Quanex Building Products Reports Drop in Consolidated Net Sales for Third Quarter, While EPG Sales are UpSeptember 5th, 2012 | Category: Industry News
Quanex Building Products Corp. has reported that it achieved consolidated net sales of $237.9 million for the third-quarter of fiscal year (FY) 2012, compared to $252.4 million for the same period a year ago—a decrease of 5.7 percent.
The company’s Engineered Products Group (EPG), which is focused on door and window components and systems, reported third-quarter net sales of $134.1 million, compared to $124.1 million a year ago. The company attributes the 8 percent improvement in sales to higher vinyl extrusion sales.
The EPG’s third-quarter 2012 operating income was $13.1 million, compared to $14.1 million a year ago. According to the company, these figures include an insulating glass (IG) warranty benefit from a change in estimate of $0.8 million. In addition, expenses related to consolidation of its Barbourville, Ky., and Cambridge, Ohio, insulating glass facilities were $2.5 million in the quarter. According to the release, the Barbour facility is now closed and is being prepared for sale.
Looking to the future, company officials predict that “difficult macro-economic factors will continue to create tough market conditions for Quanex.”