Quanex 3Q net income rises; shares trade higher
HOUSTON (AP) — Quanex Building Products said Wednesday its net income tripled in the fiscal third quarter as sales of window parts rose and overhead costs dropped.
Sales in the unit that makes window and door parts rose 17 percent to $156.8 million. In 2012 the housing market began to recover from the recession, and the sector has been one of the bright spots for the U.S. economy this year.
But revenue in the company's aluminum sheet business declined 2 percent to $105.2 million.
In the quarter ended July 31, Quanex Building Products Corp. said its net income rose to $5 million, or 13 cents per share, from $1.5 million, or 4 cents per share. Revenue grew 9 percent, to $259.2 million from $237.9 million.
FactSet says analysts expected Quanex to report net income of 12 cents per share on $266 million in revenue.
General and administrative costs fell 7 percent to $24.7 million.
Shares rose 46 cents, or 2.8 percent, to $17.15 in afternoon trading.