Quanex Reports 6.7 Percent Rise in Net Sales for Engineered Products GroupMarch 8th, 2013 by DWM Magazine
Houston-based Quanex Building Products has released its first-quarter 2013 results, and reports sales of $106.1 million for the quarter for the Engineered Products Group (EPG), compared to $99.4 million for the same period last year—a 6.7 percent increase.
EPG’s first-quarter 2013 operating income was $2.8 million compared to $1.8 million a year ago. While higher than first quarter 2012 results, EPG’s profitability “was negatively impacted by lower solar edge tape sales and an unfavorable product mix,” according to the Quanex report.
Overall, Quanex reported consolidated first-quarter 2013 net sales of $185.7 million, compared to $161.6 million a year ago. First-quarter 2013 net loss was $8.1 million, or $0.22 per diluted share compared to loss of $6.7 million, or $0.18 per diluted share in the year ago quarter.
The increased first quarter net loss per share was due primarily to higher corporate expenses from acquisition-related transaction costs and ongoing ERP implementation costs, according to the company.
|Engineered Products Group First-Quarter Results (in millions)|