Quanex slips further into red on Nichols loss
Mar 07, 2013 | 03:16 PM
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Tags
Quanex Building Products,
David Petratis,
Brent Korb,
earnings report,
Nichols Aluminum,
Michael Cowden
CHICAGO - Quanex Building Products Corp.’s net loss widened in its fiscal first quarter due to the effects of lower aluminum prices on its Nichols Aluminum LLC subsidiary and costs incurred by its enterprise resource planning (ERP) system.
Still, Quanex is “cautiously optimistic” going forward, especially given “clear signs of recovery” in the construction market in the United Sates, chairman and chief executive officer David Petratis said during a March 7 conference call following the release of quarterly figures. Canadian markets, however, are “just now experiencing the downturn,” he cautioned.
The Houston-based company posted a net loss of nearly $8.12 million for the three months ended Jan. 31, up 20.3 percent from a $6.7-million loss in the same period a year earlier despite a 14.9-percent increase in sales to $185.71 million.....
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