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Quanex Building Products Announces Second Quarter 2025 Results and Reaffirms Full Year 2025 Guidance

Seasonal Uptick Unfolding as Expected
Volume Growth in European Fenestration Segment
Results Again Lifted by Contribution from Tyman Acquisition
Tyman Integration Ahead of Timeline
Cost Synergy Target Increased to ~$45 Million

HOUSTON, June 05, 2025 (GLOBE NEWSWIRE) — Quanex Building Products Corporation (NYSE:NX) (“Quanex” or the “Company”) today announced its results for the three months ended April 30, 2025.  

The Company reported the following selected financial results:

   Three Months Ended April 30, Six Months Ended April 30,
($ in millions, except per share data)  2025 2024 2025 2024
Net Sales  $452.5 $266.2 $852.5 $505.4
Gross Margin  $131.4 $66.2 $223.7 $117.7
Gross Margin %  29.0% 24.9% 26.2% 23.3%
Net Income  $20.5 $15.4 $5.6 $21.6
Diluted EPS  $0.44 $0.46 $0.12 $0.65
          
Adjusted Net Income  $27.9 $24.0 $36.8 $32.3
Adjusted Diluted EPS  $0.60 $0.73 $0.79 $0.98
Adjusted EBITDA  $61.9 $40.0 $100.5 $59.3
Adjusted EBITDA Margin %  13.7% 15.0% 11.8% 11.7%
          
Cash Provided by Operating Activities  $28.5 $33.1 $16.0 $36.9
Free Cash Flow  $13.6 $25.5 ($10.6) $19.8
(See Non-GAAP Terminology Definitions and Disclaimers section, Non-GAAP Financial Measure Disclosure table, Selected Segment Data table and reconciliation tables for additional information)

George Wilson, Chairman, President and Chief Executive Officer, commented, “Our results for the second quarter of 2025 came in as expected and reflected normal seasonality in our business. Revenue in March was approximately 6% higher than February and revenue in April was approximately 9% higher than March. It was also encouraging to see volume growth in our European Fenestration segment during the second quarter of 2025. We continue to be pleased with the integration of Tyman, and are now confident we will deliver approximately $45 million in cost synergies over time, compared to our original target of $30 million within the first two years post-acquisition. On a run-rate basis, we see a path to achieving the original $30 million cost synergy target by early fiscal 2026. We also took advantage of our low stock price during the second quarter and spent over $23 million repurchasing our shares.

“Overall, despite the challenging macroeconomic environment, we expect the seasonal uptick in demand we witnessed in the second quarter to continue through the summer, and we are confident in our ability to mitigate any potential margin impact related to tariffs. In addition, any unexpected weakness in demand in the second half of 2025 could be somewhat offset by the realization of cost synergies faster than originally planned. Our near-term priorities remain unchanged, which include staying focused on the Tyman integration, capturing synergies, and generating cash flow to repurchase our stock and pay down debt.   Longer-term, we continue to expect that we will benefit from the release of pent-up demand as consumer confidence improves.”  

Second Quarter Results Summary   

Quanex reported net sales of $452.5 million during the three months ended April 30, 2025, which represents an increase of 70.0% compared to $266.2 million for the same period of 2024. The increase reflects the contribution from the Tyman acquisition that closed on August 1, 2024. Excluding the contribution from Tyman, net sales would have declined by 1.4% for the second quarter of 2025, mainly due to lower volume in North America. The Company reported a decrease in net sales of 5.5% for the second quarter of 2025 in its North American Fenestration segment. In its North American Cabinet Components segment, Quanex reported a marginal increase in net sales for the second quarter of 2025. Excluding foreign exchange impact, net sales increased by 7.9% in its European Fenestration segment. In addition, Quanex reported net sales of $190.1 million related to the Tyman acquisition during the second quarter of 2025. (See Sales Analysis table for additional information)

The increase in net income and EBITDA for the three months ended April 30, 2025, was mostly related to the contribution from the Tyman acquisition combined with the realization of related cost synergies.  

Balance Sheet & Liquidity Update

As of April 30, 2025, the Company had total debt of $785.0 million and Quanex’s leverage ratio of Net Debt to LTM Adjusted EBITDA decreased to 3.2x.   As of April 30, 2025, the Company’s LTM Net Income was $17.1 million and LTM Adjusted EBITDA was $223.5 million (See Non-GAAP Terminology Definitions and Disclaimers section, Net Debt Reconciliation table and Last Twelve Months Adjusted EBITDA Reconciliation table for additional information)

The leverage ratio for Quanex’s quarterly debt covenant compliance (“Debt Covenant Leverage Ratio”) for its lenders was 2.7x as of April 30, 2025. The Debt Covenant Leverage Ratio calculation is defined in the Company’s Amendment No. 1 to its Second Amended and Restated Credit Agreement (“Credit Agreement”), which was filed with the SEC on June 12, 2024. In general, the main difference is that the Debt Covenant Leverage Ratio excludes real-estate leases that are considered “finance” leases under U.S. GAAP and is calculated on a proforma basis to include Adjusted EBITDA from the Tyman acquisition, $30 million of EBITDA for the synergy target related to the acquisition, less realized synergies, and only cash from domestic subsidiaries.   Note that per the terms of the Credit Agreement, the quarterly Debt Covenant Leverage Ratio must be less than 3.75x through the fourth quarter of 2025 and less than 3.25x starting in the first fiscal quarter of 2026. The Debt Covenant Leverage Ratio would be 2.4x if calculated using the total cash and cash equivalents amount on the balance sheet as of April 30, 2024, and adjusting for the cash used to repurchase stock during the quarter.  

Quanex’s liquidity was $289.0 million as of April 30, 2025, consisting of $62.6 million in cash on hand plus availability under its Senior Secured Revolving Credit Facility due 2029, less letters of credit outstanding.

Share Repurchases

Quanex’s Board authorized a $75 million share repurchase program in December of 2021. 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 Company repurchased 1,259,407 shares of common stock for approximately $23.5 million at an average price of $18.66 per share during the three months ended April 30, 2025. As of April 30, 2025, approximately $35.6 million remained under the existing share repurchase authorization.   

Outlook        

Mr. Wilson stated, “Based on our results year-to-date, combined with our operational execution, cost synergy realization, recent demand trends, and conversations with our customers, we are once again reaffirming our guidance for fiscal 2025. On a consolidated basis for fiscal 2025, we continue to estimate that we will generate net sales of approximately $1.84 billion to $1.86 billion, which we expect will yield Adjusted EBITDA* of $270 million to $280 million.

“The finance and accounting teams continue to work with our external auditors on re-segmenting the business and our goal is to report in the new operating segments this year.”

*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 related to net income.

Conference Call and Webcast Information

The Company has also scheduled a conference call for Friday, June 6, 2025 at 11:00 a.m. ET (10:00 a.m. CT) to discuss the release. A link to the live audio webcast will be available on Quanex’s website at http://www.quanex.com in the Investors section under Presentations & Events.

Participants can pre-register for the conference call using the following link:
https://register-conf.media-server.com/register/BI5c78744cb292420a807e6c6762cb6343

Registered participants will receive an email containing conference call details for dial-in options. To avoid delays, it is recommended that participants dial into the conference call ten minutes ahead of the scheduled start time. A replay will be available for a limited time on the Company’s website at http://www.quanex.com in the Investors section under Presentations & Events.

About Quanex

Quanex is a global manufacturer with core capabilities and broad applications across various end markets. The Company currently collaborates and partners with leading OEMs to provide innovative solutions in the window, door, solar, refrigeration, custom mixing, building access and cabinetry markets.  Looking ahead, Quanex plans to leverage its material science expertise and process engineering to expand into adjacent markets.

Non-GAAP Terminology Definitions and Disclaimers

Adjusted Net Income (defined as net income further adjusted to exclude amortization of step-up for purchase price adjustments on inventory, transaction, advisory fees and reorganization costs, restructuring charges related to severance and disposal of software, amortization expense related to intangible assets, pension settlement refund and 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), Adjusted EBITDA and LTM 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 certain 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.  Net Debt is defined as total debt (outstanding balance on the revolving credit facility plus financial lease obligations) less 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. Quanex uses the Free Cash Flow metric to measure operational and cash management performance and assist with financial decision-making.   Free Cash Flow is measured before application of certain contractual commitments (including capital lease obligations), and accordingly is not a true measure of the Company’s residual cash flow available for discretionary expenditures. Quanex believes Free Cash Flow is useful to investors in understanding and evaluating the Company’s financial and cash management performance.

Quanex believes that the presented non-GAAP measures provide a consistent basis for comparison between periods and will assist investors in understanding the Company’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. Quanex 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 following: impacts from public health issues (including pandemics) on the economy and the demand for Quanex’s products, timing estimates or any other expectations related to the acquisition of Tyman, 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, 2024, and the Company’s Quarterly Reports on Form 10-Q 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.

         
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share data)
(Unaudited)
         
  Three Months Ended April 30, Six Months Ended April 30,
   2025   2024   2025   2024 
         
Net sales $452,478  $266,201  $852,522  $505,356 
Cost of sales  321,096   199,963   628,824   387,686 
Selling, general and administrative  70,333   34,707   136,983   67,070 
Restructuring charges  936      8,840    
Depreciation and amortization  19,192   10,894   43,932   22,046 
Operating income  40,921   20,637   33,943   28,554 
Interest expense  (13,940)  (950)  (28,126)  (2,018)
Other, net  (159)  4   1,070   1,046 
Income before income taxes  26,822   19,691   6,887   27,582 
Income tax expense  (6,307)  (4,314)  (1,257)  (5,956)
Net income $20,515  $15,377  $5,630  $21,626 
         
Earnings per common share, basic $0.44  $0.47  $0.12  $0.66 
Earnings per common share, diluted $0.44  $0.46  $0.12  $0.65 
         
Weighted average common shares outstanding:       
Basic  46,483   32,870   46,753   32,847 
Diluted  46,563   33,103   46,868   33,076 
         
Cash dividends per share $0.08  $0.08  $0.16  $0.16 
         

QUANEX BUILDING PRODUCTS CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
     
  April 30, 2025 October 31, 2024
ASSETS    
Current assets:    
Cash and cash equivalents $62,626  $97,744 
Restricted Cash  2,171   5,251 
Accounts receivable, net  195,264   197,689 
Inventories  279,482   275,550 
Income taxes receivable  6,108   5,937 
Prepaid and other current assets  42,825   29,097 
Total current assets  588,476   611,268 
Property, plant and equipment, net  417,104   402,466 
Operating lease right-of-use assets  149,322   126,715 
Deferred tax assets  4,049   3,845 
Goodwill  579,110   574,711 
Intangible assets, net  567,148   597,909 
Other assets  3,057   2,874 
Total assets $2,308,266  $2,319,788 
     
LIABILITIES AND STOCKHOLDERS’ EQUITY    
Current liabilities:    
Accounts payable $112,484  $124,404 
Accrued liabilities  91,573   103,623 
Income taxes payable     6,620 
Current maturities of long-term debt  26,124   25,745 
Current operating lease liabilities  14,184   12,475 
Total current liabilities  244,365   272,867 
Long-term debt  746,387   737,198 
Noncurrent operating lease liabilities  139,955   117,560 
Deferred income taxes  163,591   162,304 
Other liabilities  12,305   19,113 
Total liabilities  1,306,603   1,309,042 
Stockholders’ equity:    
Common stock  512   513 
Additional paid-in-capital  698,238   701,008 
Retained earnings  428,483   430,405 
Accumulated other comprehensive loss  (27,034)  (46,428)
Treasury stock at cost  (98,536)  (74,752)
Total stockholders’ equity  1,001,663   1,010,746 
Total liabilities and stockholders’ equity $2,308,266  $2,319,788 
     

QUANEX BUILDING PRODUCTS CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW
(In thousands)
(Unaudited)
    
 Six Months Ended April 30,
  2025   2024 
Operating activities:   
Net income$5,630  $21,626 
Adjustments to reconcile net income to cash provided by operating activities:   
Depreciation and amortization 43,932   22,046 
Stock-based compensation 1,825   1,365 
Deferred income tax 1,250   (155)
Other, net 7,243   162 
Changes in assets and liabilities:   
Decrease in accounts receivable 5,322   10,832 
Increase in inventory (1,333)  (3,008)
Increase in other current assets (7,828)  (1,124)
Decrease in accounts payable (14,771)  (12,619)
Decrease in accrued liabilities (14,048)  (4,602)
(Decrease) increase in income taxes receivable (5,471)  1,856 
(Decrease) increase in other long-term liabilities (6,268)  9 
Other, net 504   557 
Cash provided by operating activities 15,987   36,945 
Investing activities:   
Capital expenditures (26,544)  (17,183)
Proceeds from disposition of capital assets 376   93 
Cash used for investing activities (26,168)  (17,090)
Financing activities:   
Borrowings under credit facilities 125,000    
Repayments of credit facility borrowings (117,500)  (15,000)
Repayments of other long-term debt (1,888)  (954)
Common stock dividends paid (7,552)  (5,294)
Issuance of common stock 214   554 
Payroll tax paid to settle shares forfeited upon vesting of stock (1,400)  (1,193)
Purchase of treasury stock (27,194)   
Cash used for financing activities (30,320)  (21,887)
Effect of exchange rate changes on cash and cash equivalents 2,303   (293)
Decrease in cash, cash equivalents and restricted cash (38,198)  (2,325)
Cash, cash equivalents and restricted cash at beginning of period 102,995   58,474 
Cash, cash equivalents and restricted cash at end of period$64,797  $56,149 
    

QUANEX BUILDING PRODUCTS CORPORATION
FREE CASH FLOW AND NET DEBT 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 April 30, Six Months Ended April 30, 
   2025 2024 2025 2024 
Cash provided by operating activities  $28,497 $33,091 $15,987 $36,945 
Capital expenditures  (14,920) (7,603) (26,544) (17,183) 
Free Cash Flow  $13,577 $25,488 ($10,557) $19,762 
           
           
The following table reconciles the Company’s Net Debt which is defined as total debt principal of the Company plus finance lease obligations minus cash.     
           
   As of April 30,   
   2025 2024     
Term loan facility  $481,205 $0     
Revolving credit facility  242,500      
Finance lease obligations (1)  61,272 55,217     
Total debt (2)  784,977 55,217     
Less: Cash and cash equivalents  62,626 56,149     
Net Debt  $722,351 ($932)     
           
(1) Includes $57.4 million and $51.0 million in real estate lease liabilities considered finance leases under U.S. GAAP as of April 30 2025 and 2024, respectively.     
(2) Excludes outstanding letters of credit.          
           

QUANEX BUILDING PRODUCTS CORPORATION
NON-GAAP FINANCIAL MEASURE DISCLOSURE
LAST TWELVE MONTHS ADJUSTED EBITDA RECONCILIATION
(In thousands, except per share data)
(Unaudited)
           
Reconciliation of Last Twelve Months Adjusted EBITDA Three Months Ended
April 30, 2025
 Three Months Ended
January 31, 2025
 Three Months Ended
October 31, 2024
 Three Months Ended
July 31, 2024
 Total
  Reconciliation Reconciliation Reconciliation Reconciliation Reconciliation
Net income (loss) as reported $20,515 $(14,885) $(13,917) $25,350  $17,063 
Income tax expense (benefit)  6,307  (5,050)  (3,621)  6,688   4,324 
Other, net  159  (1,229)  2,671   (9,474)  (7,873)
Interest expense  13,940  14,186   17,697   878   46,701 
Depreciation and amortization  19,192  24,740   27,329   10,953   82,214 
EBITDA  60,113  17,762   30,159   34,395   142,429 
Cost of sales (1)       887   1,507   2,394 
Selling, general and administrative (1),(2),(3)  864  12,876   50,004   6,133   69,877 
Restructuring charges (4)  936  7,904         8,840 
Adjusted EBITDA $61,913 $38,542  $81,050  $42,035  $223,540 
           
(1) Expense (gain) related to plant closure.
(2) Transaction, advisory fees, and reorganization costs.
(3) Amortization of step-up for purchase price adjustments on inventory.
(4) Restructuring charges related to severeance and disposal of software.
           

QUANEX BUILDING PRODUCTS CORPORATION
NON-GAAP FINANCIAL MEASURE DISCLOSURE
(In thousands, except per share data)
(Unaudited)
                  
Reconciliation of Adjusted Net Income and Adjusted EPSThree Months Ended
April 30, 2025
 Three Months Ended
April 30, 2024
 Six Months Ended
April 30, 2025
 Six Months Ended
April 30, 2024
 
  Net Income Diluted EPS Net Income Diluted EPS Net Income Diluted EPS Net Income Diluted EPS 
Net income as reported $20,515  $0.44  $15,377  $0.46  $5,630  $0.12  $21,626  $0.65  
Net income reconciling items from below  7,372  $0.16   8,664  $0.27   31,218  $0.67   10,680  $0.33  
Adjusted net income and adjusted EPS $27,887  $0.60  $24,041  $0.73  $36,848  $0.79  $32,306  $0.98  
                  
Reconciliation of Adjusted EBITDA Three Months Ended
April 30, 2025
 Three Months Ended
April 30, 2024
 Six Months Ended
April 30, 2025
 Six Months Ended
April 30, 2024
 
  Reconciliation   Reconciliation   Reconciliation   Reconciliation   
Net income as reported $20,515    $15,377    $5,630    $21,626    
Income tax (benefit) expense  6,307     4,314     1,257     5,956    
Other, net  159     (4)    (1,070)    (1,046)   
Interest expense  13,940     950     28,126     2,018    
Depreciation and amortization  19,192     10,894     43,932     22,046    
EBITDA  60,113     31,531     77,875     50,600    
EBITDA reconciling items from below  1,800     8,493     22,579     8,698    
Adjusted EBITDA $61,913    $40,024    $100,454    $59,298    
                  
Reconciling Items Three Months Ended
April 30, 2025
 Three Months Ended
April 30, 2024
 Six Months Ended
April 30, 2025
 Six Months Ended
April 30, 2024
 
  Income Statement Reconciling Items Income Statement Reconciling Items Income Statement Reconciling Items Income Statement Reconciling Items 
Net sales $452,478  $  $266,201  $  $852,522  $  $505,356  $  
Cost of sales  321,096      199,963   (631)(1) 628,824      387,686   (631)(1)
Selling, general and administrative  70,333   (864)(2) 34,707   (7,862)(1),(2) 136,983   (13,739)(2),(3) 67,070   (8,067)(1),(2)
Restructuring charges  936   (936)(4)       8,840   (8,840)(4)      
EBITDA  60,113   1,800   31,531   8,493   77,875   22,579   50,600   8,698  
Depreciation and amortization  19,192   (6,451)(5) 10,894   (2,956)(5) 43,932   (17,101)(5) 22,046   (6,185)(5)
Operating income  40,921   8,251   20,637   11,449   33,943   39,680   28,554   14,883  
Interest expense  (13,940)     (950)     (28,126)     (2,018)    
Other, net  (159)  1,003 (6) 4   (92)(6) 1,070   831 (6) 1,046   (847)(6)
Income before income taxes  26,822   9,254   19,691   11,357   6,887   40,511   27,582   14,036  
Income tax expense  (6,307)  (1,882)(7) (4,314)  (2,693)(7) (1,257)  (9,293)(7) (5,956)  (3,356)(7)
Net income $20,515  $7,372  $15,377  $8,664  $5,630  $31,218  $21,626  $10,680  
                  
Diluted earnings per share $0.44    $0.46    $0.12    $0.65    
                  
                  
(1) Expense (gain) related to plant closure. 
(2) Transaction, advisory fees, and reorganization costs. 
(3) Amortization of step-up for purchase price adjustments on inventory. 
(4) Restructuring charges related to severeance and disposal of software. 
(5) Amortization expense related to intangible assets. 
(6) Pension settlement refund and foreign currency transaction losses (gains). 
(7) Tax impact of net income reconciling items. 

QUANEX BUILDING PRODUCTS CORPORATION
SELECTED SEGMENT DATA
(In thousands)
(Unaudited)
             
This table provides gross margin, 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 EU Fenestration NA Cabinet Components Tyman Unallocated Corp & Other Total
Three months ended April 30, 2025            
Net sales $151,026  $61,257  $51,237  $190,107  $(1,149) $452,478 
Cost of sales  113,760   39,001   42,405   126,743   (813)  321,096 
Gross Margin  37,266   22,256   8,832   63,364   (336)  131,382 
Gross Margin %  24.7%   36.3%   17.2%   33.3%     29.0% 
Selling, general and administrative (1)  15,938   9,038   5,725   37,271   2,361   70,333 
Restructuring charges           936      936 
Depreciation and amortization  4,667   2,659   3,015   8,775   76   19,192 
Operating income (loss)  16,661   10,559   92   16,382   (2,773)  40,921 
Depreciation and amortization  4,667   2,659   3,015   8,775   76   19,192 
EBITDA  21,328   13,218   3,107   25,157   (2,697)  60,113 
Transaction, advisory fees, and reorganization costs           675   189   864 
Restructuring charges related to severance and disposal of software           936      936 
Adjusted EBITDA $21,328  $13,218  $3,107  $26,768  $(2,508) $61,913 
Adjusted EBITDA Margin %  14.1%   21.6%   6.1%   14.1%     13.7% 
             
Three months ended April 30, 2024            
Net sales $159,774  $56,583  $51,078  $  $(1,234) $266,201 
Cost of sales  122,261   35,694   42,624      (616)  199,963 
Gross Margin  37,513   20,889   8,454      (618)  66,238 
Gross Margin %  23.5%   36.9%   16.6%       24.9% 
Selling, general and administrative (1)  13,730   7,873   5,066      8,038   34,707 
Depreciation and amortization  5,218   2,538   3,082      56   10,894 
Operating income (loss)  18,565   10,478   306      (8,712)  20,637 
Depreciation and amortization  5,218   2,538   3,082      56   10,894 
EBITDA  23,783   13,016   3,388      (8,656)  31,531 
Expense related to plant closure (Cost of sales)  631               631 
Expense related to plant closure (SG&A)  978               978 
Transaction and advisory fees              6,884   6,884 
Adjusted EBITDA $25,392  $13,016  $3,388  $  $(1,772) $40,024 
Adjusted EBITDA Margin %  15.9%   23.0%   6.6%       15.0% 
             
Six months ended April 30, 2025            
Net sales $285,359  $109,728  $95,047  $365,783  $(3,395) $852,522 
Cost of sales  220,327   69,638   81,821   259,539   (2,501)  628,824 
Gross Margin  65,032   40,090   13,226   106,244   (894)  223,698 
Gross Margin %  22.8%   36.5%   13.9%   29.0%     26.2% 
Selling, general and administrative (1)  32,071   16,959   10,992   71,649   5,312   136,983 
Restructuring charges           8,840      8,840 
Depreciation and amortization  9,446   5,269   6,024   23,038   155   43,932 
Operating income (loss)  23,515   17,862   (3,790)  2,717   (6,361)  33,943 
Depreciation and amortization  9,446   5,269   6,024   23,038   155   43,932 
EBITDA  32,961   23,131   2,234   25,755   (6,206)  77,875 
Amortization of step-up for purchase price adjustments on inventory           9,007      9,007 
Transaction, advisory fees, and reorganization costs           2,142   2,590   4,732 
Restructuring charges related to severance and disposal of software           8,840      8,840 
Adjusted EBITDA $32,961  $23,131  $2,234  $45,744  $(3,616) $100,454 
Adjusted EBITDA Margin %  11.6%   21.1%   2.4%   12.5%     11.8% 
             
Six months ended April 30, 2024            
Net sales $307,769  $106,020  $94,215  $  $(2,648) $505,356 
Cost of sales  240,629   67,397   81,367      (1,707)  387,686 
Gross Margin  67,140   38,623   12,848      (941)  117,670 
Gross Margin %  21.8%   36.4%   13.6%       23.3% 
Selling, general and administrative (1)  29,640   15,618   10,192      11,620   67,070 
Depreciation and amortization  10,693   5,096   6,147      110   22,046 
Operating income (loss)  26,807   17,909   (3,491)     (12,671)  28,554 
Depreciation and amortization  10,693   5,096   6,147      110   22,046 
EBITDA  37,500   23,005   2,656      (12,561)  50,600 
Expense related to plant closure (Cost of sales)  631               631 
Expense related to plant closure (SG&A)  978               978 
Transaction and advisory fees              7,089   7,089 
Adjusted EBITDA $39,109  $23,005  $2,656  $  $(5,472) $59,298 
Adjusted EBITDA Margin %  12.7%   21.7%   2.8%       11.7% 
             
(1) Includes stock-based compensation expense for the three and six months ended April 30, 2025, respectively of $0.6 million and $1.8 million and $1.5 million and $4.1 million for the comparable prior year periods.
             

QUANEX BUILDING PRODUCTS CORPORATION
SALES ANALYSIS
(In thousands)
(Unaudited)
         
  Three Months Ended April 30, Six Months Ended April 30,
   2025   2024   2025   2024 
         
NA Fenestration:       
 United States – fenestration$112,261  $119,646  $212,690  $231,280 
 International – fenestration 8,054   7,465   13,913   13,609 
 United States – non-fenestration 26,751   27,532   49,956   53,323 
 International – non-fenestration 3,960   5,131   8,800   9,557 
  $151,026  $159,774  $285,359  $307,769 
EU Fenestration: (1)       
 International – fenestration$50,687  $46,968  $92,743  $88,719 
 International – non-fenestration 10,570   9,615   16,985   17,301 
  $61,257  $56,583  $109,728  $106,020 
NA Cabinet Components:       
 United States – fenestration$3,507  $3,737  $6,959  $7,412 
 United States – non-fenestration 47,364   46,990   87,427   86,169 
 International – non-fenestration 366   351   661   634 
  $51,237  $51,078  $95,047  $94,215 
Tyman:       
 United States – fenestration$113,950  $  $219,541  $ 
 International – fenestration 75,547      144,829    
 United States – non-fenestration 610      1,395    
 International – non-fenestration       18    
  $190,107  $  $365,783  $ 
         
Unallocated Corporate & Other:       
 Eliminations$(1,149) $(1,234) $(3,395) $(2,648)
  $(1,149) $(1,234) $(3,395) $(2,648)
         
Net Sales$452,478  $266,201  $852,522  $505,356 
         
(1) Reflects an increase of $0.2 million in revenue associated with foreign currency exchange rate impacts for the three and six months ended April 30, 2025, respectively.
         

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