Quanex (NYSE: NX) reported Q3 EPS of $0.34, $0.26 better than the analyst estimate of $0.08. Revenue for the quarter came in at $212.1 million versus the consensus estimate of $185.47 million.

• Balance Sheet & Liquidity Remain Strong
• Repaid $78 Million of Bank Debt
• Over 50% Increase in Cash Provided by Operations
• Margin Expansion Realized in EU Fenestration Segment
• Management Remains Optimistic on Recovery

George Wilson, President and Chief Executive Officer, stated, “Despite the impact from the COVID-19 pandemic, third quarter results proved better than we expected and exceeded the guidance we provided on our last earnings call. Volumes increased steadily throughout the quarter, especially in Europe, and we remain optimistic on the recovery. We continue to focus on managing working capital and generating cash. As a result, we realized an increase of over 50% in cash provided by operating activities as compared to the same period of 2019. We were also able to repay $78 million of bank debt during the quarter, $50 million of which was drawn as a precautionary measure in response to the pandemic, and our leverage ratio of Net Debt to LTM Adjusted EBITDA improved to a level below where we ended fiscal 2019. We have worked tirelessly over the past several years to make sure we have a flexible capital structure and a strong balance sheet, which has left our Company well positioned to navigate the challenges presented by the COVID-19 pandemic.”

For earnings history and earnings-related data on Quanex (NX) click here.