Quanex Building Products Q2 2024 Financial Report

By Tamara Parker • Thursday, June 06 16:38 • Permanent Link

Quanex Building Products Corporation (NYSE:NX) has announced its financial results for the second quarter of 2024. Here are the key figures:

Net sales for the three months ended April 30, 2024, were $266.2 million, representing a 2.7% decrease from the same period in 2023 when net sales were $273.5 million.
Gross margin for the second quarter of 2024 was $66.2 million, slightly down from $67.2 million in the second quarter of 2023.
Despite the decrease in net sales, Quanex reported a net income of $15.4 million for the second quarter of 2024, a decline from $21.5 million in the same period of 2023.
Diluted earnings per share (EPS) also saw a decrease, with the company reporting $0.46 for the second quarter of 2024 compared to $0.65 for the same period in 2023.
Adjusted net income for the second quarter of 2024 was $21.8 million, slightly up from $21.7 million in the second quarter of 2023.
Quanex reported adjusted diluted EPS of $0.66 for the second quarter of 2024, unchanged from the same period in 2023.
The company's adjusted EBITDA for the second quarter of 2024 was $40.0 million, showing a slight increase from $39.9 million in the second quarter of 2023.

Quanex also highlighted margin expansion in North America and on a consolidated basis, as well as the repayment of $10 million in bank debt. The company's Tyman acquisition is expected to close in the second half of 2024, subject to customary closing conditions.

Despite challenges in the European market, Quanex remains focused on managing working capital and reaffirmed its full-year 2024 guidance. The company expects net sales of approximately $1.1 billion for fiscal 2024, resulting in approximately $145 million to $150 million of adjusted EBITDA.

Quanex's balance sheet as of April 30, 2024, showed total debt of $55.2 million, primarily in finance leases, and the company's leverage ratio of net debt to last twelve months (LTM) adjusted EBITDA continued to improve. As of April 30, 2024, the company's LTM net income was $80.7 million, and LTM adjusted EBITDA was $158.5 million.

Today the company's shares have moved -1.1% to a price of $30.47. If you want to know more, read the company's complete 8-K report here.

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