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Quanex (NX) Reports a Q1 Loss; Expects Operating Loss in Q2 and FY09
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Quanex Building Products Corporation (NYSE: NX) reports a Q1 loss of $0.21 (before taking into account a $137.3 million pre-tax, or $3.02 per diluted share, estimated impairment charge) vs. consensus for $0.32 loss. Revenues were $112.9 million vs. $115.65 million consensus.
A faltering economy, falling consumer confidence, ongoing bank credit crunch and high residential home inventories has resulted in a more difficult business environment in fiscal 2009 than the company had previously expected. Because of these issues, the company cannot predict with any confidence what the actual fiscal 2009 U.S. residential build rate will be. Consequently, it is suspending all specific financial guidance. Once these market issues become clear, NX will again provide specific financial guidance.
The company expects to report an operating loss for Q2 and Full-Year '09. (NOTE - Q2 EPS consensus is loss of $0.07 and FY09 EPS consensus is a $0.12 loss)
Separately, the Board of Directors declared a quarterly cash dividend of $0.03 per share on the company's common stock, payable March 31, 2009, to shareholders of record on March 16, 2009.
Quanex Building Products Corporation is a manufacturer of engineered materials and components for the United States building products market.[SM]
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