Quanex Building Products Corp. Files 10-Q for Period Ending January 31, 2024

TL;DR

<b>Quanex Building Products Corp. filed its quarterly report (10-Q) for the period ending January 31, 2024, detailing financial positions and segment performance.</b>

AI Summary

Quanex Building Products CORP (NX) filed a Quarterly Report (10-Q) with the SEC on March 8, 2024. Quanex Building Products Corp. filed a 10-Q for the quarterly period ended January 31, 2024. The filing covers the period from November 1, 2023, to January 31, 2024. Financial data for the periods ending January 31, 2024, October 31, 2023, and January 31, 2023, are presented. Key financial statement components like Common Stock, Additional Paid-In Capital, Retained Earnings, Accumulated Other Comprehensive Income, and Treasury Stock are detailed for these dates. Operating segments, including Fenestration (North America and International) and Nonfenestration (North America and International), are identified.

Why It Matters

For investors and stakeholders tracking Quanex Building Products CORP, this filing contains several important signals. This 10-Q provides a snapshot of Quanex's financial health and operational performance for the first quarter of fiscal year 2024, crucial for investors assessing recent business trends. The breakdown of financial data and segment information allows stakeholders to understand the company's revenue streams and profitability drivers.

Risk Assessment

Risk Level: low — Quanex Building Products CORP shows low risk based on this filing. The filing is a standard 10-Q, providing routine financial disclosures without immediate indicators of significant new risks or negative trends.

Analyst Insight

Review the detailed financial statements and segment performance within the 10-Q to understand Quanex's current operational and financial standing.

Key Numbers

• 2024-01-31 — Conformed Period of Report (Quarterly period end date)
• 2024-03-08 — Filed as of Date (Date the report was filed)
• 10-Q — Form Type (Type of filing)
• 001-33913 — SEC File Number (Company's SEC file number)

Key Players & Entities

• Quanex Building Products CORP (company) — Filer
• 2024-01-31 (date) — Conformed Period of Report
• 2024-03-08 (date) — Filed as of Date
• 945 BUNKER HILL RD SUITE 900 (address) — Business Address
• HOUSTON (location) — Business Address City
• TX (location) — Business Address State
• 77024 (postal_code) — Business Address Zip
• 7139614600 (phone_number) — Business Phone

FAQ

Industry Context

Quanex Building Products Corp. operates within the building products industry, specifically focusing on fenestration and related components.

Regulatory Implications

The filing is a standard 10-Q, adhering to SEC regulations for quarterly financial reporting under the Securities Exchange Act of 1934.

What Investors Should Do

1. Analyze the financial statements for the quarter ended January 31, 2024, comparing them to prior periods.
2. Examine the performance of the Fenestration and Nonfenestration segments.
3. Review any disclosures related to changes in accounting policies or significant events.

Key Dates

• 2024-01-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-03-08: Filing Date — Date the 10-Q was officially submitted to the SEC.

Year-Over-Year Comparison

This filing represents the quarterly report for the period ending January 31, 2024, following previous filings such as the 10-K for the fiscal year ended October 31, 2023.

Key Financial Figures

• $0.01 — ich registered Common Stock, par value $0.01 per share NX New York Stock Exchange
• $1.1 million — d by unamortized debt issuance costs of $1.1 million), $ 5.1 million of outstanding letters

Filing Documents

• nx-20240131.htm (10-Q) — 934KB
• nx01312024ex311.htm (EX-31.1) — 10KB
• nx01312024ex312.htm (EX-31.2) — 10KB
• nx01312024ex321.htm (EX-32.1) — 5KB
• 0001423221-24-000006.txt (&nbsp;) — 5910KB
• nx-20240131.xsd (EX-101.SCH) — 41KB
• nx-20240131_cal.xml (EX-101.CAL) — 56KB
• nx-20240131_def.xml (EX-101.DEF) — 209KB
• nx-20240131_lab.xml (EX-101.LAB) — 569KB
• nx-20240131_pre.xml (EX-101.PRE) — 421KB
• nx-20240131_htm.xml (XML) — 779KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION 1

: Financial Statements (Unaudited)

Item 1: Financial Statements (Unaudited) 1 Condensed Consolidated Balance Sheets – January 31, 2024 and October 31, 2023 1 Condensed Consolidated Statements of Income – Three Months Ended J anuary 31, 202 4 and 2 023 2 Condensed Consolidated Statements of Comprehensive Income – Three Months Ended J anuary 31, 202 4 and 202 3 3 Condensed Consolidated Statements of Cash Flows – Three Months Ended January 31, 2024 and 2023 4 Condensed Consolidated Statement of Stockholders' Equity – Three Months Ended January 31, 2024 and 2023 5 Notes to Unaudited Condensed Consolidated Financial Statements 6

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

Item 2: Management's Discussion and Analysis of Financial Condition and Results of Operations 21

: Quantitative and Qualitative Disclosures About Market Risk

Item 3: Quantitative and Qualitative Disclosures About Market Risk 28

: Controls and Procedures

Item 4: Controls and Procedures 29

OTHER INFORMATION

PART II. OTHER INFORMATION 30

: Other Information

Item 5: Other Information 30

: Exhibits

Item 6: Exhibits 30 Table of Contents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements QUANEX BUILDING PRODUCTS CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) January 31, 2024 October 31, 2023 (In thousands, except share amounts) ASSETS Current assets: Cash and cash equivalents $ 44,422 $ 58,474 Accounts receivable, net of allowance for credit losses of $ 986 and $ 843 80,063 97,311 Inventories 107,478 97,959 Income taxes receivable 7,642 8,298 Prepaid and other current assets 13,390 11,558 Total current assets 252,995 273,600 Property, plant and equipment, net of accumulated depreciation of $ 375,560 and $ 368,763 253,681 250,664 Operating lease right-of-use assets 46,370 46,620 Goodwill 185,439 182,956 Intangible assets, net 72,008 74,115 Other assets 2,927 3,188 Total assets $ 813,420 $ 831,143 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 55,106 $ 74,371 Accrued liabilities 46,478 50,319 Income taxes payable — 384 Current maturities of long-term debt 2,500 2,365 Current operating lease liabilities 7,370 7,224 Total current liabilities 111,454 134,663 Long-term debt 61,594 66,435 Noncurrent operating lease liabilities 40,084 40,361 Deferred income taxes 30,737 29,133 Other liabilities 14,522 14,997 Total liabilities 258,391 285,589 Commitments and contingencies Stockholders' equity: Preferred stock, no par value, shares authorized 1,000,000 ; issued and outstanding - none — — Common stock, $ 0.01 par value, shares authorized 125,000,000 ; issue d 37,127,024 and 37,176,958 , respectively; outstanding 33,103,593 and 33,011,119 , respectively 371 372 Additional paid-in-capital 248,715 251,576 Retained earnings 412,922 409,318 Accumulated other comprehensive loss ( 32,060 ) ( 38,141 ) Less: Treasury stock at cost, 4,023,431 and 4,165,839 shares, respectively ( 74,919 ) ( 77,571 ) Total stockholders' equity 555,029 545,554 Total liabilities and stockholders' equity $ 813,420 $ 831,143 The accompanying notes are an integral

View Full Filing

View this 10-Q filing on SEC EDGAR