Investor Press Release

<< Back

Quanex Building Products Announces Fourth Quarter and Fiscal Year 2021 Results

Record Revenue Growth & Earnings in FY21 
Balance Sheet & Liquidity Continue to Improve and Remain Strong 
Board Authorizes New $75 Million Share Repurchase Program

HOUSTON, Dec. 16, 2021 (GLOBE NEWSWIRE) --  Quanex Building Products Corporation (NYSE:NX) (“Quanex” or the “Company”) today announced its results for the three months and twelve months ended October 31, 2021. The Company also announced that its Board of Directors (the “Board) has authorized a new $75 million share repurchase program to return capital to shareholders.

The Company reported the following selected financial results:

QUANEX BUILDING PRODUCTS CORPORATION                  
Q4 2021 Earnings Release                    
      Three Months Ended October 31,   Twelve Months Ended October 31,  
($ in millions, except per share data)     2021       2020       2021       2020    
Net Sales     $291.8     $255.4     $1,072.1     $851.6    
Gross Margin     $65.0     $66.2     $240.6     $192.8    
Gross Margin %     22.3%       25.9%       22.4%       22.6%    
Net Income     $20.9     $22.2     $57.0     $38.5    
Diluted EPS     $0.62     $0.68     $1.70     $1.17    
                     
Adjusted Net Income     $20.8     $22.0     $58.6     $40.7    
Adjusted Diluted EPS     $0.62     $0.67     $1.75     $1.24    
Adjusted EBITDA     $37.3     $39.4     $126.8     $104.5    
Adjusted EBITDA Margin %     12.8%       15.4%       11.8%       12.3%    
                     
Cash Provided by Operating Activities     $31.2     $53.2     $78.6     $100.8    
Free Cash Flow     $23.2     $48.2     $54.6     $75.1    

(See Non-GAAP Terminology Definitions and Disclaimers section, Non-GAAP Financial Measure Disclosure table, Selected Segment Data table and Free Cash Flow Reconciliation table for additional information)

George Wilson, President and Chief Executive Officer, commented, “Demand for the products we manufacture remained strong throughout our fiscal year and that continues today. Despite challenges related to the supply chain and inflation, we reported record revenue growth and record earnings for the year.  

“Our liquidity position has improved meaningfully over the past year, and our balance sheet is strong. We were able to pay down $65 million of bank debt in fiscal 2021, and we are very close to being net debt free. We are focused on closing the valuation gap that currently exists between us and our peers. As such, the Board has authorized a new $75 million share repurchase program, which reflects our strong balance sheet, commitment to returning capital to shareholders and overall confidence in the ability of the Company to continue to grow and create value for shareholders over time.”   (See Non-GAAP Terminology Definitions and Disclaimers section for additional information)

Fourth Quarter and Fiscal 2021 Results Summary   

Quanex reported net sales growth of 14.2% and 25.9% during the three months and twelve months ended October 31, 2021, respectively. The increases were mostly due to improved demand across all product lines and operating segments combined with higher prices primarily related to the pass through of raw material cost inflation. More specifically, for the fourth quarter and full year, the Company posted net sales growth of 10.1% and 19.6%, respectively, in its North American Fenestration segment, 15.9% and 17.1%, respectively, in its North American Cabinet Components segment and 17.6% and 45.6%, respectively, in its European Fenestration segment, excluding the foreign exchange impact. As a reminder, both of the Company’s manufacturing facilities in the U.K. were shut down in late March of 2020 and did not resume operations until mid-to-late May last year.   (See Sales Analysis table for additional information)

The decrease in earnings for the three months ended October 31, 2021 was driven by inflationary pressures and supply chain challenges. The increase in earnings for the twelve months ended October 31, 2021 was largely due to higher volumes, improved operating leverage and better pricing. This increase was somewhat offset by higher raw material costs and an increase in selling, general and administrative expenses.  

Balance Sheet & Liquidity Update

As of October 31, 2021, Quanex had total debt of $53.5 million and its leverage ratio of Net Debt to LTM Adjusted EBITDA improved to 0.1x.   (See Non-GAAP Terminology Definitions and Disclaimers section for additional information)

The Company’s liquidity increased to $322.6 million as of October 31, 2021, consisting of $40.1 million in cash on hand plus availability under its Senior Secured Revolving Credit Facility due 2023, less letters of credit outstanding.

Share Repurchases

Quanex’s Board authorized a $60 million share repurchase program in September of 2018, which is now complete. Repurchases under this program were made in open market transactions or privately negotiated transactions, subject to market conditions, applicable legal requirements, and other relevant factors. The Company repurchased 247,003 shares of common stock for approximately $5.4 million at an average price of $22.03 per share during the three months ended October 31, 2021.

Quanex’s Board recently authorized a new $75 million share repurchase program. Repurchases under this program will be made in open market transactions or privately negotiated transactions, subject to market conditions, applicable legal requirements, and other relevant factors.        

Outlook        

George Wilson, President and Chief Executive Officer, stated, “Demand remains strong, but ongoing supply chain disruptions continue to create day-to-day operational challenges and ultimately reduce our visibility in the near-term.  Based on current fundamentals, trends, and recent conversations with our customers, we are taking a measured approach to 2022 guidance. As such, we believe it would be premature to give guidance at this time. However, we feel confident in our ability to realize margin expansion on a consolidated basis in fiscal 2022, second half weighted, and we remain cautiously optimistic for the year. We intend to re-visit guidance when we report earnings for the first quarter of 2022.”

Conference Call and Webcast Information

The Company has scheduled a conference call for Friday, December 17, 2021, at 11:00 a.m. ET (10:00 a.m. CT).   To participate in the conference call dial (877) 388-2139 for domestic callers and (541) 797-2983 for international callers, in both cases using the conference passcode 7040256, and ask for the Quanex call a few minutes prior to the start time. A link to the live audio webcast will also be available on the Company’s website at http://www.quanex.com in the Investors section under Presentations & Events. A telephonic replay of the call will be available approximately two hours after the live broadcast ends and will be accessible through December 24, 2021. To access the replay dial (855) 859-2056 for domestic callers and (404) 537-3406 for international callers, in both cases referencing conference passcode 7040256.  

About Quanex

Quanex Building Products Corporation is an industry-leading manufacturer of components sold to Original Equipment Manufacturers (OEMs) in the building products industry.  Quanex designs and produces energy-efficient fenestration products in addition to kitchen and bath cabinet components.   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) and 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, such as the recent COVID-19 pandemic) on the economy and the demand for Quanex’s products, 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, 2020, 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.

QUANEX BUILDING PRODUCTS CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share data)
(Unaudited)

    Three Months Ended October 31,   Twelve Months Ended October 31,  
      2021       2020       2021       2020    
                   
Net sales   $ 291,768     $ 255,405     $ 1,072,149     $ 851,573    
Cost of sales     226,818       189,164       831,541       658,750    
Selling, general and administrative     27,668       26,889       115,967       89,707    
Restructuring charges     -       145       39       622    
Depreciation and amortization     10,189       11,378       42,732       47,229    
Operating income     27,093       27,829       81,870       55,265    
Interest expense     (542 )     (935 )     (2,530 )     (5,245 )  
Other, net     109       164       754       280    
Income before income taxes     26,660       27,058       80,094       50,300    
Income tax expense     (5,762 )     (4,906 )     (23,114 )     (11,804 )  
Net income   $ 20,898     $ 22,152     $ 56,980     $ 38,496    
                   
Earnings per common share, basic   $ 0.63     $ 0.68     $ 1.72     $ 1.18    
Earnings per common share, diluted   $ 0.62     $ 0.68     $ 1.70     $ 1.17    
                   
Weighted average common shares outstanding:                  
Basic     33,191       32,608       33,193       32,689    
Diluted     33,454       32,811       33,495       32,821    
                   
Cash dividends per share   $ 0.08     $ 0.08     $ 0.32     $ 0.32    
                   

QUANEX BUILDING PRODUCTS CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)

         
    October 31, 2021   October 31, 2020
ASSETS        
Current assets:        
Cash and cash equivalents   $ 40,061     $ 51,621  
Accounts receivable, net     108,309       88,287  
Inventories, net     92,529       61,181  
Prepaid and other current assets     8,148       6,217  
Total current assets     249,047       207,306  
Property, plant and equipment, net     178,630       184,104  
Operating lease right-of-use assets     52,708       51,824  
Goodwill     149,205       146,154  
Intangible assets, net     82,410       93,068  
Other assets     5,323       9,129  
Total assets   $ 717,323     $ 691,585  
         
LIABILITIES AND STOCKHOLDERS' EQUITY        
Current liabilities:        
Accounts payable   $ 86,765     $ 77,335  
Accrued liabilities     56,156       38,289  
Income taxes payable     6,038       6,465  
Current maturities of long-term debt     846       692  
Current operating lease liabilities     8,196       7,459  
Total current liabilities     158,001       130,240  
Long-term debt     52,094       116,728  
Noncurrent operating lease liabilities     45,367       44,873  
Deferred pension and postretirement benefits     4,737       10,923  
Deferred income taxes     21,965       19,116  
Liabilities for uncertain tax positions     1,388       522  
Other liabilities     13,989       13,424  
Total liabilities     297,541       335,826  
Stockholders’ equity:        
Common stock     373       373  
Additional paid-in-capital     254,162       253,458  
Retained earnings     259,718       213,517  
Accumulated other comprehensive loss     (21,770 )     (33,024 )
Treasury stock at cost     (72,701 )     (78,565 )
Total stockholders’ equity     419,782       355,759  
Total liabilities and stockholders' equity   $ 717,323     $ 691,585  
         

QUANEX BUILDING PRODUCTS CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW
(In thousands)
(Unaudited)

  Twelve Months Ended October 31,
    2021       2020  
Operating activities:      
Net income $ 56,980     $ 38,496  
Adjustments to reconcile net income to cash provided by operating activities:      
Depreciation and amortization   42,732       47,229  
Loss on the disposition of capital assets   3,039       -  
Stock-based compensation   1,970       879  
Deferred income tax   1,785       (189 )
Other, net   2,126       1,689  
Changes in assets and liabilities:      
Increase in accounts receivable   (19,017 )     (5,766 )
(Increase) decrease in inventory   (31,382 )     6,119  
(Increase) decrease in other current assets   (1,817 )     2,896  
Increase in accounts payable   7,097       15,922  
Increase (decrease) in accrued liabilities   16,212       (3,156 )
(Decrease) increase in income taxes payable   (378 )     237  
Decrease in deferred pension and postretirement benefits   (708 )     (2,775 )
Increase (decrease) in other long-term liabilities   477       (236 )
Other, net   (528 )     (549 )
Cash provided by operating activities   78,588       100,796  
Investing activities:      
Capital expenditures   (24,008 )     (25,726 )
Proceeds from disposition of capital assets   5,300       502  
Cash used for investing activities   (18,708 )     (25,224 )
Financing activities:      
Borrowings under credit facilities   -       114,500  
Repayments of credit facility borrowings   (65,000 )     (154,000 )
Repayments of other long-term debt   (680 )     (1,027 )
Common stock dividends paid   (10,779 )     (10,534 )
Issuance of common stock   16,272       3,626  
Payroll tax paid to settle shares forfeited upon vesting of stock   (492 )     (454 )
Purchase of treasury stock   (11,182 )     (7,233 )
Cash used for financing activities   (71,861 )     (55,122 )
Effect of exchange rate changes on cash and cash equivalents   421       303  
(Decrease) increase in cash and cash equivalents   (11,560 )     20,753  
Cash and cash equivalents at beginning of period   51,621       30,868  
Cash and cash equivalents at end of period $ 40,061     $ 51,621  
       

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 October 31,   Twelve Months Ended October 31,  
      2021   2020   2021   2020  
Cash provided by operating activities     $31,153   $53,235   $78,588   $100,796  
Capital expenditures     (8,002)   (5,053)   (24,008)   (25,726)  
Free Cash Flow     $23,151   $48,182   $54,580   $75,070  
                     
                     
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 October 31,      
      2021   2020          
Revolving Credit Facility     $38,000   $103,000          
Finance Lease Obligations     15,537   15,321          
Total Debt (1)     53,537   118,321          
Less: Cash and cash equivalents     40,061   51,621          
Net Debt     $13,476   $66,700          
                     
(1) Excludes outstanding letters of credit.                    

 

QUANEX BUILDING PRODUCTS CORPORATION
NON-GAAP FINANCIAL MEASURE DISCLOSURE
(In thousands, except per share data)
(Unaudited)

                                   
    Three Months Ended   Three Months Ended   Twelve Months Ended   Twelve Months Ended  
Reconciliation of Adjusted Net Income and Adjusted EPS   October 31, 2021   October 31, 2020   October 31, 2021   October 31, 2020  
    Net Income   Diluted EPS   Net Income   Diluted EPS   Net Income   Diluted EPS   Net Income   Diluted EPS  
Net income as reported   $ 20,898   $ 0.62   $ 22,152   $ 0.68   $ 56,980   $ 1.70   $ 38,496   $ 1.17  
Net Income reconciling items from below   (51)   -   (168)   (0.01)   1,609   0.05   2,218   0.07  
Adjusted net income and adjusted EPS   $ 20,847   $ 0.62   $ 21,984   $ 0.67   $ 58,589   $ 1.75   $ 40,714   $ 1.24  
                                   
Reconciliation of Adjusted EBITDA   Three Months Ended October 31, 2021   Three Months Ended October 31, 2020   Twelve Months Ended October 31, 2021   Twleve Months Ended October 31, 2020  
    Reconciliation       Reconciliation       Reconciliation       Reconciliation      
Net income as reported   $ 20,898       $ 22,152       $ 56,980       $ 38,496      
Income tax expense   5,762       4,906       23,114       11,804      
Other, net   (109)       (164)       (754)       (280)      
Interest expense   542       935       2,530       5,245      
Depreciation and amortization   10,189       11,378       42,732       47,229      
EBITDA   37,282       39,207       124,602       102,494      
EBITDA reconciling items from below   -       145       2,160       2,020      
Adjusted EBITDA   $ 37,282       $ 39,352       $ 126,762       $ 104,514      
                                   
Reconciling Items   Three Months Ended October 31, 2021   Three Months Ended October 31, 2020   Twelve Months Ended October 31, 2021   Twleve Months Ended October 31, 2020  
    Income Statement   Reconciling Items   Income Statement   Reconciling Items   Income Statement   Reconciling Items   Income Statement   Reconciling Items  
Net sales   $ 291,768   $ -   $ 255,405   $ -   $ 1,072,149   $ -   $ 851,573   $ -  
Cost of sales   226,818   -   189,164   -   831,541   (307) (1) 658,750   -  
Selling, general and administrative   27,668   -   26,889   -   115,967   (1,814) (2) 89,707   (1,398) (2)
Restructuring charges   -   -   145   (145) (3) 39   (39) (3) 622   (622) (3)
EBITDA   37,282   -   39,207   145   124,602   2,160   102,494   2,020  
Depreciation and amortization   10,189   -   11,378   -   42,732   -   47,229   (968) (4)
Operating income   27,093   -   27,829   145   81,870   2,160   55,265   2,988  
Interest expense   (542)   -   (935)   -   (2,530)   -   (5,245)   -  
Other, net   109   (63) (5) 164   (333) (5) 754   98 (5) 280   57 (5)
Income before income taxes   26,660   (63)   27,058   (188)   80,094   2,258   50,300   3,045  
Income tax expense   (5,762)   12 (6) (4,906)   20 (6) (23,114)   (649) (6) (11,804)   (827) (6)
Net income   $ 20,898   $ (51)   $ 22,152   $ (168)   $ 56,980   $ 1,609   $ 38,496   $ 2,218  
                                   
Diluted earnings per share   $ 0.62       $ 0.68       $ 1.70       $ 1.17      
                                   
                                   
(1) Loss on damage to a plant caused by flooding of $0.3 million for the twelve months ended October 31, 2021.
(2) Loss on a sale of a plant of $1.8 million in the twelve months ended October 31, 2021 and executive severance charges of $1.3 million in the twelve months ended October 31, 2020.
(3) Restructuring charges related to the closure of manufacturing plant facilities.                
(4) Accelerated depreciation related to the closure of a North American Cabinet Components plant.         
(5) Foreign currency transaction (gains) losses.                 
(6) Impact on a with and without basis.         

QUANEX BUILDING PRODUCTS CORPORATION
SELECTED SEGMENT DATA
(In thousands)
(Unaudited)

                     
This table provides gross margin, operating (loss) income, 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 October 31, 2021                    
Net sales   $ 156,255     $ 69,737     $ 66,583     $ (807 )   $ 291,768  
Cost of sales     122,078       49,402       55,718       (380 )     226,818  
Gross Margin     34,177       20,335       10,865       (427 )     64,950  
Gross Margin %     21.9 %     29.2 %     16.3 %         22.3 %
Selling, general and administrative     14,015       8,335       5,456       (138 )     27,668  
Depreciation and amortization     4,202       2,602       3,298       87       10,189  
Operating income (loss)     15,960       9,398       2,111       (376 )     27,093  
Depreciation and amortization     4,202       2,602       3,298       87       10,189  
EBITDA     20,162       12,000       5,409       (289 )     37,282  
Adjusted EBITDA   $ 20,162     $ 12,000     $ 5,409     $ (289 )   $ 37,282  
Adjusted EBITDA Margin %     12.9 %     17.2 %     8.1 %         12.8 %
                     
Three months ended October 31, 2020                    
Net sales   $ 141,983     $ 56,823     $ 57,465     $ (866 )   $ 255,405  
Cost of sales     105,323       36,725       47,546       (430 )     189,164  
Gross Margin     36,660       20,098       9,919       (436 )     66,241  
Gross Margin %     25.8 %     35.4 %     17.3 %         25.9 %
Selling, general and administrative     12,883       6,739       5,270       1,997       26,889  
Restructuring charges     67       -       78       -       145  
Depreciation and amortization     5,243       2,423       3,593       119       11,378  
Operating income (loss)     18,467       10,936       978       (2,552 )     27,829  
Depreciation and amortization     5,243       2,423       3,593       119       11,378  
EBITDA     23,710       13,359       4,571       (2,433 )     39,207  
Restructuring charges     67       -       78       -       145  
Adjusted EBITDA   $ 23,777     $ 13,359     $ 4,649     $ (2,433 )   $ 39,352  
Adjusted EBITDA Margin %     16.7 %     23.5 %     8.1 %         15.4 %
                     
Twelve months ended October 31, 2021                    
Net sales   $ 578,332     $ 251,599     $ 246,075     $ (3,857 )   $ 1,072,149  
Cost of sales     450,356       172,033       211,088       (1,936 )     831,541  
Gross Margin     127,976       79,566       34,987       (1,921 )     240,608  
Gross Margin %     22.1 %     31.6 %     14.2 %         22.4 %
Selling, general and administrative     52,959       29,894       20,828       12,286       115,967  
Restructuring charges     39       -       -       -       39  
Depreciation and amortization     18,730       10,373       13,263       366       42,732  
Operating income (loss)     56,248       39,299       896       (14,573 )     81,870  
Depreciation and amortization     18,730       10,373       13,263       366       42,732  
EBITDA     74,978       49,672       14,159       (14,207 )     124,602  
Loss on the damage of a plant     -       307       -       -       307  
Loss on sale of plant     375       -       -       1,439       1,814  
Restructuring charges     39       -       -       -       39  
Adjusted EBITDA   $ 75,392     $ 49,979     $ 14,159     $ (12,768 )   $ 126,762  
Adjusted EBITDA Margin %     13.0 %     19.9 %     5.8 %         11.8 %
                     
Twelve months ended October 31, 2020                    
Net sales   $ 483,415     $ 161,054     $ 210,099     $ (2,995 )   $ 851,573  
Cost of sales     371,811       108,781       179,804       (1,646 )     658,750  
Gross Margin     111,604       52,273       30,295       (1,349 )     192,823  
Gross Margin %     23.1 %     32.5 %     14.4 %         22.6 %
Selling, general and administrative     47,845       22,729       18,738       395       89,707  
Restructuring charges     295       -       327       -       622  
Depreciation and amortization     23,555       9,468       13,732       474       47,229  
Operating income (loss)     39,909       20,076       (2,502 )     (2,218 )     55,265  
Depreciation and amortization     23,555       9,468       13,732       474       47,229  
EBITDA     63,464       29,544       11,230       (1,744 )     102,494  
Transaction and advisory fees     -       -       -       55       55  
Executive severance charges     -       -       -       1,343       1,343  
Restructuring charges     295       -       327       -       622  
Adjusted EBITDA   $ 63,759     $ 29,544     $ 11,557     $ (346 )   $ 104,514  
Adjusted EBITDA Margin %     13.2 %     18.3 %     5.5 %         12.3 %
                     

 

QUANEX BUILDING PRODUCTS CORPORATION  
SALES ANALYSIS        
(In thousands)  
(Unaudited)  
                   
    Three Months Ended   Twelve Months Ended  
    October 31, 2021 October 31, 2020 October 31, 2021   October 31, 2020  
                   
NA Fenestration:                
  United States - fenestration $ 137,825     $ 125,522     $ 507,634     $ 427,616    
  International - fenestration   8,854       9,301       34,610       28,585    
  United States - non-fenestration   6,991       5,500       24,534       19,279    
  International - non-fenestration   2,585       1,660       11,554       7,935    
    $ 156,255     $ 141,983     $ 578,332     $ 483,415    
EU Fenestration (1):                
  International - fenestration $ 52,439     $ 46,699     $ 199,511     $ 134,432    
  International - non-fenestration   17,298       10,124       52,088       26,622    
    $ 69,737     $ 56,823     $ 251,599     $ 161,054    
NA Cabinet Components:                
  United States - fenestration $ 3,615     $ 3,381     $ 13,326     $ 11,842    
  United States - non-fenestration   62,251       53,641       230,559       196,479    
  International - non-fenestration   717       443       2,190       1,778    
    $ 66,583     $ 57,465     $ 246,075     $ 210,099    
Unallocated Corporate & Other:                
  Eliminations $ (807 )   $ (866 )   $ (3,857 )   $ (2,995 )  
    $ (807 )   $ (866 )   $ (3,857 )   $ (2,995 )  
                   
Net Sales $ 291,768     $ 255,405     $ 1,072,149     $ 851,573    
                   
(1) Reflects increase of $2.5 million and $11.8 million in revenue associated with foreign currency exchange rate impacts for the three and twelve months ended October 31, 2021, respectively.  
                   

Primary Logo

Source: Quanex Building Products Corporation