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- Quanex Building Products Corporation (NYSE:NX) reported second-quarter sales growth of 19.4% year-over-year to $322.9 million, beating the consensus of $285.95 million.
- The sales increase was attributable to higher prices related to the pass-through of raw material cost inflation.
- Adjusted EPS improved to $0.80 from $0.43 in 2Q21, above the consensus of $0.43.
- The gross margin contracted 20 bps to 22.7%.
- Adjusted EBITDA increased by 40.4% Y/Y to $45.2 million, and margin expanded by 210 bps to 14%.
- Quanex cash used in operating activities year-to-date of $1.9 million, compared to generated $29 million a year ago. Free cash outflow was $15.7 million.
- The Company's liquidity increased to $296.5 million as of April 30, 2022, consisting of $38.9 million in cash on hand.
- NX repurchased 75,000 shares for ~$1.6 million at an average price of $20.92 per share during Q2.
- "For the second half of our fiscal year, we now expect low double-digit revenue growth in our North American Fenestration segment and mid-single-digit revenue growth in our North American Cabinet Components and European Fenestration segments. Overall, on a consolidated basis and assuming the current inflation and supply chain challenges do not worsen materially, we estimate this will equate to net sales of $1.18 billion to $1.2 billion, which we expect will generate ~$150 million to $155 million in Adjusted EBITDA* in fiscal 2022," stated George Wilson, President, and Chief Executive Officer.
- FY22 net sales outlook increased to $1.18 billion to $1.2 billion (vs. consensus of $1.14 billion), from $1.13 billion to $1.15 billion.
- Price Action: NX shares are trading higher by 9.45% at $22.70 during the post-market session on Thursday.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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