Quanex Building Products Q2 Earnings Top Estimates

reported better-than-expected earnings for the fiscal second quarter on Wednesday. The Houston, Texas-based company posted quarterly income from continuing operations of $2.3 million, or $0.07 per share, versus a year-ago loss from continuing operations of $2.0 million, or $0.05 per share. Its revenue rose 5.2 percent year-over-year to $142 million from $135 million. However, analysts were expecting a profit of $0.00 per share on revenue of $142 million. The average estimate among 4 Estimize users was for earnings of $0.00 per share and revenue of $143.29 million. Its EBITDA surged to $11.5 million from $5.7 million. The company's board declared a quarterly cash dividend of $0.04 per share on the its common stock. "While inclement weather caused a slow start to the building and construction season and our fiscal second quarter, volumes rebounded nicely and allowed us to deliver solid revenue and earnings results," said Chairman, President and Chief Executive Officer Bill Griffiths. "We are starting to see tangible improvements in our vinyl extrusion business, even though we do not expect to reap the full benefits of the capital investments until the fourth quarter." Quanex shares fell 2.47 percent to close at $17.37 yesterday.