Quanex sees rough ’11 as incentives end
Dec 06, 2010 | 09:35 AM
| Lisa Gordon
Quanex Building Products Corp. provided a sobering forecast for 2011, saying that sales and operating earnings will decline next year because of the expiration of temporary government incentives for the housing market.
A series of government programs aimed at boosting the housing market helped the company this year, but in 2011 the government will no longer offer an $8,000 tax credit to first-time home buyers or a $1,500 tax credit for installing energy-efficient windows.
"We do not expect another round of government-sponsored incentives, so the industry is on its own," said David D. Petratis, president and chief executive officer. "With no catalyst to provide a surge in market activity, together with a large inventory of homes available for sale, we expect a challenging environment in 2011."....
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