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Quanex Building Products (NX) - 2022 Q3 - Quarterly Report
2022-09-01 16:00
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ________________________________________________ FORM 10-Q ________________________________________________ (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended July 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 1-33913 ___________________________ ...
Quanex Building Products (NX) - 2022 Q2 - Earnings Call Transcript
2022-06-03 18:43
Financial Data and Key Metrics Changes - Net sales increased by 19.4% to $322.9 million in Q2 2022 compared to $270.4 million in Q2 2021, driven by higher prices due to raw material cost inflation [4][5] - Net income rose by 81.5% to $26.5 million or $0.80 per diluted share in Q2 2022, up from $14.6 million or $0.43 per diluted share in Q2 2021 [5] - Adjusted EBITDA increased by 40.4% to $45.2 million in Q2 2022 compared to $32.2 million in the same period last year [5] Business Line Data and Key Metrics Changes - North American Fenestration segment revenue was $177.9 million in Q2, a 21.7% increase year-over-year, with strong demand in IG spacer and screens product lines [13] - European Fenestration segment revenue reached $73.4 million in Q2, a 19.1% increase year-over-year, with adjusted EBITDA at $15.1 million [15] - North American Cabinet Components segment reported net sales of $72.9 million in Q2, a 14.7% increase year-over-year, despite a decrease in volumes due to customer supply chain issues [19] Market Data and Key Metrics Changes - Demand remains strong across all product lines, although there may have been some volume pull forward due to price increases [12] - Customer backlogs in all segments remain high, indicating solid demand despite potential economic challenges [23][49] Company Strategy and Development Direction - The company is focused on generating cash, paying down debt, and opportunistically repurchasing stock, reflecting confidence in long-term prospects [25] - The company anticipates margin expansion in the second half of the year as pricing catches up to inflationary pressures [14][21] Management's Comments on Operating Environment and Future Outlook - Management remains optimistic about the remainder of the year despite inflation and supply chain challenges, with expectations for revenue growth driven more by price than volume [8][23] - The company is prepared for potential economic downturns, drawing on experiences from past challenges [43] Other Important Information - Cash provided by operating activities was $19.8 million in Q2 2022, down from $32.4 million in Q2 2021, with inventory values increasing due to inflation [6] - The leverage ratio of net debt to last 12 months adjusted EBITDA decreased to 0.3x as of April 30, 2022, indicating a strong balance sheet [6] Q&A Session Summary Question: Volume growth embedded in revised revenue expectations - Management indicated that revenue growth in the second half will be predominantly driven by price rather than volume [29] Question: Impact of demand pull forward - Management noted that pull forward primarily occurred in the spacer business and is not expected to materially impact guidance [30] Question: Customer pushback on pricing - Management emphasized transparency with customers regarding inflationary pressures, which has facilitated acceptance of price increases [32] Question: Share buyback strategy - Management plans to be more aggressive with share repurchases given strong cash flow expectations [34] Question: European demand and energy costs - Management acknowledged nervousness regarding energy costs but noted that demand remains strong [40] Question: Rate of inflation and input costs - Management observed signs of inflation slowing but highlighted ongoing challenges with specific inputs [41] Question: Performance in a recessionary environment - Management expressed confidence in their ability to manage through economic downturns based on past experiences [43] Question: Customer backlogs and labor constraints - Management indicated that backlogs are driven by both labor and supply chain issues, with ongoing challenges in installation labor [61] Question: M&A landscape - Management remains open to M&A opportunities but is cautious about valuations and strategic fit [51][52]
Quanex Building Products (NX) - 2022 Q2 - Quarterly Report
2022-06-02 16:00
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ________________________________________________ FORM 10-Q ________________________________________________ (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended April 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 1-33913 __________________________ ...
Quanex Building Products (NX) - 2022 Q1 - Earnings Call Transcript
2022-03-04 20:10
Quanex Building Products Corporation (NYSE:NX) Q1 2022 Earnings Conference Call March 4, 2022 11:00 AM ET Company Participants Scott Zuehlke - Senior Vice President, Chief Financial Officer and Treasurer George Wilson - President and CEO Conference Call Participants Daniel Moore - CJS Steven Ramsey - Thompson Research Group Julio Romero - Sidoti & Company Ken Zener - KeyBanc Operator Good day and thank you for standing by. Welcome to the First Quarter 2022 Quanex Building Products Corporation Earnings Confe ...
Quanex Building Products (NX) - 2022 Q1 - Quarterly Report
2022-03-03 16:00
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ________________________________________________ FORM 10-Q ________________________________________________ (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended January 31, 2022 Delaware 26-1561397 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 1800 West Loop South, Suite 1500, Houston, Texas 77027 (Address ...
Quanex Building Products (NX) - 2021 Q4 - Earnings Call Transcript
2021-12-17 19:14
Quanex Building Products Corporation (NYSE:NX) Q4 2021 Results Conference Call December 17, 2021 11:00 AM ET Company Participants Scott Zuehlke - Senior Vice President, Chief Financial Officer, and Treasurer George Wilson - President and Chief Executive Officer Conference Call Participants Daniel Moore - CJS Securities Reuben Garner - Benchmark Company Julio Romero - Sidoti & Company Ken Zener - KeyBanc Operator Good day and thank you for standing by. Welcome to the Fourth Quarter and Full Year 2021 Quanex ...
Quanex Building Products (NX) - 2021 Q4 - Annual Report
2021-12-16 16:00
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _______________________________ FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended October 31, 2021 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number 1-33913 _______________________________ QUANEX BUILDING PRODUCTS CORPORATION (Exact name of registrant as specified in its charter) Delaware ...
Quanex Building Products (NX) - 2021 Q3 - Earnings Call Transcript
2021-09-03 18:32
Quanex Building Products Corporation (NYSE:NX) Q3 2021 Earnings Conference Call September 3, 2021 11:00 AM ET Company Participants Scott Zuehlke - Senior Vice President, Chief Financial Officer, and Treasurer George Wilson - President and Chief Executive Officer Conference Call Participants Daniel Moore - CJS Securities Julio Romero - Sidoti & Company Reuben Garner - The Benchmark Company Steven Ramsey - Thompson Research Group Ken Zener - KeyBanc Operator Ladies and gentlemen, thank you for standing by, an ...
Quanex Building Products (NX) - 2021 Q3 - Quarterly Report
2021-09-02 16:00
(Mark One) UNITED STATES SECURITIES AND EXCHANGE COMMISSION ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended July 31, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Washington, D.C. 20549 ________________________________________________ FORM 10-Q ________________________________________________ ________________________________________________ Securities registered pursuant to Section 1 ...
Quanex Building Products (NX) - 2021 Q2 - Earnings Call Transcript
2021-06-04 19:16
Quanex Building Products Corporation (NYSE:NX) Q2 2021 Earnings Conference Call June 4, 2021 11:00 AM ET Company Participants George Wilson - President and Chief Executive Officer Scott Zuehlke - Senior Vice President, Chief Financial Officer, and Treasurer Conference Call Participants Daniel Moore - CJS Securities, Inc. Steven Ramsey - Thompson Research Reuben Garner - The Benchmark Company Julio Romero - Sidoti & Company Ken Zener - KeyBanc Capital Markets Operator Ladies and gentlemen, thank you fo ...