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GlobeNewswire (Europe)
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Quanex Building Products Corporation: Quanex Building Products Announces First Quarter 2023 Results and Provides Full Year 2023 Guidance

Balance Sheet and Liquidity Remain Strong
Significant Improvement in Cash Provided by Operating Activities
Revenue Growth in NA and EU Fenestration Segments, Excluding FX Impact
Integration of LMI Custom Mixing Assets on Track
Cautiously Optimistic on Second Half of 2023
Positive Long-Term View on Residential Housing Market Remains Intact

HOUSTON, March 09, 2023 (GLOBE NEWSWIRE) -- Quanex Building Products Corporation (NYSE:NX) ("Quanex" or the "Company") today announced its results for the three months ended January 31, 2023.

The Company reported the following selected financial results:

Three Months Ended January 31,
($ in millions, except per share data) 2023 2022
Net Sales $261.9 $267.0
Gross Margin $51.8 $55.2
Gross Margin % 19.8% 20.7%
Net Income $1.9 $11.2
Diluted EPS $0.06 $0.34
Adjusted Net Income $6.1 $11.3
Adjusted Diluted EPS $0.18 $0.34
Adjusted EBITDA $20.5 $24.4
Adjusted EBITDA Margin % 7.8% 9.1%
Cash Provided by (Used For) Operating Activities $3.1 ($21.7
Free Cash Flow ($4.4) ($29.0)

(See Non-GAAP Terminology Definitions and Disclaimers section, Non-GAAP Financial Measure Disclosure table, Selected Segment Data table and reconciliation tables for additional information)

George Wilson, President and Chief Executive Officer, stated, "Our results for the first quarter of 2023 were generally as expected with the only caveat being an elevated level of customer inventory re-balancing initiatives in our fenestration segments. We believe we are seeing a return to what is normal seasonality in our business. In addition to lower market demand year-over-year, results for the quarter were impacted by higher stock-based compensation expense from the increase in our stock price, one-time transaction and advisory fees, increased interest expense related to rising rates on the debt we incurred to fund the acquisition of LMI Custom Mixing, LLC ("LMI"), and foreign exchange translation. While results in our legacy North American Fenestration segment were impacted by market volume declines and customer inventory rebalancing initiatives, the LMI business performed well and controllable operational performance in the legacy business continues to be strong. Results in our North American Cabinet Components segment were impacted by index related price decreases and soft market demand; however, margins were consistent compared to the same period of last year. Our European Fenestration business performed well despite additional macroeconomic headwinds, including the war in Ukraine and increased energy costs. In fact, after adjusting for the foreign exchange translation impact, we generated revenue growth in Europe and margins held up nicely. As we look ahead, it is important to note that while pricing for raw materials and related surcharges are declining, inflationary pressures still exist in many areas. We are focused on making sure our product pricing takes all factors into account.

"Notwithstanding some near-term macroeconomic challenges, our balance sheet remains strong even after accounting for the debt we borrowed to fund the acquisition of LMI. The integration of LMI is going well, and we have already started realizing synergies. Despite the overall softness compared to the same period of 2022, we were still able to pay down some debt towards the end of the first quarter and our leverage remains low."

First Quarter 2023 Results Summary

The Company reported net sales of $261.9 million during the three months ended January 31, 2023, which represents a decrease of 1.9% compared to $267.0 million for the same period of 2022. The decrease was mostly attributable to softer demand, customer inventory rebalancing initiatives and foreign exchange translation impact. Quanex realized net sales growth of 4.3% for the first quarter of 2023 in its North American Fenestration segment, which was driven by the contribution from LMI. Excluding LMI, net sales in the North American Fenestration segment would have declined by approximately 7% year-over-year. The Company reported a decline in net sales of 12.3% in its North American Cabinet Components segment and an increase of 3.9% in net sales in its European Fenestration segment, excluding foreign exchange impact. (See Sales Analysis table for additional information)

The decrease in earnings for the three months ended January 31, 2023 was largely due to lower volumes, one-time transaction and advisory fees, foreign exchange translation, higher interest expense and increased stock-based compensation expense, mostly due to stock price appreciation.

Balance Sheet & Liquidity Update

As of January 31, 2023, the Company had total debt of $155.1 million ($100.0 million excluding real-estate leases that are considered "finance" leases under U.S. GAAP) and Quanex's leverage ratio of Net Debt to LTM Adjusted EBITDA was 0.8x (0.4x excluding these real-estate leases). As previously disclosed, the Company borrowed $92 million to acquire substantially all the assets of LMI on November 1, 2022. As of January 31, 2023, the Company's LTM Adjusted EBITDA was $148.6 million and LTM Net Income, the most directly comparable GAAP measure, was $79.0 million. (See Non-GAAP Terminology Definitions and Disclaimers section, Net Debt Reconciliation table and Last Twelve Months Adjusted EBITDA Reconciliation table for additional information)

Quanex's liquidity was $263.0 million as of January 31, 2023, consisting of $43.0 million in cash on hand plus availability under its Amended and Restated Senior Secured Revolving Credit Facility due 2027, less letters of credit outstanding.

Outlook

Mr. Wilson commented, "While the near-term outlook for our business remains somewhat cautious, our long-term view has not changed, and we believe the underlying fundamentals for the residential housing market remain positive. Considering these strong market fundamentals, and our belief that we have returned to a more normalized seasonality pattern, we are cautiously optimistic that demand will improve in the second half of our fiscal year. That said, we are also proactively working to adjust our cost structure to protect margins in the event that second half improvement doesn't materialize as currently expected. Overall, on a consolidated basis, and assuming fundamentals do not worsen materially, we estimate we will generate net sales of $1.12 billion to $1.16 billion, which we expect will yield approximately $130 million to $142 million in Adjusted EBITDA* in fiscal 2023.

As always, we will stay focused on the things we can control. Our capital allocation priorities are generating cash, paying down debt, evaluating growth opportunities and opportunistically buying back our stock."

*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, March 10, 2023 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/BIc7e66b8a6c024100847adde656098b34

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 is a global manufacturer with core capabilities and broad applications across various end markets. The Company currently collaborates and partners with leading OEMs to provide innovative solutions in the window, door, vinyl fencing, solar, refrigeration and cabinetry markets. Looking ahead, Quanex plans to leverage its material science expertise and process engineering to expand into adjacent markets.

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, 2022, 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 January 31,
2023 2022
Net sales $261,916 $267,040
Cost of sales 210,149 211,834
Selling, general and administrative 36,744 30,823
Depreciation and amortization 10,620 10,257
Operating income 4,403 14,126
Interest expense (2,259) (523)
Other, net 218 54
Income before income taxes 2,362 13,657
Income tax expense (453) (2,418)
Net income $1,909 $11,239
Earnings per common share, basic $0.06 $0.34
Earnings per common share, diluted $0.06 $0.34
Weighted average common shares outstanding:
Basic 32,951 33,124
Diluted 33,137 33,298
Cash dividends per share $0.08 $0.08


QUANEX BUILDING PRODUCTS CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)

January 31, 2023 October 31, 2022
ASSETS
Current assets:
Cash and cash equivalents $43,055 $55,093
Accounts receivable, net 84,672 96,018
Inventories, net 127,735 120,890
Prepaid and other current assets 11,146 8,664
Total current assets 266,608 280,665
Property, plant and equipment, net 242,030 180,400
Operating lease right-of-use assets 45,996 56,000
Goodwill 184,706 137,855
Intangible assets, net 83,401 65,035
Other assets 4,285 4,662
Total assets $827,026 $724,617
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $63,093 $77,907
Accrued liabilities 46,064 52,114
Income taxes payable 1,624 1,049
Current maturities of long-term debt 1,996 1,046
Current operating lease liabilities 7,213 7,727
Total current liabilities 119,990 139,843
Long-term debt 151,682 29,628
Noncurrent operating lease liabilities 39,725 49,286
Deferred pension benefits - 3,917
Deferred income taxes 23,249 22,277
Other liabilities 16,692 14,831
Total liabilities 351,338 259,782
Stockholders' equity:
Common stock 372 372
Additional paid-in-capital 249,730 251,947
Retained earnings 336,704 337,456
Accumulated other comprehensive loss (38,050) (49,422)
Treasury stock at cost (73,068) (75,518)
Total stockholders' equity 475,688 464,835
Total liabilities and stockholders' equity $827,026 $724,617


QUANEX BUILDING PRODUCTS CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW
(In thousands)
(Unaudited)

Three Months Ended January 31,
2023 2022
Operating activities:
Net income$1,909 $11,239
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization 10,620 10,257
Stock-based compensation 679 552
Deferred income tax 179 854
Other, net 1,509 1,218
Changes in assets and liabilities:
Decrease in accounts receivable 20,502 8,340
Decrease (increase) in inventory 645 (25,318)
Increase in other current assets (1,431) (3,534)
Decrease in accounts payable (21,379) (8,391)
Decrease in accrued liabilities (12,686) (18,248)
Increase in income taxes payable 536 1,391
Increase (decrease) in deferred pension benefits 7 (80)
Increase in other long-term liabilities 1,461 404
Other, net 584 (335)
Cash provided by (used for) operating activities 3,135 (21,651)
Investing activities:
Business acquisition (92,000) -
Capital expenditures (7,582) (7,370)
Proceeds from disposition of capital assets 98 10
Cash used for investing activities (99,484) (7,360)
Financing activities:
Borrowings under credit facilities 102,000 28,000
Repayments of credit facility borrowings (15,000) (3,000)
Repayments of other long-term debt (579) (228)
Common stock dividends paid (2,661) (2,587)
Issuance of common stock 99 55
Payroll tax paid to settle shares forfeited upon vesting of stock (545) (1,383)
Cash used for financing activities 83,314 20,857
Cash provided by financing activities 997 (188)
Decrease in cash and cash equivalents (12,038) (8,342)
Cash and cash equivalents at beginning of period 55,093 40,061
Cash and cash equivalents at end of period$43,055 $31,719


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 operating activities less capital expenditures.
Three Months Ended January 31,
2023 2022
Cash provided by (used for) operating activities $3,135 (21,651)
Capital expenditures (7,582) (7,370)
Free Cash Flow ($4,447) ($29,021)
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 January 31,
2023 2022
Revolving credit facility $100,000 $63,000
Finance lease obligations (1) 55,122 15,048
Total debt (2) 155,122 78,048
Less: Cash and cash equivalents 43,055 31,719
Net Debt $112,067 $46,329
(1) Includes $53.2 million and $13.8 million in real estate lease liabilities considered finance leases under U.S. GAAP for the three months ended January 31, 2023 and January 31, 2022, respectively..
(2) Excludes outstanding letters of credit.


QUANEX BUILDING PRODUCTS CORPORATION
NON-GAAP FINANCIAL MEASURE DISCLOSURE
LAST TWELVE MONTHS ADJUSTED EBITDA RECONCILIATION
(In thousands, except per share data)
(Unaudited)

Reconciliation of Last Twelve Months Adjusted EBITDA Three Months Ended
January 31, 2023
Three Months Ended
October 31, 2022
Three Months Ended
July 31, 2022
Three Months Ended
April 30, 2022
Total
Reconciliation Reconciliation Reconciliation Reconciliation Reconciliation
Net income as reported $1,909 $24,667 $25,908 $26,522 $79,006
Income tax expense 453 3,329 7,801 7,879 19,462
Other, net (218) (136) (398) (453) (1,205)
Interest expense 2,259 710 724 602 4,295
Depreciation and amortization 10,620 9,555 9,734 10,563 40,472
EBITDA 15,023 38,125 43,769 45,113 142,030
Selling, general and administrative(1) 5,448 564 419 131 6,562
Adjusted EBITDA $20,471 $38,689 $44,188 $45,244 $148,592
(1) Transaction and advisory fees.


QUANEX BUILDING PRODUCTS CORPORATION
NON-GAAP FINANCIAL MEASURE DISCLOSURE
(In thousands, except per share data)
(Unaudited)

Three Months Ended Three Months Ended
Reconciliation of Adjusted Net Income and Adjusted EPS January 31, 2023 January 31, 2022
Net
Income
Diluted
EPS
Net
Income
Diluted
EPS
Net income as reported $1,909 $0.06 $11,239 $0.34
Net income reconciling items from below 4,154 $0.12 33 $-
Adjusted net income and adjusted EPS $6,063 $0.18 $11,272 $0.34
Reconciliation of Adjusted EBITDA Three Months Ended
January 31, 2023
Three Months Ended
January 31, 2022
Reconciliation Reconciliation
Net income as reported $1,909 $11,239
Income tax expense 453 2,418
Other, net (218) (54)
Interest expense 2,259 523
Depreciation and amortization 10,620 10,257
EBITDA 15,023 24,383
EBITDA reconciling items from below 5,448 -
Adjusted EBITDA $20,471 $24,383
Reconciling Items Three Months Ended
January 31, 2023
Three Months Ended
January 31, 2022
Income
Statement
Reconciling
Items
Income
Statement
Reconciling
Items
Net sales $261,916 $- $267,040 $-
Cost of sales 210,149 - 211,834 -
Selling, general and administrative 36,744 (5,448)(1) 30,823 -
EBITDA 15,023 5,448 24,383 -
Depreciation and amortization 10,620 - 10,257 -
Operating income 4,403 5,448 14,126 -
Interest expense (2,259) - (523) -
Other, net 218 (42)(2) 54 41 (2)
Income before income taxes 2,362 5,406 13,657 41
Income tax expense (453) (1,252)(3) (2,418) (8)(3)
Net income $1,909 $4,154 $11,239 $33
Diluted earnings per share $0.06 $0.34
(1) Transaction and advisory fees.
(2) Foreign currency transaction (gains) losses.
(3) 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 January 31, 2023
Net sales $152,980 $54,952 $54,674 $(690) $261,916
Cost of sales 124,717 37,703 48,056 (327) 210,149
Gross Margin 28,263 17,249 6,618 (363) 51,767
Gross Margin % 18.5% 31.4% 12.1% 19.8%
Selling, general and administrative 13,295 7,505 4,873 11,071 36,744
Depreciation and amortization 5,245 2,348 2,934 93 10,620
Operating income (loss) 9,723 7,396 (1,189) (11,527) 4,403
Depreciation and amortization 5,245 2,348 2,934 93 10,620
EBITDA 14,968 9,744 1,745 (11,434) 15,023
Transaction and advisory fees - - - 5,448 5,448
Adjusted EBITDA $14,968 $9,744 $1,745 $(5,986) $20,471
Adjusted EBITDA Margin % 9.8% 17.7% 3.2% 7.8%
Three months ended January 31, 2022
Net sales $146,631 $58,914 $62,353 $(858) $267,040
Cost of sales 115,964 41,227 55,073 (430) 211,834
Gross Margin 30,667 17,687 7,280 (428) 55,206
Gross Margin % 20.9% 30.0% 11.7% 20.7%
Selling, general and administrative 14,377 7,303 5,270 3,873 30,823
Depreciation and amortization 4,139 2,569 3,463 86 10,257
Operating income (loss) 12,151 7,815 (1,453) (4,387) 14,126
Depreciation and amortization 4,139 2,569 3,463 86 10,257
EBITDA 16,290 10,384 2,010 (4,301) 24,383
Adjusted EBITDA $16,290 $10,384 $2,010 $(4,301) $24,383
Adjusted EBITDA Margin % 11.1% 17.6% 3.2% 9.1%

QUANEX BUILDING PRODUCTS CORPORATION
SALES ANALYSIS
(In thousands)
(Unaudited)

Three Months Ended January 31,
2023 2022
NA Fenestration:
United States - fenestration$120,767 $128,367
International - fenestration 5,127 9,136
United States - non-fenestration 23,066 6,716
International - non-fenestration 4,020 2,412
$152,980 $146,631
EU Fenestration:(1)
International - fenestration$42,354 $44,621
International - non-fenestration 12,598 14,293
$54,952 $58,914
NA Cabinet Components:
United States - fenestration$3,908 $3,765
United States - non-fenestration 50,049 57,767
International - non-fenestration 717 821
$54,674 $62,353
Unallocated Corporate & Other:
Eliminations$(690) $(858)
$(690) $(858)
Net Sales$261,916 $267,040
(1) Reflects a reduction of $6.0 million in revenue associated with foreign currency exchange rate impacts for the three months ended January 31, 2023.


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