Quanex 4Q net income falls 84 percent
HOUSTON (AP) — Shares of Quanex Building Products Corp. fell sharply Friday after the construction materials maker said that its fiscal fourth-quarter income dropped more than 84 percent as costs rose.
The results missed Wall Street expectations, and shares of the company fell $2.17, or 9.8 percent, to $20.02 in midday trading Friday.
The Houston-based company said it earned $968,000, or 3 cents per share, for the three months that ended Oct. 31. That compares with earnings of $6.2 million, or 17 cents per share, in the same period last year.
The results included an asset impairment charge of 2 cents and company costs for a business software transition of 4 cents.
Excluding unusual items, adjusted earnings were 5 cents per share.
Analysts on average expected adjusted earnings of 20 cents per share, according to research firm FactSet.
Quanex said its revenue rose less than 1 percent to $235 million from $232.9 million. Economists expected revenue of $247 million, according to FactSet.
For the full year ending Oct. 31, the company posted a loss of $24.9 million, or 45 cents per share. That compares to earnings of $16.5 million, or 24 cents per share, in the same period last year.
Excluding items, the company posted a loss of 1 cent per share for the year.
Revenue for the year fell 2.3 percent to $828.9 million from $848.3 million, mainly because of a strike at its Nichols Aluminum plant in Davenport, Iowa.