Financial Flash

Quanex Reports Fourth-Quarter Financial Results

Quanex Building Products saw sales reduced in the fourth quarter of fiscal 2017 as the company divested its non-core wood flooring business, Owens Flooring, on October 31.

The company notched sales of $233 million in the quarter that ended on October 31, down from $249 million in the same period in 2016. Earnings per share was 37 cents, compared to 45 cents in 2016.

“Fiscal 2017 was a year with a lot of moving parts related to eliminating low-margin business from the port-folio, consolidating facilities and re-deploying assets; however, we are now well positioned for growth and margin expansion in 2018,” says Bill Griffiths, Quanex chair, president and CEO.

Griffiths says the underlying growth rate for Quanex’s fenestration business in the U.S. was 6.1 percent in fiscal 2017, which is more than double market-research firm Ducker’s latest window shipment estimate of 2.9-percent growth for the 12 months ended September 30, 2017.

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