Significant Margin Expansion in EU & NA Fenestration SegmentsAbove Market Growth Continues in EU & NA Fenestration SegmentsRepaid $32.5 Million of Bank Debt

HOUSTON, Sept. 05, 2019 (GLOBE NEWSWIRE) -- Quanex Building Products Corporation (NYSE: NX) (“Quanex” or the “Company”) today announced its results for the three months ended July 31, 2019.

Bill Griffiths, Chairman, President and Chief Executive Officer, commented, “We continue to benefit from the successful implementation of pricing initiatives and we are performing well operationally, both of which contributed to margin expansion of approximately 100 basis points on a consolidated basis during the quarter. More specifically, margins expanded by approximately 180 basis points in our European and North American Fenestration segments. Revenue was impacted by lower-than-expected volumes, primarily in our North American Cabinet Components segment, coupled with inclement weather in the U.S. Despite softer-than-expected volumes, we benefitted from better pricing year-over-year and our European Fenestration segment realized above market sales growth of 9.3%, excluding foreign exchange impact, and sales in our North American Fenestration segment grew at 2.2% during the quarter, which compares favorably to Ducker’s latest window shipment estimate of negative 2.3% growth for the three months ended June 30, 2019. Solid free cash flow generation during the third quarter allowed us to pay down $32.5 million in bank debt and buyback approximately $1.6 million in stock.”

Third Quarter 2019 Results Summary

The Company reported the following selected financial results:

		Three Months Ended July 31,
		2019		2018
Net Sales		$238.5		$239.8
Net Income		$11.8		$10.8
Diluted EPS		$0.36		$0.31
Adjusted Net Income		$13.7		$11.6
Adjusted Diluted EPS		$0.41		$0.33
Adjusted EBITDA		$32.8		$30.5
Cash provided by operating activities		$29.9		$26.8
Free Cash Flow		$25.9		$21.0

(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 decrease in net sales during the third quarter of 2019 was primarily attributable to a weaker demand environment, mainly in the North American Cabinet Components segment, and inclement weather in the U.S. However, the European and North American Fenestration segments continued to generate net sales growth above that of their respective markets, largely due to price increases related to raw material inflation recovery. (See Sales Analysis table for additional information)

The increase in earnings was mostly driven by the successful implementation of pricing initiatives combined with operational efficiency gains.

As of July 31, 2019, Quanex’s leverage ratio of Net Debt to LTM Adjusted EBITDA decreased to 2.0x. Quanex continues to expect to end fiscal 2019 with a leverage ratio between 1.5x and 2.0x. (See Non-GAAP Terminology Definitions and Disclaimers section for additional information)

Share Repurchases

The Company’s Board of Directors authorized a $60 million share repurchase program in September of 2018. Repurchases under this program will be made in open market transactions or privately negotiated transactions, subject to market conditions, applicable legal requirements and other relevant factors. The program does not have an expiration date or a limit on the number of shares that may be repurchased. During the three months ended July 31, 2019, Quanex repurchased 93,352 shares of common stock for approximately $1.6 million at an average price of $17.50 per share. As of July 31, 2019, approximately $21.6 million remained under the existing share repurchase authorization.

Outlook

Bill Griffiths, Chairman, President and Chief Executive Officer, stated, “Looking ahead, we expect a strong finish to our fiscal year from a cash flow and earnings perspective, but consolidated revenue is trending below prior expectations. As such, we now expect consolidated net sales for the full year 2019 to be flat year-over-year. We continue to convert well and are maintaining the midpoint of our original Adjusted EBITDA* guidance, but are revising the guidance to a more narrow range of $100 million to $105 million. We intend to stay focused on deleveraging the balance sheet for the remainder of the year while opportunistically repurchasing stock. In the future, we will be comfortable with a Leverage Ratio of around 1.5x, at which time we will evaluate all options with respect to our capital allocation priorities in an effort to enhance shareholder value.”

*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. Certain items required for such a reconciliation are outside of the Company’s control and/or cannot be reasonably predicted or estimated, such as the provision for income taxes.

Recent Events

The Company’s Board of Directors declared a quarterly cash dividend of $0.08 per share on Quanex’s common stock, payable September 30, 2019, to shareholders of record on September 16, 2019.

Conference Call and Webcast Information

The Company has scheduled a conference call for Friday, September 6, 2019, 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 6297156, 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 September 20, 2019. To access the replay dial (855) 859-2056 for domestic callers and (404) 537-3406 for international callers, in both cases referencing conference passcode 6297156.

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, certain severance charges, gain/loss on the sale of fixed assets, restructuring charges, asset impairment 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, certain severance charges, gain/loss on the sale of fixed assets, restructuring charges and asset impairment 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. The Company is not able to provide reconciliations of forward-looking Adjusted EBITDA to GAAP financial measures because certain items required for such reconciliations are outside of Quanex’s control and/or cannot be reasonably predicted, such as the provision for income taxes. 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, 2018, 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.

QUANEX BUILDING PRODUCTS CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF NET (LOSS) INCOME
(In thousands, except per share data)
(Unaudited)
		Three Months Ended July 31,								Nine Months Ended July 31,
			2019			2018 (1)					2019			2018 (1)
Net sales		$	238,461			$	239,821			$	653,472			$	645,699
Cost of sales			181,357				185,811				511,292				509,357
Selling, general and administrative			25,718				24,246				77,466				72,217
Restructuring charges			94				243				281				851
Depreciation and amortization			12,182				12,691				37,158				39,274
Asset impairment charges			-				-				29,978				-
Operating income (loss)			19,110				16,830				(2,703	)			24,000
Interest expense			(2,570	)			(2,641	)			(7,614	)			(7,584	)
Other, net			259				195				461				884
Income (loss) before income taxes			16,799				14,384				(9,856	)			17,300
Income tax (expense) benefit			(4,958	)			(3,631	)			(5,926	)			2,536
Net income (loss)		$	11,841			$	10,753			$	(15,782	)		$	19,836
Income (loss) per common share, basic		$	0.36			$	0.31			$	(0.48	)		$	0.57
Income (loss) per common share, diluted		$	0.36			$	0.31			$	(0.48	)		$	0.56
Weighted average common shares outstanding:
Basic			32,899				34,840				32,984				34,766
Diluted			33,162				35,120				32,984				35,125
Cash dividends per share		$	0.08			$	0.04			$	0.24			$	0.12
(1) Updated to reflect adoption of ASU 2017-07.

QUANEX BUILDING PRODUCTS CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
		July 31, 2019				October 31, 2018 (1)
ASSETS
Current assets:
Cash and cash equivalents		$	10,651			$	29,003
Accounts receivable, net			82,302				84,014
Inventories, net			84,762				70,730
Prepaid and other current assets			8,270				7,296
Total current assets			185,985				191,043
Property, plant and equipment, net			190,447				201,370
Goodwill			186,829				219,627
Intangible assets, net			108,620				121,919
Other assets			8,183				9,255
Total assets		$	680,064			$	743,214
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable		$	52,602			$	52,389
Accrued liabilities			30,056				45,968
Income taxes payable			3,101				2,780
Current maturities of long-term debt			871				1,224
Total current liabilities			86,630				102,361
Long-term debt			191,109				209,332
Deferred pension and postretirement benefits			6,580				4,218
Deferred income taxes			19,051				17,510
Other liabilities			15,344				14,571
Total liabilities			318,714				347,992
Stockholders’ equity:
Common stock			374				374
Additional paid-in-capital			254,053				254,678
Retained earnings			219,340				243,904
Accumulated other comprehensive loss			(38,274	)			(30,705	)
Treasury stock at cost			(74,143	)			(73,029	)
Total stockholders’ equity			361,350				395,222
Total liabilities and stockholders' equity		$	680,064			$	743,214
(1) Updated to reflect accounting change to FIFO cost method.

QUANEX BUILDING PRODUCTS CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW
(In thousands)
(Unaudited)
	Nine Months Ended July 31,
		2019				2018
Operating activities:
Net (loss) income	$	(15,782	)		$	19,836
Adjustments to reconcile net (loss) income to cash provided by operating activities:
Depreciation and amortization		37,158				39,274
Stock-based compensation		1,424				1,002
Deferred income tax		1,930				(5,788	)
Asset impairment charges		29,978				-
Other, net		1,724				404
Changes in assets and liabilities:
Decrease (increase) in accounts receivable		323				(1,247	)
(Increase) decrease in inventory		(14,747	)			310
Increase in other current assets		(1,022	)			(1,242	)
Increase in accounts payable		1,562				1,161
Decrease in accrued liabilities		(15,366	)			(7,565	)
Increase in income taxes payable		396				231
Increase in deferred pension and postretirement benefits		2,351				2,179
(Decrease) increase in other long-term liabilities		(143	)			210
Other, net		250				(312	)
Cash provided by operating activities		30,036				48,453
Investing activities:
Capital expenditures		(16,984	)			(21,098	)
Proceeds from disposition of capital assets		315				260
Cash used for investing activities		(16,669	)			(20,838	)
Financing activities:
Borrowings under credit facilities		66,500				33,500
Repayments of credit facility borrowings		(84,000	)			(62,750	)
Repayments of other long-term debt		(1,102	)			(1,394	)
Common stock dividends paid		(7,990	)			(4,202	)
Issuance of common stock		2,710				3,767
Payroll tax paid to settle shares forfeited upon vesting of stock		(330	)			(960	)
Purchase of treasury stock		(6,336	)			-
Cash used for financing activities		(30,548	)			(32,039	)
Effect of exchange rate changes on cash and cash equivalents		(1,171	)			(631	)
Decrease in cash and cash equivalents		(18,352	)			(5,055	)
Cash and cash equivalents at beginning of period		29,003				17,455
Cash and cash equivalents at end of period	$	10,651			$	12,400

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 July 31,								Nine Months Ended July 31,
			2019				2018				2019				2018
Cash provided by operating activities		$	29,893			$	26,838			$	30,036			$	48,453
Capital expenditures			(3,962	)			(5,885	)			(16,984	)			(21,098	)
Free Cash Flow		$	25,931			$	20,953			$	13,052			$	27,355

QUANEX BUILDING PRODUCTS CORPORATION
NON-GAAP FINANCIAL MEASURE DISCLOSURE
(In thousands, except per share data)
(Unaudited)
		Three Months Ended									Three Months Ended									Nine Months Ended									Nine Months Ended
Reconciliation of Adjusted Net Income and Adjusted EPS		July 31, 2019									July 31, 2018									July 31, 2019									July 31, 2018
		Net Income				Diluted EPS					Net Income				Diluted EPS					Net Income				Diluted EPS					Net Income				Diluted EPS
Net income (loss) as reported		$	11,841			$	0.36				$	10,753			$	0.31				$	(15,782	)		$	(0.48	)			$	19,836			$	0.56
Reconciling items from below			1,809				0.05					828				0.02					33,595				1.02					(4,727	)			(0.13	)
Adjusted net income and adjusted EPS		$	13,650			$	0.41				$	11,581			$	0.33				$	17,813			$	0.54				$	15,109			$	0.43
Reconciliation of Adjusted EBITDA		Three Months Ended July 31, 2019									Three Months Ended July 31, 2018									Nine Months Ended July 31, 2019									Nine Months Ended July 31, 2018
		Reconciliation									Reconciliation									Reconciliation									Reconciliation
Net income (loss) as reported		$	11,841								$	10,753								$	(15,782	)							$	19,836
Income tax expense (benefit)			4,958									3,631									5,926									(2,536	)
Other, net			(259	)								(195	)								(461	)								(884	)
Interest expense			2,570									2,641									7,614									7,584
Depreciation and amortization			12,182									12,691									37,158									39,274
EBITDA			31,292									29,521									34,455									63,274
Reconciling items from below			1,495									1,027									33,777									1,649
Adjusted EBITDA		$	32,787								$	30,548								$	68,232								$	64,923
Reconciling Items		Three Months Ended July 31, 2019									Three Months Ended July 31, 2018									Nine Months Ended July 31, 2019									Nine Months Ended July 31, 2018
		Income Statement				Reconciling Items					Income Statement				Reconciling Items					Income Statement				Reconciling Items					Income Statement				Reconciling Items
Net sales		$	238,461			$	-				$	239,821			$	-				$	653,472			$	-				$	645,699			$	-
Cost of sales			181,357				-					185,811				-					511,292				-					509,357				-
Selling, general and administrative			25,718				(1,401	)	(1)			24,246				(784	)	(1)			77,466				(3,518	)	(1)			72,217				(798	)	(1)
Restructuring charges			94				(94	)	(2)			243				(243	)	(2)			281				(281	)	(2)			851				(851	)	(2)
Asset impairment charges			-				-					-				-					29,978				(29,978	)	(3)			-				-
EBITDA			31,292				1,495					29,521				1,027					34,455				33,777					63,274				1,649
Depreciation and amortization			12,182				-					12,691				-					37,158				-					39,274				(852	)	(4)
Operating income (loss)			19,110				1,495					16,830				1,027					(2,703	)			33,777					24,000				2,501
Interest expense			(2,570	)			-					(2,641	)			-					(7,614	)			-					(7,584	)			-
Other, net			259				(112	)	(5)			195				79		(5)			461				(67	)	(5)			884				(88	)	(5)
Income (loss) before income taxes			16,799				1,383					14,384				1,106					(9,856	)			33,710					17,300				2,413
Income tax (expense) benefit			(4,958	)			426		(6)			(3,631	)			(278	)	(6)			(5,926	)			(115	)	(6)			2,536				(7,140	)	(6
Net income (loss)		$	11,841			$	1,809				$	10,753			$	828				$	(15,782	)		$	33,595				$	19,836			$	(4,727	)
Diluted (loss) earnings per share		$	0.36								$	0.31								$	(0.48	)							$	0.56
(1) Transaction and advisory fees, $1.2 million of executive severance charges in the three and nine months ended July 31, 2019, and in the nine months ended July 31, 2019, $1.2 million of severance related to a reorganization.
(2) Restructuring charges relate to the closure of several manufacturing plant facilities.
(3) Asset impairment charges relate to a goodwill impairment in the North American Cabinet Components segment.
(4) Accelerated depreciation for plant re-layout in the North American Cabinet Components segment.
(5) Foreign currency transaction (gains) losses.
(6) Impact on a with and without basis. Three and nine months ended July 31, 2019 include $0.8 million and $0.6 million of tax expense adjustment, respectively, and nine months ended July 31, 2018 includes $6.5 million of tax benefit 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 Fenestration (1)				EU Fenestration (1)				NA Cabinet Components				Unallocated Corp & Other				Total
Three months ended July 31, 2019
Net sales		$	136,259			$	44,326			$	58,689			$	(813	)		$	238,461
Cost of sales			101,693				30,708				49,389				(433	)			181,357
Selling, general and administrative			11,950				6,038				4,484				3,246				25,718
Restructuring charges			94				-				-				-				94
Depreciation and amortization			6,578				2,213				3,258				133				12,182
Operating income (loss)			15,944				5,367				1,558				(3,759	)			19,110
Depreciation and amortization			6,578				2,213				3,258				133				12,182
EBITDA			22,522				7,580				4,816				(3,626	)			31,292
Transaction and advisory fees			-				-				-				250				250
Severance charges			-				-				-				1,151				1,151
Restructuring charges			94				-				-				-				94
Adjusted EBITDA		$	22,616			$	7,580			$	4,816			$	(2,225	)		$	32,787
Adjusted EBITDA Margin %			16.6	%			17.1	%			8.2	%							13.7	%
Three months ended July 31, 2018 (2)
Net sales		$	133,397			$	42,661			$	65,114			$	(1,351	)		$	239,821
Cost of sales			101,179				30,840				54,776				(984	)			185,811
Selling, general and administrative (3)			12,525				5,292				3,280				3,149				24,246
Restructuring charges			240				-				3				-				243
Depreciation and amortization			6,741				2,352				3,432				166				12,691
Operating income (loss)			12,712				4,177				3,623				(3,682	)			16,830
Depreciation and amortization			6,741				2,352				3,432				166				12,691
EBITDA			19,453				6,529				7,055				(3,516	)			29,521
Transaction and advisory fees			-				-				-				784				784
Restructuring charges			240				-				3				-				243
Adjusted EBITDA		$	19,693			$	6,529			$	7,058			$	(2,732	)		$	30,548
Adjusted EBITDA Margin %			14.8	%			15.3	%			10.8	%							12.7	%
Nine months ended July 31, 2019
Net sales		$	360,654			$	121,203			$	175,377			$	(3,762	)		$	653,472
Cost of sales			278,877				84,139				150,944				(2,668	)			511,292
Selling, general and administrative			37,240				17,444				13,914				8,868				77,466
Restructuring charges			281				-				-				-				281
Depreciation and amortization			20,208				6,669				9,902				379				37,158
Asset impairment charges			-				-				29,978				-				29,978
Operating income (loss)			24,048				12,951				(29,361	)			(10,341	)			(2,703	)
Depreciation and amortization			20,208				6,669				9,902				379				37,158
EBITDA			44,256				19,620				(19,459	)			(9,962	)			34,455
Asset impairment charges			-				-				29,978				-				29,978
Transaction and advisory fees			-				-				-				1,217				1,217
Severance charges			-				-				-				2,301				2,301
Restructuring charges			281				-				-				-				281
Adjusted EBITDA		$	44,537			$	19,620			$	10,519			$	(6,444	)		$	68,232
Adjusted EBITDA Margin %			12.3	%			16.2	%			6.0	%							10.4	%
Nine months ended July 31, 2018 (2)
Net sales		$	350,280			$	115,481			$	183,705			$	(3,767	)		$	645,699
Cost of sales			269,660				83,261				159,128				(2,692	)			509,357
Selling, general and administrative (3)			39,371				16,798				12,368				3,680				72,217
Restructuring charges			728				-				123				-				851
Depreciation and amortization			20,561				7,328				10,957				428				39,274
Operating income (loss)			19,960				8,094				1,129				(5,183	)			24,000
Depreciation and amortization			20,561				7,328				10,957				428				39,274
EBITDA			40,521				15,422				12,086				(4,755	)			63,274
Transaction related costs			-				-				-				798				798
Restructuring charges			728				-				123				-				851
Adjusted EBITDA		$	41,249			$	15,422			$	12,209			$	(3,957	)		$	64,923
Adjusted EBITDA Margin %			11.8	%			13.4	%			6.6	%							10.1	%
(1) NA Fenestration and EU Fenestration were previously named "NA Engineered Components" and "EU Engineered Components," respectively.
(2) Updated to reflect the adoption of ASU 2017-07.
(3) Updated to reflect a reduction in corporate allocations of $1.2 million and $2.1 million during the three and nine months ended July 31, 2018 due to a change in allocation methodology during the fourth quarter of 2018.

QUANEX BUILDING PRODUCTS CORPORATION
SALES ANALYSIS
(In thousands)
(Unaudited)
		Three Months Ended								Nine Months Ended
		July 31, 2019				July 31, 2018				July 31, 2019				July 31, 2018
NA Fenestration:
	United States - fenestration	$	119,481			$	112,914			$	312,509			$	297,700
	International - fenestration		7,172				11,851				23,474				27,758
	United States - non-fenestration		3,982				4,675				12,290				13,518
	International - non-fenestration		5,624				3,957				12,381				11,304
		$	136,259			$	133,397			$	360,654			$	350,280
EU Fenestration (1):
	International - fenestration	$	36,342			$	34,881			$	102,038			$	97,597
	International - non-fenestration		7,984				7,780				19,165				17,884
		$	44,326			$	42,661			$	121,203			$	115,481
NA Cabinet Components:
	United States - fenestration	$	3,561			$	3,650			$	9,909			$	10,500
	United States - non-fenestration		54,512				60,843				163,694				171,547
	International - non-fenestration		616				621				1,774				1,658
		$	58,689			$	65,114			$	175,377			$	183,705
Unallocated Corporate & Other:
	Eliminations	$	(813	)		$	(1,351	)		$	(3,762	)		$	(3,767	)
		$	(813	)		$	(1,351	)		$	(3,762	)		$	(3,767	)
Net Sales		$	238,461			$	239,821			$	653,472			$	645,699
(1) Reflects reductions of $2.1 million and $6.5 million in revenue associated with foreign currency exchange rate impacts for the three and nine months ended July 31, 2019.

Source: Quanex Building Products Corporation

Globe Newswire Press Releases

Quanex (NX) Tops Q3 EPS by 5c, Revenues Miss; 'Revising (Adj. EBITDA) Guidance to a More Narrow Range'September 5, 2019 4:17 PM