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Last Update: 04-Sep-12 09:21 ET
Quanex Reports Third Quarter Results
Quanex (NX $17.50) reports third quarter earnings of $0.12 per share, excluding $0.08 net in non-recurring items, $0.10 worse than the Capital IQ Consensus Estimate of $0.22; revenues fell 5.7% year/year to $237.9 mln vs the $251.45 mln consensus.
Outlook: Difficult macro-economic factors will continue to create tough market conditions for Quanex. The co currently expects calendar year 2012 U.S. window shipments to be about 39 million units, essentially in-line with Ducker's 2012 forecasted shipments of 39.6 million. Quanex noted that while industry shipments of finished windows for the residential new home construction market continued to show meaningful improvement over 2011, residential R&R window shipments, a key end market for its Engineered Products Group, remained flat to last year. The co remains positive on the long term prospects of its end markets and continues to invest in its future.
Outlook: Difficult macro-economic factors will continue to create tough market conditions for Quanex. The co currently expects calendar year 2012 U.S. window shipments to be about 39 million units, essentially in-line with Ducker's 2012 forecasted shipments of 39.6 million. Quanex noted that while industry shipments of finished windows for the residential new home construction market continued to show meaningful improvement over 2011, residential R&R window shipments, a key end market for its Engineered Products Group, remained flat to last year. The co remains positive on the long term prospects of its end markets and continues to invest in its future.
