Quanex Building Products has reported its financial results for the first quarter of 2014, and as part of that report notes that its Engineered Products Group’s (EPG) net sales increased 19 percent to $126 million for the quarter, compared with $106 million in the first quarter of 2013. The EPG includes Edgetech IG.
The EPG’s first-quarter 2014 operating income was $7.5 million compared to $2.8 million in the first quarter of 2013. The group’s first-quarter 2014 EBITDA was $15.1 million compared to $10.3 million in the first quarter of 2013.
Overall the company reports a first-quarter EBITDA of $5.7 million, compared with a loss of $4.0 million in the first quarter of 2013. Quanex experienced a net loss of $3.9 million for the first quarter of 2014, compared with a net loss of $8.1 million in the same period last year.
“The momentum that we started to see in the fourth quarter of last year carried over into what is historically our weakest quarter,” says Bill Griffiths, chair, president and CEO. “Including Aluminite on a pro-forma basis, we have seen average growth rates of 13.4 percent for the last two quarters. While some of this is attributable to winter inventory builds at our customer’s facilities, it is further evidence of the optimism around a continued recovery in 2014.”