Underlying Sales Growth of ~6% in Fiscal 2018Working Capital Management Helped Boost Free Cash Flow by ~73% in Fiscal 2018Gross Margin Expansion of >200 Basis Points in NA Cabinet Components Segment in 4Q18

HOUSTON, Dec. 10, 2018 (GLOBE NEWSWIRE) -- Quanex Building Products Corporation (NYSE: NX) (“Quanex” or the “Company”) today announced its results for the quarter and fiscal year ended October 31, 2018.

Bill Griffiths, Chairman, President and Chief Executive Officer, commented, “The free cash flow profile of our business is strong and our disciplined management of working capital was exceptional during the fourth quarter. As a result, and consistent with our plans to return capital to shareholders, we repurchased approximately $32 million in stock during the fourth quarter while maintaining our leverage ratio of 2.0x. In addition, we paid down approximately $28 million of bank debt in fiscal 2018. Looking ahead, we remain committed to maintaining a healthy balance sheet and returning capital to shareholders.

“Market growth and price increases led to underlying growth of approximately 6% in fiscal 2018; however, net sales in August and September were softer than anticipated. Overall, fourth quarter results were impacted by elevated SG&A expense due to a rise in unforeseen medical costs coupled with higher annual incentive accruals, which are based on a modified free cash flow metric. At the same time, as a result of operational improvements and better pricing, we achieved gross margin expansion for the second consecutive quarter and for the full fiscal year in our North American Cabinet Components segment.”

Fourth Quarter and Fiscal Year 2018 Results Summary

The Company reported the following selected financial results:

		Three Months Ended October 31,						Twelve Months Ended October 31,
		2018			2017			2018			2017
Net Sales		$244.1			$233.0			$889.8			$866.6
Net Income		$6.5			$10.7			$26.3			$18.7
Diluted EPS		$0.19			$0.31			$0.75			$0.54
Adjusted Net Income		$7.6			$13.1			$22.7			$27.0
Adjusted Diluted EPS		$0.22			$0.37			$0.65			$0.77
Adjusted EBITDA		$25.2			$33.3			$90.9			$99.0
Cash provided by operating activities		$56.2			$33.3			$104.6			$79.8
Free Cash Flow		$50.8			$25.8			$78.1			$45.2

(See Non-GAAP Terminology Definitions and Disclaimers section, Non-GAAP Financial Measure Disclosure table, Selected Segment Data table and Free Cash Flow Reconciliation table for additional information)

The increases in net sales were mainly driven by market growth combined with price increases largely related to raw material inflation recovery and a favorable foreign exchange impact. (See Sales Analysis table for additional information)

The decreases in adjusted earnings were mostly due to the negative impact of inflationary pressures and an increase in selling, general and administrative expense. The increase in selling, general and administrative expense was driven by elevated medical costs and higher annual incentive accruals. Results for the fourth quarter and full fiscal year 2017 included a benefit of $2.0 million and $4.0 million, respectively, related to legal expense reimbursement from one of the Company’s insurance carriers. (See Non-GAAP Terminology Definitions and Disclaimers section, Non-GAAP Financial Measure Disclosure table and Selected Segment Data table for additional information)

As previously disclosed, Quanex repurchased 1.9 million shares in a privately negotiated transaction at $16.86 per share during the fourth quarter of 2018 and has approximately $28 million remaining under its current share repurchase program.

As of October 31, 2018, the Company’s leverage ratio of Net Debt to LTM Adjusted EBITDA was unchanged at 2.0x. (See Non-GAAP Terminology Definitions and Disclaimers section for additional information)

Outlook

Bill Griffiths, Chairman, President and Chief Executive Officer, stated, “It is clear that, at a macro level, expectations for growth in the new construction segment are dropping; however, we believe the repair and remodel segment will continue to strengthen, and Quanex is more weighted to this segment than new construction. Accordingly, we expect revenue growth of 4% to 6% in fiscal 2019.

“It is also clear that inflation is here to stay, and while we are very confident that we can recover this through pricing, realizing significant margin expansion will be challenging. Therefore, we expect to generate between $97 million and $107 million in Adjusted EBITDA in fiscal 2019.” (See Forward Looking Statements and Non-GAAP Terminology Definitions and Disclaimers sections for additional information)

Conference Call and Webcast Information

The Company has scheduled a conference call for Tuesday, December 11, 2018, at 11:00 a.m. ET (10:00 a.m. CT). To participate in the conference call dial (877) 388-2139 for domestic callers and (541) 797-2983 for international callers, in both cases using the conference passcode 6995087, and ask for the Quanex call a few minutes prior to the start time. A link to the live audio webcast will also be available on the Company’s website at http://www.quanex.com in the Investors section under Presentations & Events. A telephonic replay of the call will be available approximately two hours after the live broadcast ends and will be accessible through December 18, 2018. To access the replay dial (855) 859-2056 for domestic callers and (404) 537-3406 for international callers, in both cases referencing conference passcode 6995087.

About Quanex

Quanex Building Products Corporation is an industry-leading manufacturer of components sold to Original Equipment Manufacturers (OEMs) in the building products industry. Quanex designs and produces energy-efficient fenestration products in addition to kitchen and bath cabinet components.

For more information contact Scott Zuehlke, Vice President, Investor Relations & Treasurer, at 713-877-5327 or [email protected].

Non-GAAP Terminology Definitions and Disclaimers

Adjusted Net Income (Loss) (defined as net income further adjusted to exclude purchase price accounting inventory step-ups, transaction costs, gain/loss on the sale of fixed assets, restructuring charges, other net adjustments related to foreign currency transaction gain/loss and effective tax rates reflecting impacts of adjustments on a with and without basis) and Adjusted EPS are non-GAAP financial measures that Quanex believes provide a consistent basis for comparison between periods and more accurately reflects operational performance, as they are not influenced by certain income or expense items not affecting ongoing operations. EBITDA (defined as net income or loss before interest, taxes, depreciation and amortization and other, net) and Adjusted EBITDA (defined as EBITDA further adjusted to exclude purchase price accounting inventory step-ups, transaction costs, gain/loss on the sale of fixed assets, and restructuring charges) are non-GAAP financial measures that the Company uses to measure operational performance and assist with financial decision-making. When Quanex provides expectations for Adjusted EBITDA on a forward-looking basis, a reconciliation of the differences between the non-GAAP expectations and corresponding GAAP measures is generally not available without unreasonable effort. Net Debt is calculated using the sum of current maturities of long-term debt and long-term debt, minus cash and cash equivalents. The leverage ratio of Net Debt to LTM Adjusted EBITDA is a financial measure that the Company believes is useful to investors and financial analysts in evaluating Quanex’s leverage. In addition, with certain limited adjustments, this leverage ratio is the basis for a key covenant in the Company’s credit agreement. Free Cash Flow is a non-GAAP measure calculated using cash provided by operating activities less capital expenditures. Free Cash Flow is measured before application of certain contractual commitments (including capital lease obligations), and accordingly is not a true measure of Quanex’s residual cash flow available for discretionary expenditures. The Company believes that the presented non-GAAP measures provide a consistent basis for comparison between periods, and will assist investors in understanding Quanex’s financial performance when comparing results to other investment opportunities. The presented non-GAAP measures may not be the same as those used by other companies. The Company does not intend for this information to be considered in isolation or as a substitute for other measures prepared in accordance with U.S. GAAP.

Forward Looking Statements

Statements that use the words “estimated,” “expect,” “could,” “should,” “believe,” “will,” “might,” or similar words reflecting future expectations or beliefs are forward-looking statements. The forward-looking statements include, but are not limited to, the Company’s future operating results, future financial condition, future uses of cash and other expenditures, expenses and tax rates, expectations relating to Quanex’s industry, and the Company’s future growth, including any guidance discussed in this press release. The statements and guidance set forth in this release are based on current expectations. Actual results or events may differ materially from this release. For a complete discussion of factors that may affect Quanex’s future performance, please refer to the Company’s Annual Report on Form 10-K for the fiscal year ended October 31, 2017, under the sections entitled “Cautionary Note Regarding Forward-Looking Statements” and “Risk Factors”. Any forward-looking statements in this press release are made as of the date hereof, and Quanex undertakes no obligation to update or revise any forward-looking statements to reflect new information or events. When the Company provides expectations for Adjusted EBITDA on a forward-looking basis, a reconciliation of the differences between the non-GAAP expectations and corresponding GAAP measures is generally not available without unreasonable effort. Certain items required for such a reconciliation are outside of Quanex’s control and/or cannot be reasonably predicted or estimated, such as the provision for income taxes.

QUANEX BUILDING PRODUCTS CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF NET INCOME
(In thousands, except per share data)
(Unaudited)
		Three Months Ended October 31,								Twelve Months Ended October 31,
		2018				2017				2018				2017
Net sales		$	244,086			$	232,959			$	889,785			$	866,555
Cost of sales			187,776				178,325				696,567				672,162
Selling, general and administrative			31,486				23,142				103,535				97,981
Restructuring charges			635				1,467				1,486				4,550
Depreciation and amortization			12,548				13,794				51,822				57,495
Operating income			11,641				16,231				36,375				34,367
Interest expense			(3,516	)			(2,469	)			(11,100	)			(9,595	)
Other, net			28				158				178				730
Income before income taxes			8,153				13,920				25,453				25,502
Income tax (expense) benefit			(1,661	)			(3,188	)			875				(6,819	)
Net income		$	6,492			$	10,732			$	26,328			$	18,683
Income per common share, basic		$	0.19			$	0.31			$	0.76			$	0.55
Income per common share, diluted		$	0.19			$	0.31			$	0.75			$	0.54
Weighted average common shares outstanding:
Basic			34,508				34,493				34,701				34,230
Diluted			34,732				35,169				35,025				34,837
Cash dividends per share		$	0.08			$	0.04			$	0.20			$	0.16

QUANEX BUILDING PRODUCTS CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
		October 31, 2018				October 31, 2017
ASSETS
Current assets:
Cash and cash equivalents		$	29,003			$	17,455
Accounts receivable, net			84,014				79,411
Inventories, net			69,365				87,529
Prepaid and other current assets			7,296				7,406
Total current assets			189,678				191,801
Property, plant and equipment, net			201,370				211,131
Goodwill			219,627				222,194
Intangible assets, net			121,919				139,778
Other assets			9,255				8,975
Total assets		$	741,849			$	773,879
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable		$	52,389			$	44,150
Accrued liabilities			45,968				38,871
Income taxes payable			2,780				2,192
Current maturities of long-term debt			1,224				21,242
Total current liabilities			102,361				106,455
Long-term debt			209,332				218,184
Deferred pension and postretirement benefits			4,218				4,433
Deferred income taxes			17,215				21,960
Liabilities for uncertain tax positions			606				591
Other liabilities			13,965				15,409
Total liabilities			347,697				367,032
Stockholders’ equity:
Common stock			374				375
Additional paid-in-capital			254,678				255,719
Retained earnings			242,834				225,704
Accumulated other comprehensive loss			(30,705	)			(25,076	)
Treasury stock at cost			(73,029	)			(49,875	)
Total stockholders’ equity			394,152				406,847
Total liabilities and stockholders' equity		$	741,849			$	773,879

QUANEX BUILDING PRODUCTS CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW
(In thousands)
(Unaudited)
	Twelve Months Ended October 31,
	2018				2017 (1)
Operating activities:
Net income	$	26,328			$	18,683
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization		51,822				57,495
Stock-based compensation		1,874				5,189
Deferred income tax		(5,631	)			(112	)
(Gain) loss on the disposition of capital assets		(142	)			1,528
Charge for deferred loan costs		1,064				-
Other, net		135				1,741
Changes in assets and liabilities:
(Increase) decrease in accounts receivable		(5,550	)			5,378
Decrease (increase) in inventory		17,530				(3,240	)
Decrease in other current assets		217				186
Increase (decrease) in accounts payable		8,325				(4,893	)
Increase (decrease) in accrued liabilities		6,892				(7,521	)
Increase in income taxes payable		676				4,670
Increase (decrease) in deferred pension and postretirement benefits		2,038				(271	)
(Decrease) Increase in other long-term liabilities		(523	)			1,382
Other, net		(444	)			(437	)
Cash provided by operating activities		104,611				79,778
Investing activities:
Acquisitions, net of cash acquired		-				(8,497	)
Capital expenditures		(26,484	)			(34,564	)
Proceeds from disposition of capital assets		432				1,937
Cash used for investing activities		(26,052	)			(41,124	)
Financing activities:
Borrowings under credit facilities		268,500				53,500
Repayments of credit facility borrowings		(296,250	)			(98,875	)
Debt issuance costs		(1,001	)			-
Repayments of other long-term debt		(1,798	)			(2,722	)
Common stock dividends paid		(7,020	)			(5,516	)
Issuance of common stock		4,746				7,953
Payroll tax paid to settle shares forfeited upon vesting of stock		(960	)			(976	)
Purchase of treasury stock		(32,034	)			-
Cash used for financing activities		(65,817	)			(46,636	)
Effect of exchange rate changes on cash and cash equivalents		(1,194	)			(89	)
Decrease in cash and cash equivalents		11,548				(8,071	)
Cash and cash equivalents at beginning of period		17,455				25,526
Cash and cash equivalents at end of period	$	29,003			$	17,455
(1) Updated to reflect adoption of ASU 2016-09.

QUANEX BUILDING PRODUCTS CORPORATION
FREE CASH FLOW RECONCILIATION
(In thousands)
(Unaudited)
The following table reconciles the Company's calculation of Free Cash Flow, a non-GAAP measure, to its most directly comparable GAAP measure. The Company defines Free Cash Flow as cash provided by operating activities less capital expenditures.
		Three Months Ended October 31,								Twelve Months Ended October 31,
		2018				2017				2018				2017
Cash provided by operating activities		$56,158				$33,313					104,611				79,778
Capital expenditures			(5,386	)			(7,466	)			(26,484	)			(34,564	)
Free Cash Flow		$50,772				$25,847				$78,127				$45,214

QUANEX BUILDING PRODUCTS CORPORATION
NON-GAAP FINANCIAL MEASURE DISCLOSURE
(In thousands, except per share data)
(Unaudited)
Reconciliation of Adjusted Net Income and Adjusted EPS		Three Months EndedOctober 31, 2018										Three Months EndedOctober 31, 2017										Twelve Months EndedOctober 31, 2018										Twelve Months EndedOctober 31, 2017
		Net Income				Diluted EPS						Net Income				Diluted EPS						Net Income				Diluted EPS						Net Income				Diluted EPS
Net income as reported		$	6,492			$	0.19					$	10,732			$	0.31					$	26,328			$	0.75					$	18,683			$	0.54
Reconciling items from below			1,085				0.03						2,337				0.06						(3,642	)			(0.11	)					8,303				0.23
Adjusted net income and adjusted EPS		$	7,577			$	0.22					$	13,069			$	0.37					$	22,686			$	0.65					$	26,986			$	0.77
Reconciliation of Adjusted EBITDA		Three Months Ended October 31, 2018										Three Months Ended October 31, 2017										Twelve Months Ended October 31, 2018										Twelve Months Ended October 31, 2017
		Reconciliation										Reconciliation										Reconciliation										Reconciliation
Net income as reported		$	6,492									$	10,732									$	26,328									$	18,683
Income tax expense (benefit)			1,661										3,188										(875	)									6,819
Other, net			(28	)									(158	)									(178	)									(730	)
Interest expense			3,516										2,469										11,100										9,595
Depreciation and amortization			12,548										13,794										51,822										57,495
EBITDA			24,189										30,025										88,197										91,862
Reconciling items from below			1,043										3,263										2,693										7,156
Adjusted EBITDA		$	25,232									$	33,288									$	90,890									$	99,018
Reconciling Items		Three Months Ended October 31, 2018										Three Months Ended October 31, 2017										Twelve Months Ended October 31, 2018										Twelve Months Ended October 31, 2017
		Income Statement				Reconciling Items						Income Statement				Reconciling Items						Income Statement				Reconciling Items						Income Statement				Reconciling Items
Net sales		$	244,086			$	-					$	232,959			$	-					$	889,785			$	-					$	866,555			$	-
Cost of sales			187,776				(300	)	(1	)			178,325				-						696,567				(300	)	(1	)			672,162				(104	)	(2	)
Selling, general and administrative			31,486				(108	)	(3	)			23,142				(1,796	)	(3	)			103,535				(907	)	(3	)			97,981				(2,502	)	(3	)
Restructuring charges			635				(635	)	(4	)			1,467				(1,467	)	(4	)			1,486				(1,486	)	(4	)			4,550				(4,550	)	(4	)
EBITDA			24,189				1,043						30,025				3,263						88,197				2,693						91,862				7,156
Depreciation and amortization			12,548				-						13,794				(731	)	(5	)			51,822				(852	)	(6	)			57,495				(6,233	)	(5	)
Operating income			11,641				1,043						16,231				3,994						36,375				3,545						34,367				13,389
Interest expense			(3,516	)			1,064						(2,469	)			-						(11,100	)			1,064						(9,595	)			-
Other, net			28				(14	)	(7	)			158				(111	)	(7	)			178				(102	)	(7	)			730				(625	)	(7	)
Income before income taxes			8,153				2,093						13,920				3,883						25,453				4,507						25,502				12,764
Income tax (expense) benefit			(1,661	)			(1,008	)	(8	)			(3,188	)			(1,546	)	(8	)			875				(8,149	)	(8	)			(6,819	)			(4,461	)	(8	)
Net income (loss)		$	6,492			$	1,085					$	10,732			$	2,337					$	26,328			$	(3,642	)				$	18,683			$	8,303
Diluted earnings per share		$	0.19									$	0.31									$	0.75									$	0.54
(1) LIFO inventory reserve adjustment.
(2) Relates to purchase price accounting inventory step-up impact from HL Plastics acquisition.
(3) Transaction and advisory fees and in 2017, the loss on the sale of a plant in 4Q17.
(4) Restructuring charges relate to the closure of several manufacturing plant facilities.
(5) Accelerated depreciation and amortization for restructured PP&E and intangible assets.
(6) Accelerated depreciation for a plant re-layout in the North American Cabinet Components segment.
(7) Foreign currency transaction gains.
(8) Impact on a with and without basis. Twelve months ended October 31, 2018 includes $6.5 million adjustment related to the Tax Cuts and Jobs Act.

QUANEX BUILDING PRODUCTS CORPORATION
SELECTED SEGMENT DATA
(In thousands)
(Unaudited)
This table provides operating income (loss), EBITDA, and Adjusted EBITDA by reportable segment. Non-operating expense and income tax expense are not allocated to the reportable segments.
		NA Engineered Components				EU Engineered Components				NA Cabinet Components				Unallocated Corp & Other				Total
Three months ended October 31, 2018
Net sales		$	135,086			$	44,491			$	66,108			$	(1,599	)		$	244,086
Cost of sales			102,129				31,634				54,996				(983	)			187,776
Selling, general and administrative			14,755				5,971				5,605				5,155				31,486
Restructuring charges			629				-				6				-				635
Depreciation and amortization			6,687				2,278				3,444				139				12,548
Operating income (loss)			10,886				4,608				2,057				(5,910	)			11,641
Depreciation and amortization			6,687				2,278				3,444				139				12,548
EBITDA			17,573				6,886				5,501				(5,771	)			24,189
LIFO inventory reserve adjustment			-				-				-				300				300
Transaction and advisory fees			-				-				-				108				108
Restructuring charges			629				-				6				-				635
Adjusted EBITDA		$	18,202			$	6,886			$	5,507			$	(5,363	)		$	25,232
Adjusted EBITDA Margin %			13.5	%			15.5	%			8.3	%							10.3	%
Three months ended October 31, 2017
Net sales		$	131,380			$	41,830			$	61,110			$	(1,361	)		$	232,959
Cost of sales			97,523				29,572				52,214				(984	)			178,325
Selling, general and administrative			14,076				5,449				3,887				(270	)			23,142
Restructuring charges			1,357				-				110				-				1,467
Depreciation and amortization			7,932				2,080				3,650				132				13,794
Operating income (loss)			10,492				4,729				1,249				(239	)			16,231
Depreciation and amortization			7,932				2,080				3,650				132				13,794
EBITDA			18,424				6,809				4,899				(107	)			30,025
Transaction and advisory fees			-				-				-				169				169
Loss on sale of plant			1,627				-				-				-				1,627
Restructuring charges			1,357				-				110				-				1,467
Adjusted EBITDA		$	21,408			$	6,809			$	5,009			$	62			$	33,288
Adjusted EBITDA Margin %			16.3	%			16.3	%			8.2	%							14.3	%
Twelve months ended October 31, 2018
Net sales		$	485,366			$	159,973			$	249,813			$	(5,367	)		$	889,785
Cost of sales			371,285				114,894				214,062				(3,674	)			696,567
Selling, general and administrative			53,992				22,770				17,973				8,800				103,535
Restructuring charges			1,357				-				129				-				1,486
Depreciation and amortization			27,248				9,607				14,401				566				51,822
Operating income (loss)			31,484				12,702				3,248				(11,059	)			36,375
Depreciation and amortization			27,248				9,607				14,401				566				51,822
EBITDA			58,732				22,309				17,649				(10,493	)			88,197
LIFO inventory reserve adjustment			-				-				-				300				300
Transaction and advisory fees			-				-				-				907				907
Restructuring charges			1,357				-				129				-				1,486
Adjusted EBITDA		$	60,089			$	22,309			$	17,778			$	(9,286	)		$	90,890
Adjusted EBITDA Margin %			12.4	%			13.9	%			7.1	%							10.2	%
Twelve months ended October 31, 2017
Net sales		$	474,878			$	147,963			$	248,808			$	(5,094	)		$	866,555
Cost of sales			357,806				104,876				213,257				(3,777	)			672,162
Selling, general and administrative			52,889				20,581				16,626				7,885				97,981
Restructuring charges			3,564				-				986				-				4,550
Depreciation and amortization			34,308				8,833				13,811				543				57,495
Operating income (loss)			26,311				13,673				4,128				(9,745	)			34,367
Depreciation and amortization			34,308				8,833				13,811				543				57,495
EBITDA			60,619				22,506				17,939				(9,202	)			91,862
Transaction related costs			-				-				-				497				497
Mexico restructuring, loss on disposal of fixed assets			-				-				190				-				190
One-time employee benefit adjustment			-				-				188				-				188
PPA-Inventory Step-up			-				104				-				-				104
Loss on sale of plant			1,627				-				-				-				1,627
Restructuring charges			3,564				-				986				-				4,550
Adjusted EBITDA		$	65,810			$	22,610			$	19,303			$	(8,705	)		$	99,018
Adjusted EBITDA Margin %			13.9	%			15.3	%			7.8	%							11.4	%

QUANEX BUILDING PRODUCTS CORPORATION
SALES ANALYSIS
(In thousands)
(Unaudited)
		Three Months Ended								Twelve Months Ended
		October 31, 2018				October 31, 2017				October 31, 2018				October 31, 2017
NA Engineered Components:
	United States - fenestration (1)	$	114,299			$	110,659			$	412,000			$	399,694
	International - fenestration		11,552				9,334				39,309				34,279
	United States - non-fenestration (2)		4,693				5,673				18,211				25,263
	International - non-fenestration		4,542				5,714				15,846				15,642
		$	135,086			$	131,380			$	485,366			$	474,878
EU Engineered Components (3):
	United States - fenestration	$	-			$	-			$	-			$	303
	International - fenestration (4)		37,816				37,015				135,415				129,140
	International - non-fenestration		6,675				4,815				24,558				18,520
		$	44,491			$	41,830			$	159,973			$	147,963
NA Cabinet Components:
	United States - fenestration	$	4,096			$	5,597			$	14,596			$	17,083
	United States - non-fenestration (5)		61,442				54,977				232,990				229,550
	International - non-fenestration		570				536				2,227				2,175
		$	66,108			$	61,110			$	249,813			$	248,808
Unallocated Corporate & Other:
	Eliminations	$	(1,599	)		$	(1,361	)		$	(5,367	)		$	(5,094	)
		$	(1,599	)		$	(1,361	)		$	(5,367	)		$	(5,094	)
Net Sales		$	244,086			$	232,959			$	889,785			$	866,555
(1) Reflects the loss of revenue associated with eliminated products of $1.0 million and $12.7 million for the three and twelve months ended October 31, 2018.
(2) Reflects the loss of revenue associated with eliminated products of $1.9 million and $9.4 million for the three and twelve months ended October 31, 2018.
(3) Reflects a loss of $0.6 million and gain of $8.7 million in revenue associated with foreign currency exchange rate impacts for the three and twelve months ended October 31, 2018.
(4) Reflects loss of revenue associated with eliminated products of $0.4 million and $7.1 million for the three and twelve months ended October 31, 2018.
(5) Reflects the loss of revenue associated with eliminated products of $3.9 million for the twelve months ended October 31, 2018.

Source: Quanex Building Products Corporation

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Quanex (NX) Misses Q4 EPS by 21cDecember 10, 2018 4:19 PM