Quanex posts quarterly net income despite housing downturn
Dec 04, 2009 | 06:09 AM
| Corinna Petry
Despite the prolonged downturn in residential construction, Quanex Building Products Corp. posted a profit in its fiscal fourth quarter.
The Houston-based manufacturer of components for doors and windows recorded net income of $15.3 million for the three months ended Oct. 31, up 2.1 percent from $15 million in the same period a year earlier despite a 20.9-percent decline in sales to $194.9 million from $246.3 million.
Seasonal demand was better than expected at its two operating segments—Engineered Products and Aluminum Sheet Products—and the quarterly results also benefitted from a better-than-anticipated aluminum spread (sales less material costs).....
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