Quanex’s First-Quarter Results Reflect Harsh Winter

March 5th, 2015 by Editor

One company is beginning to feel the impact from a difficult winter, and its first-quarter financial results are evidence of it.

Quanex Building Products Corp. posted a loss from continuing operations, a loss per share and a lower EBITDA in the first quarter of 2015.

Company chairman, president and CEO Bill Griffiths says there’s a silver lining, though.

“While we expected roughly flat sales growth in the first quarter because of a planned contraction in our vinyl business, all of our other product lines continued to grow faster than the industry,” he says. “This, together with the current trajectory of our operating performance, gives us sufficient confidence to reaffirm our full-year EBITDA guidance.”

Financial highlights for the first quarter include:

  • Q1 2015 net sales increased 1.2 percent to $128 million compared to $126 million in Q1 2014;
  • Q1 2015 loss from continuing operations of $3.1 million compared to a loss of $1.2 million in Q1 2014;
  • Q1 2015 diluted loss per share from continuing operations of $0.09 compared to $0.03 in Q1 2014;
  • Q1 2015 EBITDA of $2.6 million compared to $7.7 million in Q1 2014; and
  • A cash balance of $63.9 million and no borrowings on $150 million revolving credit facility.
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