Quanex Building Products Reports Drop in Consolidated Net Sales for Third Quarter, While EPG Sales are UpSeptember 5th, 2012 by DWM Magazine
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.”