Quanex Building Products Announces Fourth Quarter and Fiscal Year 2022 Results

December 15, 2022

Another Year of Record Revenue and Earnings
Strong Free Cash Flow
Repaid $25 Million in Bank Debt in 4Q22
Balance Sheet and Liquidity Remain Strong

HOUSTON, Dec. 15, 2022 (GLOBE NEWSWIRE) -- Quanex Building Products Corporation (NYSE:NX) (“Quanex” or the “Company”) today announced its results for the three months and twelve months ended October 31, 2022.

The Company reported the following selected financial results:

	Three Months Ended October 31,		Twelve Months Ended October 31,
($ in millions, except per share data)	2022	2021	2022	2021
Net Sales	$307.5	$291.8	$1,221.5	$1,072.1
Gross Margin	$67.5	$65.0	$268.5	$240.6
Gross Margin %	21.9%	22.3%	22.0%	22.4%
Net Income	$24.7	$20.9	$88.3	$57.0
Diluted EPS	$0.75	$0.62	$2.66	$1.70

Adjusted Net Income	$25.0	$20.8	$88.9	$58.6
Adjusted Diluted EPS	$0.75	$0.62	$2.68	$1.75
Adjusted EBITDA	$38.7	$37.3	$152.5	$126.8
Adjusted EBITDA Margin %	12.6%	12.8%	12.5%	11.8%

Cash Provided by Operating Activities	$48.1	$31.2	$98.0	$78.6
Free Cash Flow	$34.5	$23.2	$64.8	$54.6

(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)

George Wilson, President and Chief Executive Officer, commented, “We reported another year of record revenue and earnings. Our employees stepped up and performed extremely well throughout the year, despite having to navigate challenges related to the supply chain, inflation, and labor. Overall, our solid results for the fourth quarter and full year reflected the benefit from our pass-through pricing strategy. Volumes increased in our North American Fenestration segment during the fourth quarter, but volumes decreased in our other operating segments and foreign exchange had a negative impact.

“Free Cash Flow increased significantly during the fourth quarter of this year compared to the same period last year. We were able to repay $25 million of bank debt during the quarter and our balance sheet remains strong.” (See Non-GAAP Terminology Definitions and Disclaimers section and the reconciliation of Free Cash Flow to cash provided by operating activities for additional information)

Fourth Quarter and Fiscal 2022 Results Summary

Quanex reported net sales of $307.5 million during the three months ended October 31, 2022, which represents growth of 5.4% compared to $291.8 million for the same period of 2021. The Company reported net sales of $1.22 billion during the twelve months ended October 31, 2022, which represents growth of 13.9% compared to $1.07 billion for the same period of 2021. The increases were primarily attributable to higher prices related to the pass through of raw material cost inflation. The Company realized net sales growth of 14.0% for the fourth quarter of 2022 and 18.9% for the full year in its North American Fenestration segment. In its North American Cabinet Components segment, Quanex reported net sales growth of 2.1% for the fourth quarter and 12.0% for the full year. Excluding the foreign exchange impact, the Company realized 5.2% and 14.2% net sales growth for the fourth quarter and full year, respectively, in its European Fenestration segment. (See Sales Analysis table for additional information)

The increase in earnings for the three months and twelve months ended October 31, 2022 was mostly due to increased pricing and surcharges related to the pass through of raw material cost inflation and higher volumes in the North American Fenestration segment. In addition, because of updates to taxable differences for Global Intangible Low-Taxed Income (GILTI), non-cash compensation, and bonus depreciation, the Company had a return to provision tax benefit of approximately $6 million in fiscal 2022.

Balance Sheet & Liquidity Update

As of October 31, 2022, Quanex had total debt of $13.0 million and its leverage ratio of Net Debt to LTM Adjusted EBITDA improved to (0.2x), or net debt free. (See Non-GAAP Terminology Definitions and Disclaimers section for additional information)

The Company’s liquidity increased to $362.0 million as of October 31, 2022, consisting of $55.1 million in cash on hand plus availability under its new Amended and Restated Senior Secured Revolving Credit Facility due 2027, less letters of credit outstanding.

Share Repurchases

Quanex’s Board authorized a $75 million share repurchase program in December of 2021. Repurchases under this program will be made in open market transactions or privately negotiated transactions, subject to market conditions, applicable legal requirements, and other relevant factors. The Company was in possession of material non-public information related to the previously disclosed acquisition of LMI Custom Mixing, LLC assets and therefore was not able to repurchase any shares of common stock during the three months ended October 31, 2022. As of October 31, 2022, approximately $68.4 million remained under the existing share repurchase authorization.

Outlook

Mr. Wilson stated, “As previously disclosed, we acquired the assets of LMI Custom Mixing, LLC on November 1, 2022 for $92 million in cash. This acquisition fits the profitable growth strategy we unveiled when we reported earnings for the third quarter, and we look forward to realizing the related synergies. Our balance sheet remains strong even after accounting for the recent acquisition, and we are committed to executing on our plan and creating further value for shareholders.

Our long-term view continues to be optimistic as the underlying fundamentals for the residential housing market remain positive. However, like last year, based on current macro indicators and recent conversations with our customers, we are taking a measured approach to 2023 guidance. As such, we believe it would be premature to give guidance at this time. We intend to re-visit guidance when we report earnings for the first quarter.”

Conference Call and Webcast Information

The Company has also scheduled a conference call for Friday, December 16, 2022 at 11:00 a.m. ET (10:00 a.m. CT) to discuss the release. A link to the live audio webcast will be available on Quanex’s website at http://www.quanex.com in the Investors section under Presentations & Events.

Participants can pre-register for the conference call using the following link: https://register.vevent.com/register/BI3e2f1725ab404b78b247eb855d31576a

Registered participants will receive an email containing conference call details for dial-in options. To avoid delays, it is recommended that participants dial into the conference call ten minutes ahead of the scheduled start time. A replay will be available for a limited time on the Company’s website at http://www.quanex.com in the Investors section under Presentations & Events.

About Quanex

Quanex is a global manufacturer with core capabilities and broad applications across various end markets. The Company currently collaborates and partners with leading OEMs to provide innovative solutions in the window, door, vinyl fencing, solar, refrigeration and cabinetry markets. Looking ahead, Quanex plans to leverage its material science expertise and process engineering to expand into adjacent markets.

For more information contact Scott Zuehlke, Senior Vice President, Chief Financial Officer & Treasurer, at 713-877-5327 or scott.zuehlke@quanex.com.

Non-GAAP Terminology Definitions and Disclaimers

Adjusted Net Income (defined as net income further adjusted to exclude purchase price accounting inventory step-ups, transaction costs, certain severance charges, gain/loss on the sale of certain fixed assets, restructuring charges, asset impairment 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, certain severance charges, gain/loss on the sale of certain fixed assets, restructuring charges and asset impairment charges) are non-GAAP financial measures that the Company uses to measure operational performance and assist with financial decision-making. Net Debt is defined as total debt (outstanding balance on the revolving credit facility plus financial lease obligations) less 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 uses the Free Cash Flow metric to measure operational and cash management performance and assist with financial decision-making. Free Cash Flow is measured before application of certain contractual commitments (including capital lease obligations), and accordingly is not a true measure of the Company’s residual cash flow available for discretionary expenditures. Quanex believes Free Cash Flow is useful to investors in understanding and evaluating the Company’s financial and cash management performance. 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 following: impacts from public health issues (including pandemics, such as the recent COVID-19 pandemic) on the economy and the demand for Quanex’s products, 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, 2021, and the Company’s Quarterly Reports on Form 10-Q 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.


CONDENSED CONSOLIDATED STATEMENTS OF INCOME (In thousands, except per share data) (Unaudited)

	Three Months Ended October 31,						Twelve Months Ended October, 31
		2022			2021			2022			2021

Net sales	$	307,532		$	291,768		$	1,221,502		$	1,072,149
Cost of sales		240,073			226,818			953,004			831,541
Selling, general and administrative		29,334			27,668			117,108			115,967
Restructuring charges		-			-			-			39
Depreciation and amortization		9,555			10,189			40,109			42,732
Operating income		28,570			27,093			111,281			81,870
Interest expense		(710	)		(542	)		(2,559	)		(2,530	)
Other, net		136			109			1,041			754
Income before income taxes		27,996			26,660			109,763			80,094
Income tax expense		(3,329	)		(5,762	)		(21,427	)		(23,114	)
Net income	$	24,667		$	20,898		$	88,336		$	56,980

Earnings per common share, basic	$	0.75		$	0.63		$	2.67		$	1.72
Earnings per common share, diluted	$	0.75		$	0.62		$	2.66		$	1.70

Weighted average common shares outstanding:
Basic		32,916			33,191			33,048			33,193
Diluted		33,082			33,454			33,205			33,495

Cash dividends per share	$	0.08		$	0.08		$	0.32		$	0.32

QUANEX BUILDING PRODUCTS CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) (Unaudited)

	October 31, 2022			October 31, 2021
ASSETS
Current assets:
Cash and cash equivalents	$	55,093		$	40,061
Accounts receivable, net		96,018			108,309
Inventories, net		120,890			92,529
Prepaid and other current assets		8,664			8,148
Total current assets		280,665			249,047
Property, plant and equipment, net		180,400			178,630
Operating lease right-of-use assets		56,000			52,708
Goodwill		137,855			149,205
Intangible assets, net		65,035			82,410
Other assets		4,662			5,323
Total assets	$	724,617		$	717,323

LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable	$	77,907		$	86,765
Accrued liabilities		52,114			56,156
Income taxes payable		1,049			6,038
Current maturities of long-term debt		1,046			846
Current operating lease liabilities		7,727			8,196
Total current liabilities		139,843			158,001
Long-term debt		29,628			52,094
Noncurrent operating lease liabilities		49,286			45,367
Deferred pension and postretirement benefits		3,917			4,737
Deferred income taxes		22,277			21,965
Liabilities for uncertain tax positions		1,361			1,388
Other liabilities		13,470			13,989
Total liabilities		259,782			297,541
Stockholders’ equity:
Common stock		372			373
Additional paid-in-capital		251,947			254,162
Retained earnings		337,456			259,718
Accumulated other comprehensive loss		(49,422	)		(21,770	)
Treasury stock at cost		(75,518	)		(72,701	)
Total stockholders’ equity		464,835			419,782
Total liabilities and stockholders' equity	$	724,617		$	717,323

QUANEX BUILDING PRODUCTS CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW (In thousands) (Unaudited)

	Twelve Months Ended October, 31
		2022			2021
Operating activities:
Net income	$	88,336		$	56,980
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization		40,109			42,732
Loss on the disposition of capital assets		109			3,039
Stock-based compensation		2,291			1,970
Deferred income tax		2,097			1,785
Other, net		1,905			2,126
Changes in assets and liabilities:
Decrease (increase) in accounts receivable		6,945			(19,017	)
Increase in inventory		(32,035	)		(31,382	)
Increase in other current assets		(970	)		(1,817	)
(Decrease) increase in accounts payable		(3,047	)		7,097
(Decrease) increase in accrued liabilities		(3,159	)		16,212
Decrease in income taxes payable		(5,192	)		(378	)
Increase (decrease) in deferred pension and postretirement benefits		77			(708	)
Increase in other long-term liabilities		305			477
Other, net		194			(528	)
Cash provided by operating activities		97,965			78,588
Investing activities:
Capital expenditures		(33,121	)		(24,008	)
Proceeds from disposition of capital assets		159			5,300
Cash used for investing activities		(32,962	)		(18,708	)
Financing activities:
Borrowings under credit facilities		70,500			-
Repayments of credit facility borrowings		(95,500	)		(65,000	)
Debt issuance costs		(1,210	)		-
Repayments of other long-term debt		(1,747	)		(680	)
Common stock dividends paid		(10,598	)		(10,779	)
Issuance of common stock		689			16,272
Payroll tax paid to settle shares forfeited upon vesting of stock		(1,413	)		(492	)
Purchase of treasury stock		(6,600	)		(11,182	)
Cash used for financing activities		(45,879	)		(71,861	)
Effect of exchange rate changes on cash and cash equivalents		(4,092	)		421
Increase (decrease) in cash and cash equivalents		15,032			(11,560	)
Cash and cash equivalents at beginning of period		40,061			51,621
Cash and cash equivalents at end of period	$	55,093		$	40,061

QUANEX BUILDING PRODUCTS CORPORATION FREE CASH FLOW AND NET DEBT 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 October 31,		Twelve Months Ended October, 31
	2022	2021	2022	2021
Cash provided by operating activities	$48,111	31,153	$97,965	$78,588
Capital expenditures	(13,633)	(8,002)	(33,121)	(24,008)
Free Cash Flow	$34,478	$23,151	$64,844	$54,580


The following table reconciles the Company's Net Debt which is defined as total debt principal of the Company plus finance lease obligations minus cash.

	As of October 31,
	2022	2021
Revolving credit facility	$13,000	$38,000
Finance lease obligations	19,202	15,537
Total debt ⁽¹⁾	32,202	53,537
Less: Cash and cash equivalents	55,093	40,061
Net Debt	($22,891)	$13,476

(1) Excludes outstanding letters of credit.

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, 2022					Three Months Ended October 31, 2021					Twelve Months Ended October 31, 2022					Twelve Months Ended October 31, 2021
	Net Income		Diluted EPS			Net Income		Diluted EPS			Net Income		Diluted EPS			Net Income		Diluted EPS
Net income as reported	$	24,667	$	0.75		$	20,898	$	0.62		$	88,336	$	2.66		$	56,980	$	1.70
Net income reconciling items from below	290		$ -			(51)		$ -			581		$	0.02		1,609		$	0.05
Adjusted net income and adjusted EPS	$	24,957	$	0.75		$	20,847	$	0.62		$	88,917	$	2.68		$	58,589	$	1.75

Reconciliation of Adjusted EBITDA	Three Months Ended October 31, 2022					Three Months Ended October 31, 2021					Twelve Months Ended October 31, 2022					Twelve Months Ended October 31, 2021
	Reconciliation					Reconciliation					Reconciliation					Reconciliation
Net income as reported	$	24,667				$	20,898				$	88,336				$	56,980
Income tax expense	3,329					5,762					21,427					23,114
Other, net	(136)					(109)					(1,041)					(754)
Interest expense	710					542					2,559					2,530
Depreciation and amortization	9,555					10,189					40,109					42,732
EBITDA	38,125					37,282					151,390					124,602
EBITDA reconciling items from below	564					-					1,114					2,160
Adjusted EBITDA	$	38,689				$	37,282				$	152,504				$	126,762

Reconciling Items	Three Months Ended October 31, 2022					Three Months Ended October 31, 2021					Twelve Months Ended October 31, 2022					Twelve Months Ended October 31, 2021
	Income Statement		Reconciling Items			Income Statement		Reconciling Items			Income Statement		Reconciling Items			Income Statement		Reconciling Items
Net sales	$	307,532	$	-		$	291,768	$	-		$	1,221,502	$ -			$	1,072,149	$	-
Cost of sales	240,073		-			226,818		-			953,004		-			831,541		(307)		(1)
Selling, general and administrative	29,334		(564)		(2)	27,668		-			117,108		(1,114)		(2)	115,967		(1,814)		(2)
Restructuring charges	-		-			-		-			-		-			39		(39)		(3)
EBITDA	38,125		564			37,282		-			151,390		1,114			124,602		2,160
Depreciation and amortization	9,555		-			10,189		-			40,109		-			42,732		-
Operating income	28,570		564			27,093		-			111,281		1,114			81,870		2,160
Interest expense	(710)		-			(542)		-			(2,559)		-			(2,530)		-
Other, net	136		(222)		(4)	109		(63)		(4)	1,041		(386)		(4)	754		98		(4)
Income before income taxes	27,996		342			26,660		(63)			109,763		728			80,094		2,258
Income tax expense	(3,329)		(52)		(5)	(5,762)		12		(5)	(21,427)		(147)		(5)	(23,114)		(649)		(5)
Net income	$	24,667	$	290		$	20,898	$	(51)		$	88,336	$	581		$	56,980	$	1,609

Diluted earnings per share	$	0.75				$	0.62				$	2.66				$	1.70


(1) Loss on damage to a plant caused by flooding.
(2) Transaction and advisory fees, loss on sale of a plant of $1.8 million in the twelve months ended October 31, 2021.
(3) Restructuring charges related to the closure of manufacturing plant facilities.
(4) Foreign currency transaction (gains) losses.
(5) Impact on a with and without basis.

QUANEX BUILDING PRODUCTS CORPORATION SELECTED SEGMENT DATA (In thousands) (Unaudited)

This table provides gross margin, operating (loss) income, EBITDA, and Adjusted EBITDA by reportable segment. Non-operating expense and income tax expense are not allocated to the reportable segments.

	NA Fenestration			EU Fenestration			NA Cabinet Components			Unallocated Corp & Other			Total
Three months ended October 31, 2022
Net sales	$	178,175		$	62,104		$	67,993		$	(740	)	$	307,532
Cost of sales		141,395			42,121			56,904			(347	)		240,073
Gross Margin		36,780			19,983			11,089			(393	)		67,459
Gross Margin %		20.6	%		32.2	%		16.3	%					21.9	%
Selling, general and administrative		15,636			7,686			6,111			(99	)		29,334
Depreciation and amortization		4,032			2,256			3,177			90			9,555
Operating income (loss)		17,112			10,041			1,801			(384	)		28,570
Depreciation and amortization		4,032			2,256			3,177			90			9,555
EBITDA		21,144			12,297			4,978			(294	)		38,125
Transaction and advisory fees		-			-			-			564			564
Adjusted EBITDA	$	21,144		$	12,297		$	4,978		$	270		$	38,689
Adjusted EBITDA Margin %		11.9	%		19.8	%		7.3	%					12.6	%

Three months ended October 31, 2021
Net sales	$	156,255		$	69,737		$	66,583		$	(807	)	$	291,768
Cost of sales		122,078			49,402			55,718			(380	)		226,818
Gross Margin		34,177			20,335			10,865			(427	)		64,950
Gross Margin %		21.9	%		29.2	%		16.3	%					22.3	%
Selling, general and administrative		14,015			8,335			5,456			(138	)		27,668
Depreciation and amortization		4,202			2,602			3,298			87			10,189
Operating income (loss)		15,960			9,398			2,111			(376	)		27,093
Depreciation and amortization		4,202			2,602			3,298			87			10,189
EBITDA		20,162			12,000			5,409			(289	)		37,282
Adjusted EBITDA	$	20,162		$	12,000		$	5,409		$	(289	)	$	37,282
Adjusted EBITDA Margin %		12.9	%		17.2	%		8.1	%					12.8	%

Twelve months ended October 31, 2022
Net sales	$	687,458		$	262,058		$	275,704		$	(3,718	)	$	1,221,502
Cost of sales		537,900			180,268			236,695			(1,859	)		953,004
Gross Margin		149,558			81,790			39,009			(1,859	)		268,498
Gross Margin %		21.8	%		31.2	%		14.1	%					22.0	%
Selling, general and administrative		58,735			31,846			21,934			4,593			117,108
Depreciation and amortization		16,253			9,674			13,830			352			40,109
Operating income (loss)		74,570			40,270			3,245			(6,804	)		111,281
Depreciation and amortization		16,253			9,674			13,830			352			40,109
EBITDA		90,823			49,944			17,075			(6,452	)		151,390
Transaction and advisory fees		-			-			-			1,114			1,114
Adjusted EBITDA	$	90,823		$	49,944		$	17,075		$	(5,338	)	$	152,504
Adjusted EBITDA Margin %		13.2	%		19.1	%		6.2	%					12.5	%

Twelve months ended October 31, 2021
Net sales	$	578,332		$	251,599		$	246,075		$	(3,857	)	$	1,072,149
Cost of sales		450,356			172,033			211,088			(1,936	)		831,541
Gross Margin		127,976			79,566			34,987			(1,921	)		240,608
Gross Margin %		22.1	%		31.6	%		14.2	%					22.4	%
Selling, general and administrative		52,959			29,894			20,828			12,286			115,967
Restructuring charges		39			-			-			-			39
Depreciation and amortization		18,730			10,373			13,263			366			42,732
Operating income (loss)		56,248			39,299			896			(14,573	)		81,870
Depreciation and amortization		18,730			10,373			13,263			366			42,732
EBITDA		74,978			49,672			14,159			(14,207	)		124,602
Loss on the damage of a plant		-			307			-			-			307
Loss on sale of plant		375			-			-			1,439			1,814
Restructuring charges		39			-			-			-			39
Adjusted EBITDA	$	75,392		$	49,979		$	14,159		$	(12,768	)	$	126,762
Adjusted EBITDA Margin %		13.0	%		19.9	%		5.8	%					11.8	%

QUANEX BUILDING PRODUCTS CORPORATION SALES ANALYSIS (In thousands) (Unaudited)

		Three Months Ended October 31,						Twelve Months Ended October, 31
			2022			2021			2022			2021

NA Fenestration:
	United States - fenestration	$	162,147		$	137,825		$	609,572		$	507,634
	International - fenestration		4,954			8,854			35,906			34,610
	United States - non-fenestration		6,922			6,991			29,039			24,534
	International - non-fenestration		4,152			2,585			12,941			11,554
		$	178,175		$	156,255		$	687,458		$	578,332
EU Fenestration:⁽¹⁾
	International - fenestration	$	46,329		$	52,439		$	194,854		$	199,511
	International - non-fenestration		15,775			17,298			67,204			52,088
		$	62,104		$	69,737		$	262,058		$	251,599
NA Cabinet Components:
	United States - fenestration	$	4,408		$	3,615		$	17,696		$	13,326
	United States - non-fenestration		62,818			62,251			254,726			230,559
	International - non-fenestration		767			717			3,282			2,190
		$	67,993		$	66,583		$	275,704		$	246,075
Unallocated Corporate & Other:
	Eliminations	$	(740	)	$	(807	)	$	(3,718	)	$	(3,857	)
		$	(740	)	$	(807	)	$	(3,718	)	$	(3,857	)

Net Sales		$	307,532		$	291,768		$	1,221,502		$	1,072,149

(1) Reflects reduction of $10.7 million and $22.1 million in revenue associated with foreign currency exchange rate impacts for the three and twelve months ended October 31, 2022, respectively.

Source: Quanex Building Products Corporation

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News Release Details

Quanex Building Products Announces Fourth Quarter and Fiscal Year 2022 Results