Welcome to our dedicated page for Quanex Building Products Corporation news (Ticker: NX), a resource for investors and traders seeking the latest updates and insights on Quanex Building Products Corporation stock.
Quanex Building Products Corporation (NX) is a leading manufacturer of components sold primarily to original equipment manufacturers (OEMs) in the building products industry. The company’s product portfolio includes engineered window and door components such as flexible insulating glass spacers, extruded vinyl profiles, window and door screens, solar panel sealants, and precision-formed metal and wood products.
Quanex operates through three main segments: North American Fenestration, which is a major revenue driver, European Fenestration, and North American Cabinet Components. The company derives a majority of its revenue from the United States, establishing a dominant market presence in the region.
At Quanex, customer success is a top priority. The company offers specialized components to bring new products to market, technical support to enhance production efficiency, and creative marketing to drive awareness. With unparalleled expertise in energy efficiency and sustainability standards, integrated system design, product development, and production processes, Quanex continually enhances the value its customers offer to their clients.
Quanex is committed to building strength in its people, systems, and processes. The company listens to its customers and anticipates future needs to remain the supplier of choice in the markets it serves.
Recent achievements include:
- Third Quarter 2023 Results Summary: Participants can pre-register for the conference call here.
- Fourth Quarter and Fiscal 2023 Results Summary.
- First Quarter 2024 Results Summary: Pre-register for the call here.
In addition, UBS Investment Bank serves as financial advisor, and legal counsel is provided by Foley & Lardner LLP and Travers Smith LLP. Quanex frequently hosts conference calls to discuss its financial performance, such as the upcoming session today at 8:30 a.m. ET.
Quanex Building Products (NYSE:NX) reported its Q4 and full-year 2024 results, highlighting the impact of its recent Tyman acquisition. Q4 net sales increased 66.6% to $492.2 million, while full-year sales rose 13% to $1.28 billion. The company reported a Q4 net loss of $13.9 million (EPS -$0.30) compared to net income of $27.4 million (EPS $0.83) in Q4 2023.
Since closing the Tyman acquisition on August 1, 2024, Quanex has repaid $53.75 million in debt. The company's leverage ratio stands at 3.7x Net Debt to LTM Adjusted EBITDA, with total debt of $776.9 million. Management expects current demand softness to persist until spring 2025, with improvement anticipated in the second half of the year.
Quanex Building Products (NYSE:NX) has announced that its Board of Directors has declared a quarterly cash dividend of $0.08 per share on the Company's common stock. The dividend will be payable December 31, 2024, to shareholders of record on December 16, 2024.
Quanex Building Products (NYSE: NX) has scheduled its fourth quarter and full year 2024 earnings release for December 12, 2024 after market close. The company will host a conference call on December 13, 2024, at 11:00 a.m. ET to discuss the results. Investors can access the live audio webcast through Quanex's website in the Investors section. Pre-registration is available for participants, who will receive dial-in details via email. A replay of the call will be available on the company's website.
Quanex Building Products (NYSE:NX) reported its Q3 2024 results and updated full-year guidance. Key highlights include:
- Net sales decreased 6.4% to $280.3 million
- Diluted EPS decreased to $0.77 from $0.96
- Adjusted EBITDA margin declined to 15.0% from 16.2%
- Free cash flow of $40.1 million
The company closed its acquisition of Tyman on August 1, 2024, creating a comprehensive solutions provider in the building products industry. Quanex updated its FY2024 guidance, estimating net sales of $1.275-$1.285 billion and Adjusted EBITDA of $171-$176 million, incorporating Tyman's contribution for Q4.
Quanex Building Products (NYSE:NX) has announced a quarterly cash dividend of $0.08 per share on its common stock. The dividend is set to be paid on September 30, 2024, to shareholders of record as of September 16, 2024. This declaration by the Company's Board of Directors demonstrates Quanex's commitment to providing regular returns to its shareholders. The consistent dividend payout suggests financial stability and confidence in the company's cash flow generation capabilities.
Quanex Building Products (NYSE: NX) has announced its schedule for releasing third quarter 2024 earnings and hosting a conference call. The company plans to release its financial results on Thursday, September 5, 2024 after the New York Stock Exchange closes. A conference call to discuss the results is scheduled for Friday, September 6, 2024 at 11:00 a.m. ET (10:00 a.m. CT).
Investors can access a live audio webcast of the call on Quanex's website in the Investors section under Presentations & Events. Participants are encouraged to pre-register for the call using the provided link. A replay of the call will be available for a time on the company's website.
Quanex Building Products (NYSE: NX) has appointed Manish H. Shah and Amit Singhi to its Board of Directors, effective August 12, 2024. CEO George Wilson expressed confidence in their unique perspectives and potential contributions to the company's focus on profitable growth.
Mr. Shah, currently the Chief Digital Transformation Officer at ServiceNow (NYSE: NOW), brings extensive experience in IT service management and digital healthcare. Mr. Singhi, the CFO of Humanetics, has a strong background in finance and operations across various industries. Both appointees possess advanced degrees and have held leadership positions in prominent companies, enhancing Quanex's board expertise in technology, finance, and strategic growth.
Quanex Building Products (NYSE: NX) has successfully closed its acquisition of Tyman plc, creating a comprehensive solutions provider in the building products industry. This strategic move aligns with Quanex's 'BIGGER' strategy, enhancing the company's scale, global reach, and product offering. The acquisition is expected to strengthen brand leadership, accelerate growth, and increase profitability through greater scale and stronger cash flow.
Key highlights include:
- Integration of approximately 50% within the first 12 months
- Meaningful earnings accretion expected within the first full year
- Board Observer right granted to Teleios Global Opportunities Master Fund
- Suspension and cancellation of Tyman's common stock trading on the London Stock Exchange
Quanex Building Products (NYSE: NX) has announced the approval of its proposed acquisition of Tyman plc (LSE: TYMN) by the shareholders of both companies. George Wilson, Quanex's CEO, expressed gratitude to the shareholders for their support and highlighted the upcoming integration of the two companies. The transaction offers Tyman shareholders a choice between cash and shares or a capped all-share alternative, with potential proration if the all-share option is oversubscribed. A special dividend of 15 pence will also be paid to Tyman shareholders. Post-acquisition, Tyman shareholders will own 30-32% of Quanex on a fully diluted basis. The closing of the transaction is expected in August, pending customary conditions.
Quanex Building Products (NYSE:NX) announced its Q2 2024 results, showing net sales of $266.2 million, down 2.7% YoY. The decrease was due to weaker market demand in its European Fenestration and North American Cabinet Components segments. Despite this, the company achieved margin expansion in North America. Net income was $15.4 million, down from $21.5 million YoY. Diluted EPS was $0.46, a decrease from $0.65. Adjusted Net Income remained stable at $21.8 million, and Adjusted Diluted EPS was unchanged at $0.66. Quanex repaid $10 million in bank debt, leaving no outstanding draws on its revolver. The company reaffirmed its FY 2024 guidance, projecting net sales of around $1.1 billion and Adjusted EBITDA of $145-$150 million.
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