Quanex Building Products Files 2024 10-K

TL;DR

Quanex Building Products filed its 2024 10-K. Full financials and ops details are in.

AI Summary

Quanex Building Products Corp. filed its 2024 10-K report for the fiscal year ending October 31, 2024. The company, headquartered in Houston, TX, operates in the rolling drawing & extruding of nonferrous metals sector. Key financial data and operational details for the fiscal year are presented in this comprehensive filing.

Why It Matters

This filing provides investors and analysts with a detailed overview of Quanex Building Products' financial performance, operational status, and strategic outlook for the fiscal year 2024.

Risk Assessment

Risk Level: medium — The filing is a standard annual report and does not inherently indicate new or elevated risks.

Key Numbers

• 2024-10-31 — Fiscal Year End (The reporting period concludes on this date.)
• 2024-12-16 — Filing Date (The date the 10-K was officially submitted to the SEC.)

Key Players & Entities

• Quanex Building Products CORP (company) — Filer of the 10-K report
• 2024-10-31 (date) — Fiscal year end date
• 2024-12-16 (date) — Filing date of the 10-K
• Houston, TX (location) — Company headquarters and mailing address
• 7139614600 (phone_number) — Company business phone number

FAQ

Key Financial Figures

• $0.01 — ange on which registered Common Stock, $0.01 par value NX New York Stock Exchange
• $61.6 million — ss, we have a backlog of approximat ely $61.6 million as of October 31, 2024. The criteria fo

Filing Documents

• nx-20241031.htm (10-K) — 2088KB
• nx-exhibit211202410k.htm (EX-21.1) — 31KB
• nx-exhibit231202410k.htm (EX-23.1) — 2KB
• nx-exhibit311202410k.htm (EX-31.1) — 10KB
• nx-exhibit312202410k.htm (EX-31.2) — 10KB
• nx-exhibit32202410k.htm (EX-32.1) — 6KB
• nx-20241031_g1.jpg (GRAPHIC) — 193KB
• 0001423221-24-000015.txt ( ) — 12510KB
• nx-20241031.xsd (EX-101.SCH) — 65KB
• nx-20241031_cal.xml (EX-101.CAL) — 143KB
• nx-20241031_def.xml (EX-101.DEF) — 361KB
• nx-20241031_lab.xml (EX-101.LAB) — 989KB
• nx-20241031_pre.xml (EX-101.PRE) — 700KB
• nx-20241031_htm.xml (XML) — 1988KB

Risk Factors

Item 1A. Risk Factors 9

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 15

Cybersecurity

Item 1C. Cybersecurity 15

Properties

Item 2. Properties 17

Legal Proceedings

Item 3. Legal Proceedings 17

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 18 PART II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 19

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 21

Quantitative and Qualitative Disclosures about Market Risk

Item 7A. Quantitative and Qualitative Disclosures about Market Risk 32

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 34

Change in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Change in and Disagreements with Accountants on Accounting and Financial Disclosure 78

Controls and Procedures

Item 9A. Controls and Procedures 78

Other Information 79

Item 9B. Other Information 79 PART III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 80

Executive Compensation

Item 11. Executive Compensation 80

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 80

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 80

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services 80 PART IV

Exhibits and Financial Statement Schedules

Item 15. Exhibits and Financial Statement Schedules 80 Unless the context indicates otherwise, references to "Quanex", the "Company", "we", "us" and "our" refer to the consolidated business operations of Quanex Building Products Corporation and its subsidiaries. Cautionary Note Regarding Forward-Looking Statements Certain of the statements contained in this document and in documents incorporated by reference herein, including those made under the caption "Management's Discussion and Analysis of Financial Condition and Results of Operations" are "forward-looking" statements as defined under the Private Securities Litigation Reform Act of 1995. Generally, the words "expect," "believe," "intend," "estimate," "anticipate," "project," "will" and similar expressions identify forward-looking statements, which generally are not historical in nature. Forward looking statements are (1) all statements which address future operating performance, (2) events or developments that we expect or anticipate will occur in the future, including statements relating to volume, sales, operating income and earnings per share, and (3) statements expressing general outlook about future operating results. Forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from our historical experience and our current projections or expectations. As and when made, we believe that these forward-looking statements are reasonable. However, caution should be taken not to place undue reliance on any such forward-looking statements since such statements speak only as of the date when made and there can be no assurance that such forward-looking statements will occur. We are not obligated to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Factors that could cause actual results to differ materially from those expressed or implied by the forward-looking statement

Business

Item 1. Business. Our Company Quanex was incorporated in Delaware on December 12, 2007, as Quanex Building Products Corporation. We currently manufacture and distribute components for original equipment manufacturers (OEM) in the building products industry. The majority of these components can be categorized as window and door (fenestration) components, and kitchen and bath cabinet components. Examples of fenestration components include energy-efficient flexible insulating glass spacers, extruded vinyl profiles, window and door screens, precision-formed metal and wood products, window and door seals, and window and door hardware. In addition, we provide certain other non-fenestration components and products, which include solar panel sealants, trim moldings, vinyl decking, water retention barriers, conservatory roof components, and commercial access solutions. We use low-cost production processes and engineering expertise to provide our customers with specialized products for their specific applications. We believe these capabilities provide us with unique competitive advantages. We serve a primary customer base in North America and the U.K., and also serve customers in international markets through our operating locations in the U.K., Germany, Mexico, Canada, and Italy, as well as through sales and marketing efforts in other countries. Our History Our predecessor company, Quanex Corporation, was organized in Michigan in 1927 as Michigan Seamless Tube Company, and was later reincorporated in Delaware in 1968. In 1977, Michigan Seamless Tube Company changed its name to Quanex Corporation. On December 12, 2007, Quanex Building Products Corporation was incorporated as a wholly-owned subsidiary in the state of Delaware, in order to facilitate the separation of Quanex Corporation's vehicular products and building products businesses. This separation became effective on April 23, 2008, through a spin-off of the building products business to Quanex Corporation's then-e

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View this 10-K filing on SEC EDGAR