Quanex Building Products Posts Record Q2 2022 Results
Quanex Building Products Corp. announced its results for the three months ended April 30. The Company reported net sales of $322.9 million during the three months ended April 30, which represents growth of 19.4 percent compared to $270.4 million for the same period of 2021. The increase was largely attributable to higher prices related to the pass through of raw material cost inflation.
More specifically, Quanex realized net sales growth of 21.7 percent in its North American fenestration segment, and 13.0 percent in its European fenestration segment, excluding the foreign exchange impact.
The increase in earnings for the three months ended April 30 was mostly due to increased pricing related to the pass through of raw material cost inflation, higher volumes, and a decrease in SG&A expense, mainly due to lower stock-based compensation.
George Wilson, president and chief executive officer, says, “We reported a record quarter despite ongoing challenges related to inflation and the supply chain. Demand for our products was better than expected during the second quarter, and we started to see the benefit of our pass-through pricing strategy, which drove revenue growth and improved profitability. Inflationary pressures are ongoing, but we still expect further margin expansion in the second half of our fiscal year.”