Quanex earnings sag 16 percent, outlook less than rosy
Dec 05, 2007 | 11:38 AM
| Michael Cowden
Quanex Corp. posted a 16-percent drop in net income to $134.6 million for its fiscal year ended Oct. 31 on sales that inched up 0.8 percent to nearly $2.05 billion compared with a year earlier, and—given bleak economic forecasts—tempered its outlook for fiscal 2008.
But the Houston-based manufacturer of construction materials and vehicle parts touted improved annual and quarterly sales in the face of troubles in both the housing and automotive markets.
Quanex operates two businesses, vehicular products and building products. It announced Nov. 19 that it would sell it vehicular products group to Gerdau Delaware Inc., a wholly owned subsidiary of Brazilian steelmaker Grupo Gerdau SA (AMM, Nov. 20). The $1.67-billion deal, expected to be completed in the first quarter of 2008, also will see the company spin off its building products group to shareholders.....
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