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    Quanex Building Products Announces Third Quarter 2024 Results and Updates Full Year 2024 Guidance

    Results Consistent with Expectations
    Transformative Tyman Acquisition Closed August 1, 2024
    Acquisition Integration Underway

    HOUSTON, Sept. 05, 2024 (GLOBE NEWSWIRE) -- Quanex Building Products Corporation (NYSE:NX) (“Quanex” or the “Company”) today announced its results for the three months ended July 31, 2024.

    The Company reported the following selected financial results:

          Three Months Ended July 31,   Nine Months Ended July 31,
    ($ in millions, except per share data)     2024   2023   2024   2023
    Net Sales     $280.3   $299.6   $785.7   $835.1
    Gross Margin     $70.9   $78.6   $188.6   $197.5
    Gross Margin %     25.3%   26.2%   24.0%   23.7%
    Net Income     $25.4   $31.7   $47.0   $55.1
    Diluted EPS     $0.77   $0.96   $1.42   $1.67
                       
    Adjusted Net Income     $24.2   $31.9   $51.8   $59.7
    Adjusted Diluted EPS     $0.73   $0.97   $1.56   $1.81
    Adjusted EBITDA     $42.0   $48.5   $101.3   $108.8
    Adjusted EBITDA Margin %     15.0%   16.2%   12.9%   13.0%
                       
    Cash Provided by Operating Activities     $46.4   $64.1   $83.3   $102.6
    Free Cash Flow     $40.1   $56.7   $59.9   $80.1

    (See Non-GAAP Terminology Definitions and Disclaimers section, Non-GAAP Financial Measure Disclosure table, Selected Segment Data table and reconciliation tables for additional information)

    George Wilson, Chairman, President and Chief Executive Officer, stated, “Overall, the results we reported for the third quarter of 2024 were consistent with our expectations. Consistent with the seasonality of our business, volumes increased across all operating segments in the third quarter of this year when compared to the second quarter. However, when compared to the prior year, demand remained soft, but we believe the building products industry will benefit from pent up demand once interest rates start to trend lower and consumer confidence is restored. All things considered, profitability for the quarter was as expected, but due to the decrease in volumes, coupled with lower operating leverage, margins declined year-over-year. Our continued focus on cash flow and managing working capital enabled us to generate approximately $40 million in free cash flow during the quarter.

    “Looking ahead, work on integrating the recently acquired Tyman business and creating something new and special within the building products industry is in progress. Our internal Integration Management Office team is executing on the plan to capture the targeted synergies. In addition, we are working to structure the organization in a manner that will enable us to capitalize on existing commercial opportunities and tap into new innovative solutions. We are excited about creating additional value for our shareholders by realizing the anticipated synergies related to this acquisition and building a stronger, more profitable company over time.”

    Third Quarter 2024 Results Summary

    Quanex reported net sales of $280.3 million during the three months ended July 31, 2024, which represents a decrease of 6.4% compared to $299.6 million for the same period of 2023. The decrease was mostly attributable to softer market demand across all operating segments. Quanex reported a 3.9% decrease in net sales for the third quarter in its North American Fenestration segment primarily due to lower volume. In its North American Cabinet Components segment, the Company reported a decline of 7.1% in net sales for the third quarter largely because of lower volume. Excluding foreign exchange impact, Quanex realized a decrease in net sales of 10.8% for the third quarter in its European Fenestration segment mainly due to lower volume and pricing pressure. (See Sales Analysis table for additional information)

    The decrease in adjusted earnings for the three months ended July 31, 2024 was largely attributable to decreased operating leverage as a result of lower volumes related to softer market demand combined with higher material costs in the Company’s North American Fenestration and North American Cabinet Components segments.

    Balance Sheet Update

    As of July 31, 2024, prior to the Tyman closing, Quanex had total debt of $55.0 million (primarily finance leases) and the Company was Net Debt free. As of July 31, 2024, the Company’s LTM Net Income was $74.4 million and LTM Adjusted EBITDA was $152.1 million. (See Non-GAAP Terminology Definitions and Disclaimers section, Net Debt Reconciliation table and Last Twelve Months Adjusted EBITDA Reconciliation table for additional information)

    Recent Events

    As previously disclosed on August 1, 2024, Quanex announced it had closed on its acquisition of Tyman, creating a comprehensive solutions provider in the building products industry. The transaction creates a larger, more diversified supplier of components to OEMs; strengthens brand leadership by adding Tyman’s highly recognizable brands with wide customer bases; and enhances the combined company’s financial profile with the goal of accelerating growth and increasing profitability through greater scale and stronger cash flow. The Company intends to complete approximately 50% of the integration within the first 12 months and expects the acquisition to be accretive to earnings within the first full year after closing.

    Outlook

    Mr. Wilson commented, “Since we closed on the Tyman acquisition at the beginning of our fourth fiscal quarter, prior guidance for 2024 is no longer valid. While we still feel comfortable with the prior guidance for the legacy Quanex business, we are simply layering in the contribution from the Tyman business for the fourth quarter, which includes the impact related to performing full physical inventory counts at every legacy Tyman location prior to the end of our fiscal year. On a consolidated basis, we now estimate net sales of $1.275 billion to $1.285 billion, which should result in $171 million to $176 million of Adjusted EBITDA* in fiscal 2024.”

    *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. Certain items required for such a reconciliation are outside of the Company’s control and/or cannot be reasonably predicted or estimated, such as the provision for income taxes.

    Conference Call and Webcast Information

    The Company has also scheduled a conference call for Friday, September 6, 2024 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/BI899b4025b8dc44e086b54362366d672 ...

    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, custom mixing, building access 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), Adjusted EBITDA and LTM 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) on the economy and the demand for Quanex’s products, timing estimates or any other expectations related to the Acquisition, 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, 2023, 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 July 31,   Nine Months Ended July 31,
          2024       2023       2024       2023  
                     
    Net sales   $ 280,345     $ 299,640     $ 785,701     $ 835,091  
    Cost of sales     209,441       221,065       597,127       637,586  
    Selling, general and administrative     36,509       30,516       103,579       94,631  
    Depreciation and amortization     10,953       10,596       32,999       31,672  
    Operating income     23,442       37,463       51,996       71,202  
    Interest expense     (878 )     (2,068 )     (2,896 )     (6,571 )
    Other, net     9,474       402       10,520       591  
    Income before income taxes     32,038       35,797       59,620       65,222  
    Income tax expense     (6,688 )     (4,099 )     (12,644 )     (10,103 )
    Net income   $ 25,350     $ 31,698     $ 46,976     $ 55,119  
                     
    Earnings per common share, basic   $ 0.77     $ 0.97     $ 1.43     $ 1.68  
    Earnings per common share, diluted   $ 0.77     $ 0.96     $ 1.42     $ 1.67  
                     
    Weighted average common shares outstanding:              
    Basic     32,876       32,716       32,857       32,841  
    Diluted     33,106       32,919       33,087       33,031  
                     
    Cash dividends per share   $ 0.08     $ 0.08     $ 0.24     $ 0.24  


     
    QUANEX BUILDING PRODUCTS CORPORATION
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (In thousands)
    (Unaudited)
     
        July 31, 2024   October 31, 2023
    ASSETS        
    Current assets:        
    Cash and cash equivalents   $ 93,966     $ 58,474  
    Accounts receivable, net     87,554       97,311  
    Inventories     99,127       97,959  
    Income taxes receivable     1,447       8,298  
    Prepaid and other current assets     19,305       11,558  
    Total current assets     301,399       273,600  
    Property, plant and equipment, net     251,890       250,664  
    Operating lease right-of-use assets     63,642       46,620  
    Goodwill     186,195       182,956  
    Intangible assets, net     66,606       74,115  
    Other assets     2,718       3,188  
    Total assets   $ 872,450     $ 831,143  
             
    LIABILITIES AND STOCKHOLDERS' EQUITY        
    Current liabilities:        
    Accounts payable   $ 63,948     $ 74,371  
    Accrued liabilities     54,796       50,319  
    Income taxes payable     -       384  
    Current maturities of long-term debt     2,690       2,365  
    Current operating lease liabilities     6,435       7,224  
    Total current liabilities     127,869       134,663  
    Long-term debt     51,406       66,435  
    Noncurrent operating lease liabilities     59,099       40,361  
    Deferred income taxes     27,438       29,133  
    Other liabilities     12,502       14,997  
    Total liabilities     278,314       285,589  
    Stockholders’ equity:        
    Common stock     371       372  
    Additional paid-in-capital     250,297       251,576  
    Retained earnings     448,351       409,318  
    Accumulated other comprehensive loss     (30,131 )     (38,141 )
    Treasury stock at cost     (74,752 )     (77,571 )
    Total stockholders’ equity     594,136       545,554  
    Total liabilities and stockholders' equity   $ 872,450     $ 831,143  
             


    QUANEX BUILDING PRODUCTS CORPORATION
    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW
    (In thousands)
    (Unaudited)
     
      Nine Months Ended July 31,
        2024       2023  
    Operating activities:      
    Net income $ 46,976     $ 55,119  
    Adjustments to reconcile net income to cash provided by operating activities:      
    Depreciation and amortization   32,999       31,672  
    Stock-based compensation   2,159       1,828  
    Deferred income tax   (2,321 )     177  
    Gain on deal contingent foreign exchange forward currency contract   (9,200 )     -  
    Other, net   886       2,423  
    Changes in assets and liabilities:      
    Decrease in accounts receivable   11,114       9,918  
    (Increase) decrease in inventory   (183 )     23,864  
    Decrease (increase) in other current assets   1,646       (439 )
    Decrease in accounts payable   (9,634 )     (15,471 )
    Increase (decrease) in accrued liabilities   948       (5,152 )
    Decrease (increase) in income taxes receivable   6,659       (3,534 )
    Increase in deferred pension benefits   -       22  
    Increase in other long-term liabilities   707       609  
    Other, net   577       1,523  
    Cash provided by operating activities   83,333       102,559  
    Investing activities:      
    Business acquisition   -       (91,302 )
    Capital expenditures   (23,435 )     (22,450 )
    Proceeds from disposition of capital assets   115       183  
    Cash used for investing activities   (23,320 )     (113,569 )
    Financing activities:      
    Borrowings under credit facilities   -       102,000  
    Repayments of credit facility borrowings   (15,000 )     (60,000 )
    Repayments of other long-term debt   (1,893 )     (1,954 )
    Common stock dividends paid   (7,943 )     (7,952 )
    Issuance of common stock   573       753  
    Payroll tax paid to settle shares forfeited upon vesting of stock   (1,193 )     (567 )
    Purchase of treasury stock   -       (5,593 )
    Cash (used for) provided by financing activities   (25,456 )     26,687  
    Effect of exchange rate changes on cash and cash equivalents   935       2,482  
    Increase in cash and cash equivalents   35,492       18,159  
    Cash and cash equivalents at beginning of period   58,474       55,093  
    Cash and cash equivalents at end of period $ 93,966     $ 73,252  
           


    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 July 31,   Nine Months Ended July 31,
            2024       2023       2024       2023  
    Cash provided by operating activities     $46,388     $64,099     $83,333     $102,559  
    Capital expenditures       (6,252 )     (7,376 )     (23,435 )     (22,450 )
    Free Cash Flow     $40,136     $56,723     $59,898     $80,109  
                       
                       
    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 July 31,    
            2024       2023          
    Revolving credit facility     $0     $55,000          
    Finance lease obligations (1)       55,007       55,792          
    Total debt (2)       55,007       110,792          
    Less: Cash and cash equivalents       93,966       73,252          
    Net Debt       ($38,959 )   $37,540          
                       
    (1) Includes $50.7 million and $52.9 million in real estate lease liabilities considered finance leases under U.S. GAAP as of July 31, 2024 and July 31, 2023, respectively.
    (2) Excludes outstanding letters of credit.
                       


    QUANEX BUILDING PRODUCTS CORPORATION
    NON-GAAP FINANCIAL MEASURE DISCLOSURE
    LAST TWELVE MONTHS ADJUSTED EBITDA RECONCILIATION
    (In thousands, except per share data)
    (Unaudited)
     
    Reconciliation of Last Twelve Months Adjusted EBITDA   Three Months Ended July 31, 2024   Three Months Ended April 30, 2024   Three Months Ended January 31, 2024   Three Months Ended October 31, 2023   Total
       
    Reconciliation
      Reconciliation   Reconciliation   Reconciliation   Reconciliation
    Net income as reported   $ 25,350     $ 15,377     $ 6,249     $ 27,382     $ 74,358  
    Income tax expense     6,688       4,314       1,642       4,442       17,086  
    Other, net     (9,474 )     (4 )     (1,042 )     6,110       (4,410 )
    Interest expense     878       950       1,068       1,565       4,461  
    Depreciation and amortization     10,953       10,894       11,152       11,194       44,193  
    EBITDA     34,395       31,531       19,069       50,693       135,688  
    Cost of sales (1),(2)     1,507       631       -       (35 )     2,103  
    Selling, general and administrative (1),(2),(3)     6,133       7,862       205       109       14,309  
    Adjusted EBITDA   $ 42,035     $ 40,024     $ 19,274     $ 50,767     $ 152,100  
                         
    (1) Expense related to plant closure.
    (2) Loss on damage to manufacturing facilities caused by weather.
    (3) Transaction and advisory fees.
                         


    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
    July 31, 2024
      Three Months Ended
    July 31, 2023
      Nine Months Ended
    July 31, 2024
      Nine Months Ended
    July 31, 2023
     
        Net Income   Diluted EPS   Net Income   Diluted EPS   Net Income   Diluted EPS   Net Income   Diluted EPS  
    Net income as reported   $ 25,350     $ 0.77     $ 31,698     $ 0.96     $ 46,976     $ 1.42     $ 55,119     $ 1.67    
    Net income reconciling items from below     (1,199 )   $ (0.04 )     201     $ 0.01       4,775     $ 0.14       4,550     $ 0.14    
    Adjusted net income and adjusted EPS   $ 24,151     $ 0.73     $ 31,899     $ 0.97     $ 51,751     $ 1.56     $ 59,669     $ 1.81    

    Reconciliation of Adjusted EBITDA
                                     
      Three Months Ended
    July 31, 2024
      Three Months Ended
    July 31, 2023
      Nine Months Ended
    July 31, 2024
      Nine Months Ended
    July 31, 2023
     
        Reconciliation       Reconciliation       Reconciliation       Reconciliation      
    Net income as reported   $ 25,350         $ 31,698         $ 46,976         $ 55,119        
    Income tax expense     6,688           4,099           12,644           10,103        
    Other, net     (9,474 )         (402 )         (10,520 )         (591 )      
    Interest expense     878           2,068           2,896           6,571        
    Depreciation and amortization     10,953           10,596           32,999           31,672        
    EBITDA     34,395           48,059           84,995           102,874        
    EBITDA reconciling items from below     7,640           395           16,338           5,954        
    Adjusted EBITDA   $ 42,035         $ 48,454         $ 101,333         $ 108,828        
                                       
    Reconciling Items   Three Months Ended
    July 31, 2024
      Three Months Ended
    July 31, 2023
      Nine Months Ended
    July 31, 2024
      Nine Months Ended
    July 31, 2023
     
        Income Statement   Reconciling Items   Income Statement   Reconciling Items   Income Statement   Reconciling Items   Income Statement   Reconciling Items  
    Net sales   $ 280,345     $ -     $ 299,640     $ -     $ 785,701     $ -     $ 835,091     $ -    
    Cost of sales     209,441       (1,507 ) (1)   221,065       -       597,127       (2,138 ) (1)   637,586       (48 ) (2)
    Selling, general and administrative     36,509       (6,133 ) (1),(3)   30,516       (395 ) (3)   103,579       (14,200 ) (1),(3)   94,631       (5,906 ) (2),(3)
    EBITDA     34,395       7,640       48,059       395       84,995       16,338       102,874       5,954    
    Depreciation and amortization     10,953       -       10,596       -       32,999       -       31,672       -    
    Operating income     23,442       7,640       37,463       395       51,996       16,338       71,202       5,954    
    Interest expense     (878 )     -       (2,068 )     -       (2,896 )     -       (6,571 )     -    
    Other, net     9,474       (9,162 ) (4)   402       (126 ) (4)   10,520       (10,009 ) (4)   591       (36 ) (4)
    Income before income taxes     32,038       (1,522 )     35,797       269       59,620       6,329       65,222       5,918    
    Income tax expense     (6,688 )     323   (5)   (4,099 )     (68 ) (5)   (12,644 )     (1,554 ) (5)   (10,103 )     (1,368 ) (4)
    Net income   $ 25,350     $ (1,199 )   $ 31,698     $ 201     $ 46,976     $ 4,775     $ 55,119     $ 4,550    
                                       
    Diluted earnings per share   $ 0.77         $ 0.96         $ 1.42         $ 1.67        
                                       
    (1) Expense related to plant closure.  
    (2) Loss on damage to manufacturing facilities caused by weather.  
    (3) Transaction and advisory fees.  
    (4) Pension settlement (refund) expense, gain on foreign exchange forward currency contract and foreign currency transaction losses (gains).  
    (5)Tax impact of net income reconciling items.  
                                       


    QUANEX BUILDING PRODUCTS CORPORATION
    SELECTED SEGMENT DATA
    (In thousands)
    (Unaudited)
     
    This table provides gross margin, 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 Fenestration   EU Fenestration   NA Cabinet Components   Unallocated Corp & Other   Total
    Three months ended July 31, 2024                    
    Net sales   $ 170,258     $ 59,617     $ 51,448     $ (978 )   $ 280,345  
    Cost of sales     130,301       36,930       42,911       (701 )     209,441  
    Gross Margin     39,957       22,687       8,537       (277 )     70,904  
    Gross Margin %     23.5 %     38.1 %     16.6 %         25.3 %
    Selling, general and administrative (1)     16,918       7,390       5,162       7,039       36,509  
    Depreciation and amortization     5,194       2,609       3,093       57       10,953  
    Operating income (loss)     17,845       12,688       282       (7,373 )     23,442  
    Depreciation and amortization     5,194       2,609       3,093       57       10,953  
    EBITDA     23,039       15,297       3,375       (7,316 )     34,395  
    Expense related to plant closure (Cost of sales)     1,507       -       -       -       1,507  
    Expense related to plant closure (SG&A)     125       -       -       -       125  
    Transaction and advisory fees     -       -       -       6,008       6,008  
    Adjusted EBITDA   $ 24,671     $ 15,297     $ 3,375     $ (1,308 )   $ 42,035  
    Adjusted EBITDA Margin %     14.5 %     25.7 %     6.6 %         15.0 %
                         
    Three months ended July 31, 2023                    
    Net sales   $ 177,081     $ 67,889     $ 55,385     $ (715 )   $ 299,640  
    Cost of sales     135,126       41,266       44,935       (262 )     221,065  
    Gross Margin     41,955       26,623       10,450       (453 )     78,575  
    Gross Margin %     23.7 %     39.2 %     18.9 %         26.2 %
    Selling, general and administrative (1)     14,254       8,039       5,095       3,128       30,516  
    Depreciation and amortization     5,033       2,434       3,084       45       10,596  
    Operating income     22,668       16,150       2,271       (3,626 )     37,463  
    Depreciation and amortization     5,033       2,434       3,084       45       10,596  
    EBITDA     27,701       18,584       5,355       (3,581 )     48,059  
    Transaction and advisory fees     -       -       -       395       395  
    Adjusted EBITDA   $ 27,701     $ 18,584     $ 5,355     $ (3,186 )   $ 48,454  
    Adjusted EBITDA Margin %     15.6 %     27.4 %     9.7 %         16.2 %
                         
    Nine months ended July 31, 2024                    
    Net sales   $ 478,027     $ 165,637     $ 145,663     $ (3,626 )   $ 785,701  
    Cost of sales     370,930       104,327       124,278       (2,408 )     597,127  
    Gross Margin     107,097       61,310       21,385       (1,218 )     188,574  
    Gross Margin %     22.4 %     37.0 %     14.7 %         24.0 %
    Selling, general and administrative (1)     46,558       23,008       15,354       18,659       103,579  
    Depreciation and amortization     15,887       7,705       9,240       167       32,999  
    Operating income (loss)     44,652       30,597       (3,209 )     (20,044 )     51,996  
    Depreciation and amortization     15,887       7,705       9,240       167       32,999  
    EBITDA     60,539       38,302       6,031       (19,877 )     84,995  
    Expense related to plant closure (Cost of sales)     2,138       -       -       -       2,138  
    Expense related to plant closure (SG&A)     1,103       -       -       -       1,103  
    Transaction and advisory fees     -       -       -       13,097       13,097  
    Adjusted EBITDA   $ 63,780     $ 38,302     $ 6,031     $ (6,780 )   $ 101,333  
    Adjusted EBITDA Margin %     13.3 %     23.1 %     4.1 %         12.9 %
                         
    Nine months ended July 31, 2023                    
    Net sales   $ 487,036     $ 186,604     $ 163,577     $ (2,126 )   $ 835,091  
    Cost of sales     382,315       119,421       136,722       (872 )     637,586  
    Gross Margin     104,721       67,183       26,855       (1,254 )     197,505  
    Gross Margin %     21.5 %     36.0 %     16.4 %         23.7 %
    Selling, general and administrative (1)     41,707       23,996       15,939       12,989       94,631  
    Depreciation and amortization     15,328       7,135       8,988       221       31,672  
    Operating income (loss)     47,686       36,052       1,928       (14,464 )     71,202  
    Depreciation and amortization     15,328       7,135       8,988       221       31,672  
    EBITDA     63,014       43,187       10,916       (14,243 )     102,874  
    Loss on damage to manufacturing facilities (Cost of sales)     35       -       13       -       48  
    Loss on damage to manufacturing facilities (SG&A)     -       -       200       -       200  
    Transaction and advisory fees     -       -       -       5,706       5,706  
    Adjusted EBITDA   $ 63,049     $ 43,187     $ 11,129     $ (8,537 )   $ 108,828  
    Adjusted EBITDA Margin %     12.9 %     23.1 %     6.8 %         13.0 %
                         
    (1) Includes stock-based compensation expense for the three and nine months ended July 31, 2024 of $1.3 million and $2.5 million, respectively, and $5.3 million and $7.6 million for the comparable prior year periods.
                         


    QUANEX BUILDING PRODUCTS CORPORATION
    SALES ANALYSIS
    (In thousands)
    (Unaudited)
     
        Three Months Ended July 31,   Nine Months Ended July 31,
          2024       2023       2024       2023  
                     
    NA Fenestration:              
      United States - fenestration $ 131,394     $ 138,090     $ 362,674     $ 379,613  
      International - fenestration   6,950       8,542       20,559       22,019  
      United States - non-fenestration   27,873       26,423       81,196       73,823  
      International - non-fenestration   4,041       4,026       13,598       11,581  
        $ 170,258     $ 177,081     $ 478,027     $ 487,036  
    EU Fenestration: (1)              
      International - fenestration $ 50,551     $ 51,752     $ 139,270     $ 142,009  
      International - non-fenestration   9,066       16,137       26,367       44,595  
        $ 59,617     $ 67,889     $ 165,637     $ 186,604  
    NA Cabinet Components:              
      United States - fenestration $ 3,791     $ 4,486     $ 11,203     $ 12,613  
      United States - non-fenestration   47,287       50,199       133,456       148,774  
      International - non-fenestration   370       700       1,004       2,190  
        $ 51,448     $ 55,385     $ 145,663     $ 163,577  
    Unallocated Corporate & Other:              
      Eliminations $ (978 )   $ (715 )   $ (3,626 )   $ (2,126 )
        $ (978 )   $ (715 )   $ (3,626 )   $ (2,126 )
                     
    Net Sales $ 280,345     $ 299,640     $ 785,701     $ 835,091  
                     
    (1) Reflects a decrease of $0.9 million and an increase $0.7 million in revenue associated with foreign currency exchange rate impacts for the three and nine months ended July 31, 2024, respectively.




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