Quanex Building Products Reports Stronger Results in Recent Financial Statement

June 1st, 2010 by Editor

Quanex Building Products Corporation released its fiscal second quarter 2010 results last week for the period ending April 30. The company reported that customer demand at its two operating segments–Engineered Products (related to doors and windows) and Aluminum Sheet Products–was much stronger as compared to both the second quarter 2009 and the sequential first quarter 2010.

The company also stated that its operating segments had significantly outperformed their two primary end markets (new residential construction and residential remodeling) in the quarter. Second quarter net sales were $199.4 million compared to $113.2 million a year ago.

“For the second quarter, our market drivers–U.S. residential housing starts and residential remodeling activity– were estimated to be down 6 percent on a combined basis compared to a year ago, but our Engineered Products business experienced exceptional growth,” says David D. Petratis, president and chief executive officer of Quanex Building Products. “Against this 6-percent drop in market growth, our sales growth was compelling, up a very respectable 30 percent over the second quarter of 2009 … While driving profitable sales growth is critical, so is the need to control costs. This quarter Engineered Products did a great job in holding down expenses, keeping variable costs in line, and maintaining our disciplined approach to managing inventories.”

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