Robust Revenue Growth of ~16% Year-Over-Year
Margin Expansion Realized in NAF and NACC
Significant Increase in Earnings
Repaid $25 Million in Bank Debt
Balance Sheet & Liquidity Remain Strong

HOUSTON, Sept. 01, 2022 (GLOBE NEWSWIRE) -- Quanex Building Products Corporation (NYSE:NX) (“Quanex” or the “Company”) today announced its results for the three months ended July 31, 2022.

The Company reported the following selected financial results:

 Three Months Ended July 31, Nine Months Ended July, 31
($ in millions, except per share data)2022 2021 2022 2021
Net Sales$324.0 $279.9 $914.0 $780.4
Gross Margin$72.6 $60.0 $201.0 $175.7
Gross Margin %22.4% 21.4% 22.0% 22.5%
Net Income$25.9 $13.6 $63.7 $36.0
Diluted EPS$0.78 $0.41 $1.91 $1.08
        
Adjusted Net Income$26.2 $14.2 $64.0 $37.8
Adjusted Diluted EPS$0.79 $0.42 $1.92 $1.13
Adjusted EBITDA$44.2 $32.9 $113.8 $89.5
Adjusted EBITDA Margin %13.6% 11.8% 12.5% 11.5%
        
Cash Provided by Operating Activities$51.7 $18.5 $49.9 $47.4
Free Cash Flow$46.0 $12.3 $30.4 $31.4

(See Non-GAAP Terminology Definitions and Disclaimers section, Non-GAAP Financial Measure Disclosure table, Selected Segment Data table and Free Cash Flow Reconciliation table for additional information)

George Wilson, President and Chief Executive Officer, stated, “We are proud of the results we posted for the third quarter, especially considering the ongoing inflationary challenges and macro-related uncertainties. Demand for our products held up nicely for most of the third quarter and results reflected the benefit from our pass-through pricing strategy; however, we did start to experience some softness in demand in Europe towards the end of July.

“Free Cash Flow increased significantly during the third quarter of this year compared to the same period last year. The improvement in Free Cash Flow was driven by a meaningful increase in net income. We were able to repay $25 million of bank debt and repurchase $5 million of our common stock during the quarter. Overall, our balance sheet and liquidity remain strong. We will continue to focus on generating cash, maintaining a healthy balance sheet, opportunistically repurchasing our stock and evaluating growth opportunities.” (See Non-GAAP Terminology Definitions and Disclaimers section and the reconciliation of Free Cash Flow to cash provided by operating activities for additional information)

Third Quarter 2022 Results Summary

Quanex reported net sales of $324.0 million during the three months ended July 31, 2022, which represents growth of 15.8% compared to $279.9 million for the same period of 2021. The increase was mostly attributable to higher prices related to the pass through of raw material cost inflation. More specifically, the Company realized net sales growth of 25.0% in its North American Fenestration segment, 17.0% in its North American Cabinet Components segment and 8.7% in its European Fenestration segment, excluding the foreign exchange impact. (See Sales Analysis table for additional information)

The increase in earnings for the three months ended July 31, 2022 was largely due to increased pricing and surcharges related to the pass through of raw material cost inflation and higher volumes in the North American Fenestration segment.

Balance Sheet & Liquidity Update

As of July 31, 2022, Quanex had total debt of $38.0 million and its leverage ratio of Net Debt to LTM Adjusted EBITDA improved to 0.1x.   (See Non-GAAP Terminology Definitions and Disclaimers section for additional information)

The Company’s liquidity increased to $332.0 million as of July 31, 2022, consisting of $50.0 million in cash on hand plus availability under its new Amended and Restated Senior Secured Revolving Credit Facility due 2027, less letters of credit outstanding.

Share Repurchases

Quanex’s Board authorized a $75 million share repurchase program in December of 2021. Repurchases under this program will be made in open market transactions or privately negotiated transactions, subject to market conditions, applicable legal requirements, and other relevant factors. The Company repurchased 216,000 shares of common stock for approximately $5.0 million at an average price of $23.29 per share during the three months ended July 31, 2022. As of July 31, 2022, approximately $68.4 million remained under the existing share repurchase authorization.

Outlook

Mr. Wilson commented, “We are reaffirming guidance for fiscal 2022, which is based on our strong results year-to-date coupled with ongoing conversations with our customers. Overall, demand for our products is still relatively healthy, but in addition to the softness in Europe we are starting to see signs of softness in North America, mainly in our cabinet components business. For the fourth quarter of this year, we now expect ~15% revenue growth in our North American Fenestration segment and low-single digit revenue growth in our North American Cabinet Components segment. Due to continued softness in Europe and the foreign exchange impact, we expect revenue to decline by ~15% in our European Fenestration segment in the fourth quarter. As a reminder, on a consolidated basis, we guided to net sales of $1.18 billion to $1.2 billion, which we expect will generate approximately $150 million to $155 million in Adjusted EBITDA* in fiscal 2022.

Longer-term, the underlying fundamentals remain positive for the residential housing industry in North America and in the markets we serve in Europe. Our balance sheet is strong and we are well-positioned to weather any storm, and we are also prepared to execute on our plan and create further value for shareholders over time.”

*When Quanex provides expectations for Adjusted EBITDA on a forward-looking basis, a reconciliation of the differences between the non-GAAP expectations and corresponding GAAP measures is generally not available without unreasonable effort. Certain items required for such a reconciliation are outside of the Company’s control and/or cannot be reasonably predicted or estimated, such as the provision for income taxes.

Conference Call and Webcast Information

The Company has also scheduled a conference call for Friday, September 2, 2022 at 11:00 a.m. ET (10:00 a.m. CT) to discuss the release. A link to the live audio webcast will be available on Quanex’s website at http://www.quanex.com in the Investors section under Presentations & Events.

Participants can pre-register for the conference call using the following link: https://register.vevent.com/register/BIe64ac12abde44f549078e7b4a916e837

Registered participants will receive an email containing conference call details for dial-in options. To avoid delays, it is recommended that participants dial into the conference call ten minutes ahead of the scheduled start time. A replay will be available for a limited time on the Company’s website at http://www.quanex.com in the Investors section under Presentations & Events.

About Quanex

Quanex Building Products Corporation is an industry-leading manufacturer of components sold to Original Equipment Manufacturers (OEMs) in the building products industry.  Quanex designs and produces energy-efficient fenestration products in addition to kitchen and bath cabinet components.   For more information contact Scott Zuehlke, Senior Vice President, Chief Financial Officer & Treasurer, at 713-877-5327 or scott.zuehlke@quanex.com.

Non-GAAP Terminology Definitions and Disclaimers

Adjusted Net Income (defined as net income further adjusted to exclude purchase price accounting inventory step-ups, transaction costs, certain severance charges, gain/loss on the sale of certain fixed assets, restructuring charges, asset impairment charges, other net adjustments related to foreign currency transaction gain/loss and effective tax rates reflecting impacts of adjustments on a with and without basis) and Adjusted EPS are non-GAAP financial measures that Quanex believes provide a consistent basis for comparison between periods and more accurately reflects operational performance, as they are not influenced by certain income or expense items not affecting ongoing operations. EBITDA (defined as net income or loss before interest, taxes, depreciation and amortization and other, net) and Adjusted EBITDA (defined as EBITDA further adjusted to exclude purchase price accounting inventory step-ups, transaction costs, certain severance charges, gain/loss on the sale of certain fixed assets, restructuring charges and asset impairment charges) are non-GAAP financial measures that the Company uses to measure operational performance and assist with financial decision-making.  Net Debt is defined as total debt (outstanding balance on the revolving credit facility plus financial lease obligations) less cash and cash equivalents. The leverage ratio of Net Debt to LTM Adjusted EBITDA is a financial measure that the Company believes is useful to investors and financial analysts in evaluating Quanex’s leverage. In addition, with certain limited adjustments, this leverage ratio is the basis for a key covenant in the Company’s credit agreement. Free Cash Flow is a non-GAAP measure calculated using cash provided by operating activities less capital expenditures. Quanex uses the Free Cash Flow metric to measure operational and cash management performance and assist with financial decision-making.   Free Cash Flow is measured before application of certain contractual commitments (including capital lease obligations), and accordingly is not a true measure of the Company’s residual cash flow available for discretionary expenditures. Quanex believes Free Cash Flow is useful to investors in understanding and evaluating the Company’s financial and cash management performance. Quanex believes that the presented non-GAAP measures provide a consistent basis for comparison between periods and will assist investors in understanding the Company’s financial performance when comparing results to other investment opportunities.  The presented non-GAAP measures may not be the same as those used by other companies. Quanex does not intend for this information to be considered in isolation or as a substitute for other measures prepared in accordance with U.S. GAAP.

Forward Looking Statements

Statements that use the words “estimated,” “expect,” “could,” “should,” “believe,” “will,” “might,” or similar words reflecting future expectations or beliefs are forward-looking statements. The forward-looking statements include, but are not limited to, the following: impacts from public health issues (including pandemics, such as the recent COVID-19 pandemic) on the economy and the demand for Quanex’s products, the Company’s future operating results, future financial condition, future uses of cash and other expenditures, expenses and tax rates, expectations relating to Quanex’s industry, and the Company’s future growth, including any guidance discussed in this press release. The statements and guidance set forth in this release are based on current expectations. Actual results or events may differ materially from this release. For a complete discussion of factors that may affect Quanex’s future performance, please refer to the Company’s Annual Report on Form 10-K for the fiscal year ended October 31, 2021, and the Company’s Quarterly Reports on Form 10-Q under the sections entitled “Cautionary Note Regarding Forward-Looking Statements” and “Risk Factors”. Any forward-looking statements in this press release are made as of the date hereof, and Quanex undertakes no obligation to update or revise any forward-looking statements to reflect new information or events.

           
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share data)
(Unaudited)
         
         
  Three Months Ended July 31, Nine Months Ended July, 31
  2022 2021 2022 2021
         
Net sales $324,037  $279,877  $913,970  $780,381 
Cost of sales  251,446   219,866   712,931   604,723 
Selling, general and administrative  28,822   27,766   87,774   88,299 
Restructuring charges  -   -   -   39 
Depreciation and amortization  9,734   10,683   30,554   32,543 
Operating income  34,035   21,562   82,711   54,777 
Interest expense  (724)  (597)  (1,849)  (1,988)
Other, net  398   188   905   645 
Income before income taxes  33,709   21,153   81,767   53,434 
Income tax expense  (7,801)  (7,474)  (18,098)  (17,352)
Net income $25,908  $13,679  $63,669  $36,082 
         
Earnings per common share, basic $0.79  $0.41  $1.92  $1.09 
Earnings per common share, diluted $0.78  $0.41  $1.91  $1.08 
         
Weighted average common shares outstanding:        
Basic  32,999   33,359   33,093   33,194 
Diluted  33,173   33,650   33,256   33,518 
         
Cash dividends per share $0.08  $0.08  $0.24  $0.24 
         


 
QUANEX BUILDING PRODUCTS CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
     
  July 31, 2022 October 31, 2021
ASSETS    
Current assets:    
Cash and cash equivalents $50,030  $40,061 
Accounts receivable, net  109,467   108,309 
Inventories, net  138,237   92,529 
Prepaid and other current assets  8,651   8,148 
Total current assets  306,385   249,047 
Property, plant and equipment, net  175,404   178,630 
Operating lease right-of-use assets  45,722   52,708 
Goodwill  141,249   149,205 
Intangible assets, net  69,670   82,410 
Other assets  5,177   5,323 
Total assets $743,607  $717,323 
     
LIABILITIES AND STOCKHOLDERS' EQUITY    
Current liabilities:    
Accounts payable $84,527  $86,765 
Accrued liabilities  51,453   56,156 
Income taxes payable  13,709   6,038 
Current maturities of long-term debt  1,070   846 
Current operating lease liabilities  7,972   8,196 
Total current liabilities  158,731   158,001 
Long-term debt  55,458   52,094 
Noncurrent operating lease liabilities  38,768   45,367 
Deferred pension and postretirement benefits  4,498   4,737 
Deferred income taxes  21,086   21,965 
Other liabilities  14,929   15,377 
Total liabilities  293,470   297,541 
Stockholders’ equity:    
Common stock  373   373 
Additional paid-in-capital  251,359   254,162 
Retained earnings  315,471   259,718 
Accumulated other comprehensive loss  (41,365)  (21,770)
Treasury stock at cost  (75,701)  (72,701)
Total stockholders’ equity  450,137   419,782 
Total liabilities and stockholders' equity $743,607  $717,323 
     


 
QUANEX BUILDING PRODUCTS CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW
(In thousands)
(Unaudited)
    
 Nine Months Ended July, 31
 2022 2021
Operating activities:   
Net income$63,669  $36,082 
Adjustments to reconcile net income to cash provided by operating activities:   
Depreciation and amortization 30,554   32,543 
Stock-based compensation 1,707   1,470 
Deferred income tax 505   5,429 
Other, net 2,647   5,485 
Changes in assets and liabilities:   
Increase in accounts receivable (5,306)  (8,277)
Increase in inventory (48,280)  (32,113)
Increase in other current assets (824)  (2,768)
Increase in accounts payable 2,765   1,600 
(Decrease) increase in accrued liabilities (4,721)  12,521 
Increase (decrease) in income taxes payable 7,522   (5,158)
Decrease in deferred pension and postretirement benefits (239)  (158)
Increase in other long-term liabilities 32   962 
Other, net (177)  (183)
Cash provided by operating activities 49,854   47,435 
Investing activities:   
Capital expenditures (19,488)  (16,006)
Proceeds from disposition of capital assets 134   3,138 
Cash used for investing activities (19,354)  (12,868)
Financing activities:   
Borrowings under credit facilities 70,500   - 
Repayments of credit facility borrowings (70,500)  (45,000)
Debt issuance costs (1,210)  - 
Repayments of other long-term debt (1,301)  (502)
Common stock dividends paid (7,916)  (8,017)
Issuance of common stock 502   16,272 
Payroll tax paid to settle shares forfeited upon vesting of stock (1,412)  (492)
Purchase of treasury stock (6,600)  (5,741)
Cash used for financing activities (17,937)  (43,480)
Effect of exchange rate changes on cash and cash equivalents (2,594)  955 
Increase (decrease) in cash and cash equivalents 9,969   (7,958)
Cash and cash equivalents at beginning of period 40,061   51,621 
Cash and cash equivalents at end of period$50,030  $43,663 
    


 
QUANEX BUILDING PRODUCTS CORPORATION
FREE CASH FLOW AND NET DEBT RECONCILIATION
(In thousands)
(Unaudited)
 
The following table reconciles the Company's calculation of Free Cash Flow, a non-GAAP measure, to its most directly comparable GAAP measure. The Company defines Free Cash Flow as cash provided by (used for) operating activities less capital expenditures.
    
 Three Months Ended July 31, Nine Months Ended July, 31
 2022 2021 2022 2021
Cash provided by operating activities51,735  18,475  $49,854  $47,435 
Capital expenditures(5,703) (6,207) (19,488) (16,006)
Free Cash Flow$46,032  $12,268  $30,366  $31,429 
            
            
The following table reconciles the Company's Net Debt which is defined as total debt principal of the Company plus finance lease obligations minus cash.
            
 As of July 31,    
 2022 2021      
Revolving credit facility$38,000  $58,000       
Finance lease obligations20,105  15,951       
Total debt(1)58,105  73,951       
Less: Cash and cash equivalents50,030  43,663       
Net Debt$8,075  $30,288       
            
(1) Excludes outstanding letters of credit.           
            


                          
QUANEX BUILDING PRODUCTS CORPORATION
NON-GAAP FINANCIAL MEASURE DISCLOSURE
(In thousands, except per share data)
(Unaudited)
                          
                          
  Three Months Ended
 Three Months Ended
 Nine Months Ended
 Nine Months Ended
 
Reconciliation of Adjusted Net Income and Adjusted EPS July 31, 2022
 July 31, 2021
 July 31, 2022
 July 31, 2021
 
  Net
Income
 Diluted
EPS
 Net
Income
 Diluted
EPS
 Net
Income
 Diluted
EPS
 Net
Income
 Diluted
EPS
 
Net income as reported $25,908  $0.78  $13,679  $0.41  $63,669  $1.91  $36,082  $1.08  
Net income reconciling items from below 257  $0.01  512  $0.01  291  $0.01  1,686  $0.05  
Adjusted net income and adjusted EPS $26,165  $0.79  $14,191  $0.42  $63,960  $1.92  $37,768  $1.13  
                          
Reconciliation of Adjusted EBITDA Three Months Ended
July 31, 2022
 Three Months Ended
July 31, 2021
 Nine Months Ended
July 31, 2022
 Nine Months Ended
July 31, 2021
 
  Reconciliation
    Reconciliation
    Reconciliation
    Reconciliation
    
Net income as reported $25,908     $13,679     $63,669     $36,082     
Income tax expense 7,801     7,474     18,098     17,352     
Other, net (398)    (188)    (905)    (645)    
Interest expense 724     597     1,849     1,988     
Depreciation and amortization 9,734     10,683     30,554     32,543     
EBITDA 43,769     32,245     113,265     87,320     
EBITDA reconciling items from below 419     682     550     2,160     
Adjusted EBITDA $44,188     $32,927     $113,815     $89,480     
                          
Reconciling Items Three Months Ended
July 31, 2022
 Three Months Ended
July 31, 2021
 Nine Months Ended
July 31, 2022
 Nine Months Ended
July 31, 2021
 
  Income Statement
 Reconciling Items
 Income Statement
 Reconciling Items
 Income Statement
 Reconciling Items
 Income Statement
 Reconciling Items
 
Net sales $324,037  $ -  $279,877  $ -  $913,970  $ -  $780,381  $ -  
Cost of sales 251,446  -  219,866  (307)(1)712,931  -  604,723  (307)(1)
Selling, general and administrative 28,822  (419)(2)27,766  (375)(2)87,774  (550)(2)88,299  (1,814)(2)
Restructuring charges -  -  -  -  -  -  39  (39)(3)
EBITDA 43,769  419  32,245  682  113,265  550  87,320  2,160  
Depreciation and amortization 9,734  -  10,683  -  30,554  -  32,543  -  
Operating income 34,035  419  21,562  682  82,711  550  54,777  2,160  
Interest expense (724) -  (597) -  (1,849) -  (1,988) -  
Other, net 398  (82)(4)188  79 (4)905  (164)(4)645  161 (4)
Income before income taxes 33,709  337  21,153  761  81,767  386  53,434  2,321  
Income tax expense (7,801) (80)(5)(7,474) (249)(5)(18,098) (95)(5)(17,352) (635)(5)
Net income $25,908  $257  $13,679  $512  $63,669  $291  $36,082  $1,686  
                          
Diluted earnings per share $0.78     $0.41     $1.91     $1.08     
                          
                          
(1) Loss on damage to a plant caused by flooding.
(2) Transaction and advisory fees, loss on the sale of a plant.
(3) Restructuring charges related to the closure of manufacturing plant facilities.
(4) Foreign currency transaction (gains) losses.
(5) Impact on a with and without basis.
                  


               
QUANEX BUILDING PRODUCTS CORPORATION
SELECTED SEGMENT DATA
(In thousands)
(Unaudited)
           
This table provides gross margin, operating (loss) income, EBITDA, and Adjusted EBITDA by reportable segment. Non-operating expense and income tax expense are not allocated to the reportable segments.
  NA Fenestration EU Fenestration NA Cabinet Components Unallocated Corp & Other Total
Three months ended July 31, 2022          
Net sales $184,744  $67,613  $72,480  $(800) $324,037 
Cost of sales  142,970   47,212   61,543   (279)  251,446 
Gross Margin  41,774   20,401   10,937   (521)  72,591 
Gross Margin %  22.6%  30.2%  15.1%    22.4%
Selling, general and administrative  14,644   8,256   5,335   587   28,822 
Depreciation and amortization  4,044   2,327   3,273   90   9,734 
Operating income (loss)  23,086   9,818   2,329   (1,198)  34,035 
Depreciation and amortization  4,044   2,327   3,273   90   9,734 
EBITDA  27,130   12,145   5,602   (1,108)  43,769 
Transaction and advisory fees  -   -   -   419   419 
Adjusted EBITDA $27,130  $12,145  $5,602  $(689) $44,188 
Adjusted EBITDA Margin %  14.7%  18.0%  7.7%    13.6%
           
Three months ended July 31, 2021          
Net sales $147,818  $71,114  $61,936  $(991) $279,877 
Cost of sales  116,517   49,479   54,334   (464)  219,866 
Gross Margin  31,301   21,635   7,602   (527)  60,011 
Gross Margin %  21.2%  30.4%  12.3%    21.4%
Selling, general and administrative  13,428   7,525   5,130   1,683   27,766 
Depreciation and amortization  4,571   2,646   3,390   76   10,683 
Operating income (loss)  13,302   11,464   (918)  (2,286)  21,562 
Depreciation and amortization  4,571   2,646   3,390   76   10,683 
EBITDA  17,873   14,110   2,472   (2,210)  32,245 
Loss on the damage of a plant  -   307   -   -   307 
Loss on sale of plant  375   -   -   -   375 
Adjusted EBITDA $18,248  $14,417  $2,472  $(2,210) $32,927 
Adjusted EBITDA Margin %  12.3%  20.3%  4.0%    11.8%
           
Nine months ended July 31, 2022          
Net sales $509,283  $199,954  $207,711  $(2,978) $913,970 
Cost of sales  396,505   138,147   179,791   (1,512)  712,931 
Gross Margin  112,778   61,807   27,920   (1,466)  201,039 
Gross Margin %  22.1%  30.9%  13.4%    22.0%
Selling, general and administrative  43,099   24,160   15,823   4,692   87,774 
Depreciation and amortization  12,221   7,418   10,653   262   30,554 
Operating income (loss)  57,458   30,229   1,444   (6,420)  82,711 
Depreciation and amortization  12,221   7,418   10,653   262   30,554 
EBITDA  69,679   37,647   12,097   (6,158)  113,265 
Transaction and advisory fees  -   -   -   550   550 
Adjusted EBITDA $69,679  $37,647  $12,097  $(5,608) $113,815 
Adjusted EBITDA Margin %  13.7%  18.8%  5.8%    12.5%
           
Nine months ended July 31, 2021          
Net sales $422,077  $181,862  $179,492  $(3,050) $780,381 
Cost of sales  328,278   122,631   155,370   (1,556)  604,723 
Gross Margin  93,799   59,231   24,122   (1,494)  175,658 
Gross Margin %  22.2%  32.6%  13.4%    22.5%
Selling, general and administrative  38,944   21,559   15,372   12,424   88,299 
Restructuring charges  39   -   -   -   39 
Depreciation and amortization  14,528   7,771   9,965   279   32,543 
Operating income (loss)  40,288   29,901   (1,215)  (14,197)  54,777 
Depreciation and amortization  14,528   7,771   9,965   279   32,543 
EBITDA  54,816   37,672   8,750   (13,918)  87,320 
Loss on the damage of a plant  -   307   -   -   307 
Loss on sale of plant  375   -   -   1,439   1,814 
Restructuring charges  39   -   -   -   39 
Adjusted EBITDA $55,230  $37,979  $8,750  $(12,479) $89,480 
Adjusted EBITDA Margin %  13.1%  20.9%  4.9%    11.5%
           


 
QUANEX BUILDING PRODUCTS CORPORATION
SALES ANALYSIS
(In thousands)
(Unaudited)
         
  Three Months Ended July 31, Nine Months Ended July, 31
  2022 2021 2022 2021
         
NA Fenestration:       
 United States - fenestration$162,215  $129,291  $447,425  $369,809 
 International - fenestration 10,722   9,581   30,952   25,756 
 United States - non-fenestration 8,324   5,853   22,117   17,543 
 International - non-fenestration 3,483   3,093   8,789   8,969 
  $184,744  $147,818  $509,283  $422,077 
EU Fenestration:(1)       
 International - fenestration$49,041  $54,883  $148,525  $147,072 
 International - non-fenestration 18,572   16,231   51,429   34,790 
  $67,613  $71,114  $199,954  $181,862 
NA Cabinet Components:       
 United States - fenestration$4,857  $3,240  $13,288  $9,711 
 United States - non-fenestration 66,758   57,418   191,908   168,308 
 International - non-fenestration 865   1,278   2,515   1,473 
  $72,480  $61,936  $207,711  $179,492 
Unallocated Corporate & Other:       
 Eliminations$(800) $(991) $(2,978) $(3,050)
  $(800) $(991) $(2,978) $(3,050)
         
Net Sales$324,037  $279,877  $913,970  $780,381 
         
(1) Reflects reduction of $8.9 million and $11.7 million in revenue associated with foreign currency exchange rate impacts for the three and nine months ended July 31, 2022, respectively.
         

 

 


Primary Logo

Source: Quanex Building Products Corporation

2022 GlobeNewswire, Inc., source Press Releases