Quanex Q2 net sales $273.5M (-15.3% YoY); reaffirms FY 2023 guidance

Quanex Building Products CORP

2023-Q2 EPS reported $0.71 revenue$535,451,000

Net sales of $273.5M vs $322.9M YoY; diluted EPS $0.65 vs $0.80; adjusted diluted EPS $0.66 vs $0.80.
Adjusted EBITDA $39.9M, margin 14.6% vs 14.0% YoY; margin expansion in NA Cabinet Components and EU Fenestration.
Reaffirms FY 2023 outlook: net sales $1.12-1.16B, Adjusted EBITDA $130-142M.
Repaid $20M in bank debt; leverage ratio 0.6x (0.3x excl. finance leases); bought back $5.6M in stock.
Achieved synergy target for LMI Custom Mixing acquisition; customer inventory rebalancing impact moderating.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 1.0

Quanex Building Products CORP reported three months ended April 30, 2023 results: revenue $273.5, net income $21.5, EPS $0.65. Guidance reaffirmed.

Period: three months ended April 30, 2023
Revenue: $273.5
Net income: $21.5
EPS: $0.65
Guidance: reaffirmed
Result: reported results

Exact text from the filing

QUANEX BUILDING PRODUCTS CORPORATION Q2 2023 Earnings Release Three Months Ended April 30, Six Months Ended April 30, ($ in millions, except per share data) 2023 2022 2023 2022 Net Sales $273.5 $322.9 $535.5 $589.9 Gross Margin $67.2 $73.2 $118.9 $128.4 Gross Margin % 24.6 % 22.7 % 22.2 % 21.8 % Net Income $21.5 $26.5 $23.4 $37.8 Diluted EPS $0.65 $0.80 $0.71 $1.13 Adjusted Net Income $21.7 $26.5 $27.8 $37.8 Adjusted Diluted EPS $0.66 $0.80 $0.84 $1.14 Adjusted EBITDA $39.9 $45.2 $60.4 $69.6 Adjusted EBITDA Margin % 14.6 % 14.0 % 11.3 % 11.8 % Cash Provided by (Used For) Operating Activities $35.3 $19.8 $38.5 ($1.9) Free Cash Flow $27.8 $13.4 $23.4 ($15.7)

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Earnings Releases SEC 8-K Item 2.02 confidence 1.0

Quanex Building Products CORP reported six months ended April 30, 2023 results: revenue $535.5, net income $23.4, EPS $0.71. Guidance reaffirmed.

Period: six months ended April 30, 2023
Revenue: $535.5
Net income: $23.4
EPS: $0.71
Guidance: reaffirmed
Result: reported results

Exact text from the filing

QUANEX BUILDING PRODUCTS CORPORATION Q2 2023 Earnings Release Three Months Ended April 30, Six Months Ended April 30, ($ in millions, except per share data) 2023 2022 2023 2022 Net Sales $273.5 $322.9 $535.5 $589.9 Gross Margin $67.2 $73.2 $118.9 $128.4 Gross Margin % 24.6 % 22.7 % 22.2 % 21.8 % Net Income $21.5 $26.5 $23.4 $37.8 Diluted EPS $0.65 $0.80 $0.71 $1.13 Adjusted Net Income $21.7 $26.5 $27.8 $37.8 Adjusted Diluted EPS $0.66 $0.80 $0.84 $1.14 Adjusted EBITDA $39.9 $45.2 $60.4 $69.6 Adjusted EBITDA Margin % 14.6 % 14.0 % 11.3 % 11.8 % Cash Provided by (Used For) Operating Activities $35.3 $19.8 $38.5 ($1.9) Free Cash Flow $27.8 $13.4 $23.4 ($15.7)

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Source: SEC EDGAR

accession 0001171843-23-003692

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