Quanex Reports Third-Quarter 2014 Results; Sees 8.4-Percent Increase in Net Sales

Quanex Building Products Corp. has released its financial results for the third fiscal quarter, which ended on July 31. Net sales for the quarter increased 8.4 percent to $170 million versus $157 million for the same quarter in 2013.

“With the building season in full swing, we saw good top-line growth in all of our product lines, resulting in 8.4-percent revenue growth in the quarter,” says Bill Griffiths, president, chair and CEO of the Houston-based company. “Despite mixed signals coming from the building and construction sector, our North American fenestration sales for the last 12 months have grown 9 percent over the prior year. This compares favorably to preliminary U.S. window shipment growth of only 5.5 percent for the 12 months ended June 30, 2014, as reported by Ducker Worldwide LLC, a market intelligence firm.”

Third-quarter 2014 income from continuing operations was $8.6 million compared to income from continuing operations of $5.1 million in the third quarter of 2013. Third-quarter 2014 EBITDA was $21.2 million compared to $17.7 million in the third quarter of 2013. The company attributes the improvement in income from continuing operations and EBITDA to higher volume and lower overhead expenses.

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