Fri, Jun 7, 8:04 PM (92 days ago)
Quanex Building Products Corporation's Form 10-Q for the quarter ended April 30, 2024, reports a decline in net sales to $266.2 million, down 3% year-over-year, with operating income dropping by 30% to $20.6 million. The report highlights a 2% increase in North American Fenestration sales, offset by an 11% decrease in European Fenestration and a 13% decline in North American Cabinet Components. The company’s cash flow from operations was $36.9 million, slightly down from $38.5 million in the previous year. Quanex maintains a strong liquidity position with $56.1 million in cash and no outstanding borrowings under its $325 million credit facility. The company announced a $1.1 billion acquisition of Tyman plc, expected to close in the second half of 2024, funded partly by a $750 million term loan facility. The report also notes potential risks from geopolitical tensions and supply chain disruptions.