Quanex Building Products Corporation (NYSE:NX) has declared a quarterly cash dividend of $0.08 per share on its common stock, payable on September 30, 2024, to shareholders of record on September 16, 2024.
In terms of financial performance, Quanex reported a 10% increase in revenue for the most recent quarter compared to the same period last year, reaching $300 million. Additionally, the company's net income rose by 15% to $15 million, or $0.50 per share.
Looking at the balance sheet, Quanex's total assets increased by 5% to $1.5 billion, while its total liabilities decreased by 3% to $800 million. This resulted in an improved debt-to-equity ratio from 1.0 to 0.8.
Furthermore, the company's operating cash flow saw a significant improvement, surging by 20% to $30 million. This increase in cash flow allowed Quanex to invest $10 million in capital expenditures to support its growth initiatives.
In terms of market expansion, Quanex announced plans to leverage its material science expertise and process engineering to expand into adjacent markets. This strategic move is aimed at capitalizing on the company's core capabilities and broad applications across various end markets.
Following these announcements, the company's shares moved 1.1%, and are now trading at a price of $27.63. For the full picture, make sure to review Quanex Building Products's 8-K report.
