     (25,076 )
Treasury stock at cost     (42,841 )     (49,875 )
Total stockholders’ equity     423,763       406,847  
Total liabilities and stockholders' equity   $ 751,523     $ 773,879  
         

 

QUANEX BUILDING PRODUCTS CORPORATION  
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW  
(In thousands)  
(Unaudited)  
         
  Nine Months Ended July 31,  
    2018     2017 (1)  
Operating activities:        
Net income $ 19,836     $ 7,951    
Adjustments to reconcile net income to cash provided by operating activities:        
Depreciation and amortization   39,274       43,701    
Stock-based compensation   1,002       4,305    
Deferred income tax   (5,788 )     (1,847 )  
Other, net   404       1,136    
Changes in assets and liabilities:        
(Increase) decrease in accounts receivable   (1,247 )     6,923    
Decrease (increase) in inventory   310       (8,576 )  
Increase in other current assets   (1,242 )     (379 )  
Increase (decrease) in accounts payable   1,161       (3,145 )  
Decrease in accrued liabilities   (7,565 )     (11,327 )  
Increase in income taxes payable   231       4,349    
Increase in deferred pension and postretirement benefits   2,179       2,537    
Increase in other long-term liabilities   210       1,226    
Other, net   (312 )     (389 )  
Cash provided by operating activities   48,453       46,465    
Investing activities:        
Acquisitions, net of cash acquired   -       (8,497 )  
Capital expenditures   (21,098 )     (27,098 )  
Proceeds from disposition of capital assets   260       1,232    
Cash used for investing activities   (20,838 )     (34,363 )  
Financing activities:        
Borrowings under credit facilities   33,500       53,500    
Repayments of credit facility borrowings   (62,750 )     (74,125 )  
Repayments of other long-term debt   (1,394 )     (2,240 )  
Common stock dividends paid   (4,202 )     (4,127 )  
Issuance of common stock   3,767       6,379    
Payroll tax paid to settle shares forfeited upon vesting of stock   (960 )     (976 )  
Cash used for financing activities   (32,039 )     (21,589 )  
Effect of exchange rate changes on cash and cash equivalents   (631 )     (248 )  
Decrease in cash and cash equivalents   (5,055 )     (9,735 )  
Cash and cash equivalents at beginning of period   17,455       25,526    
Cash and cash equivalents at end of period $ 12,400     $ 15,791    
         
(1) Updated to reflect adoption of ASU 2016-09.  
         

 

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,   Nine Months Ended July 31,
      2018       2017       2018       2017  
Cash provided by operating activities   $26,838     $29,736       $48,453       $46,465  
Capital expenditures     (5,885)       (9,548)       (21,098)       (27,098)  
Free Cash Flow   $20,953     $20,188     $27,355     $19,367  
                 

 

QUANEX BUILDING PRODUCTS CORPORATION
NON-GAAP FINANCIAL MEASURE DISCLOSURE
(In thousands, except per share data)
(Unaudited)
 
   
                                         
    Three Months Ended     Three Months Ended     Nine Months Ended     Nine Months Ended  
Reconciliation of Adjusted Net Income and Adjusted EPS   July 31, 2018     July 31, 2017     July 31, 2018     July 31, 2017  
    Net
Income
  Diluted
EPS
    Net
Income
  Diluted
EPS
    Net
Income
  Diluted
EPS
    Net
Income
  Diluted
EPS
 
Net income as reported   $ 10,753     $ 0.31       $ 10,215     $ 0.29       $ 19,836     $ 0.56       $ 7,951     $ 0.23    
Reconciling items from below     828       0.02         1,277       0.04         (4,727 )     (0.13 )       5,965       0.17    
Adjusted net income and adjusted EPS   $ 11,581     $ 0.33       $ 11,492     $ 0.33       $ 15,109     $ 0.43       $ 13,916     $ 0.40    
                                         
Reconciliation of Adjusted EBITDA   Three Months Ended
July 31, 2018
    Three Months Ended
July 31, 2017
    Nine Months Ended
July 31, 2018
    Nine Months Ended
July 31, 2017
 
    Reconciliation         Reconciliation         Reconciliation         Reconciliation      
Net income as reported   $ 10,753           $ 10,215           $ 19,836           $ 7,951        
Income tax expense (benefit)     3,631             4,608             (2,536 )           3,631        
Other, net     62             (46 )           (150 )           (572 )      
Interest expense     2,641             2,575             7,584             7,126        
Depreciation and amortization     12,691             13,915             39,274             43,701        
EBITDA     29,778             31,267             64,008             61,837        
Reconciling items from below     1,027             899             1,649             3,892        
Adjusted EBITDA   $ 30,805           $ 32,166           $ 65,657           $ 65,729        
                                         
Reconciling Items   Three Months Ended
July 31, 2018
    Three Months Ended
July 31, 2017
    Nine Months Ended
July 31, 2018
    Nine Months Ended
July 31, 2017
 
    Income
Statement
  Reconciling
Items
    Income
Statement
  Reconciling
Items
    Income
Statement
  Reconciling
Items
    Income
Statement
  Reconciling
Items
 
Net sales   $ 239,821     $ -       $ 229,367     $ -       $ 645,699     $ -       $ 634,406     $ -    
Cost of sales     185,610       -         176,758       -         508,791       -         494,647       (104 )  (1 )
Selling, general and administrative     24,190       (784 )  (2 )     20,478       (35 )  (2 )     72,049       (798 )  (2 )     74,839       (705 )  (2 )
Restructuring charges     243       (243 )  (3 )     864       (864 )  (3 )     851       (851 )  (3 )     3,083       (3,083 )  (3 )
EBITDA     29,778       1,027         31,267       899         64,008       1,649         61,837       3,892    
Depreciation and amortization     12,691       -         13,915       (1,277 )  (4 )     39,274       (852 )  (5 )     43,701       (5,502 )  (4 )
Operating income     17,087       1,027         17,352       2,176         24,734       2,501         18,136       9,394    
Interest expense     (2,641 )     -         (2,575 )     -         (7,584 )     -         (7,126 )     -    
Other, net     (62 )     79    (6 )     46       (39 )  (6 )     150       (88 )  (6 )     572       (514 )  (6 )
Income before income taxes     14,384       1,106         14,823       2,137         17,300       2,413         11,582       8,880    
Income tax (expense) benefit     (3,631 )     (278 )  (7 )     (4,608 )     (860 )  (7 )     2,536       (7,140 )  (7 )     (3,631 )     (2,915 )  (7 )
Net income (loss)   $ 10,753     $ 828       $ 10,215     $ 1,277       $ 19,836     $ (4,727 )     $ 7,951     $ 5,965    
                                         
Diluted earnings per share   $ 0.31           $ 0.29           $ 0.56           $ 0.23        
                                         
(1) Relates solely to purchase price accounting inventory step-up impact from HL Plastics acquisition.  
(2) Transaction and advisory fees and in 2017, loss on sale of fixed assets related to the closure of a plant and a one-time employee benefit adjustment.  
(3) Restructuring charges relate to the closure of several manufacturing plant facilities.  
(4) Accelerated depreciation and amortization for restructured PP&E and intangible assets.  
(5) Accelerated depreciation for a plant re-layout in the North American Cabinet Components segment.  
(6) Foreign currency transaction losses (gains).  
(7) Impact on a with and without basis.  Nine months ended July 31, 2018 includes $6.5 million adjustment related to the Tax Cuts and Jobs Act.  
                                         

 

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, 2018                    
Net sales   $ 133,397     $ 42,661     $ 65,114     $ (1,351 )   $ 239,821  
Cost of sales     100,999       30,840       54,755       (984 )     185,610  
Selling, general and administrative     13,147       5,535       3,584       1,924       24,190  
Restructuring charges     240       -       3       -       243  
Depreciation and amortization     6,741       2,352       3,432       166       12,691  
Operating income (loss)     12,270       3,934       3,340       (2,457 )     17,087  
Depreciation and amortization     6,741       2,352       3,432       166       12,691  
EBITDA     19,011       6,286       6,772       (2,291 )     29,778  
Transaction and advisory fees     -       -       -       784       784  
Restructuring charges     240       -       3       -       243  
Adjusted EBITDA   $ 19,251     $ 6,286     $ 6,775     $ (1,507 )   $ 30,805  
Adjusted EBITDA Margin %     14.4%       14.7%       10.4%           12.8%  
                     
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     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 and advisory fees     -       -       -       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%  
                     
Nine months ended July 31, 2018                    
Net sales   $ 350,280     $ 115,481     $ 183,705     $ (3,767 )   $ 645,699  
Cost of sales     269,156       83,261       159,066       (2,692 )     508,791  
Selling, general and administrative     40,393       17,218       12,894       1,544       72,049  
Restructuring charges     728       -       123       -       851  
Depreciation and amortization     20,561       7,328       10,957       428       39,274  
Operating income (loss)     19,442       7,674       665       (3,047 )     24,734  
Depreciation and amortization     20,561       7,328       10,957       428       39,274  
EBITDA     40,003       15,002       11,622       (2,619 )     64,008  
Transaction and advisory fees     -       -       -       798       798  
Restructuring charges     728       -       123       -       851  
Adjusted EBITDA   $ 40,731     $ 15,002     $ 11,745     $ (1,821 )   $ 65,657  
Adjusted EBITDA Margin %     11.6%       13.0%       6.4%           10.2%  
                     
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 and advisory fees     -       -       -       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%  
                     
                     

 

QUANEX BUILDING PRODUCTS CORPORATION
SALES ANALYSIS

(In thousands)
(Unaudited)
 
    Three Months Ended   Nine Months Ended
    July 31, 2018   July 31, 2017   July 31, 2018   July 31, 2017
                 
NA Engineered Components:              
  United States - fenestration (1) $ 112,914     $ 107,193     $ 297,700     $ 289,231  
  International - fenestration   11,851       9,959       27,758       24,945  
  United States - non-fenestration (2)   4,675       7,060       13,518       19,590  
  International - non-fenestration   3,957       2,234       11,304       9,928  
    $ 133,397     $ 126,446     $ 350,280     $ 343,694  
EU Engineered Components  (3):              
  United States - fenestration $ -     $ 190     $ -     $ 304  
  International - fenestration (4)   34,881       35,087       97,597       94,528  
  International - non-fenestration   7,780       5,082       17,884       11,301  
    $ 42,661     $ 40,359     $ 115,481     $ 106,133  
NA Cabinet Components:              
  United States - fenestration $ 3,650     $ 4,322     $ 10,500     $ 12,316  
  United States - non-fenestration (5)   60,843       59,237       171,547       174,404  
  International - non-fenestration   621       280       1,658       1,639  
    $ 65,114     $ 63,839     $ 183,705     $ 188,359  
Unallocated Corporate & Other:              
  Eliminations $ (1,351 )   $ (1,277 )   $ (3,767 )   $ (3,780 )
    $ (1,351 )   $ (1,277 )   $ (3,767 )   $ (3,780 )
                 
Net Sales $ 239,821     $ 229,367     $ 645,699     $ 634,406  
                 
(1) Reflects the loss of revenue associated with eliminated products of $2.6 million and $11.7 million for the three and nine months ended July 31, 2018.
(2) Reflects the loss of revenue associated with eliminated products of $2.1 million and $7.5 million for the three and nine months ended July 31, 2018.
(3) Reflects a gain of $1.1 million and $7.9 million in revenue associated with foreign currency exchange rate impacts for the three and nine months ended July 31, 2018.
(4) Reflects loss of revenue associated with eliminated products of $1.8 million and $6.5 million for the three and nine months ended July 31, 2018.
(5) Reflects the loss of revenue associated with eliminated products of $0.2 million and $3.9 million for the three and nine months ended July 31, 2018.

 

 

Source: Quanex Building Products Corporation

X