Quanex Building Products Corporation Fiscal Second Quarter 2010 Operating Results

HOUSTON, May 27, 2010 (GLOBE NEWSWIRE) -- Quanex Building Products Corporation today released fiscal second quarter 2010 results for the period ending April 30. The company reported that customer demand at its two operating segments -- Engineered Products and Aluminum Sheet Products -- was much stronger as compared to both the second quarter 2009 and the sequential first quarter 2010. The company also stated that its operating segments had significantly outperformed their two primary end markets (new residential construction and residential remodeling) in the quarter.


Second quarter net sales were $199.4 million compared to $113.2 million a year ago. Income from continuing operations was $4.4 million (including an after-tax bargain purchase gain of $1.3 million and an after-tax LIFO expense of $0.8 million) compared to a loss of $40.0 million a year ago (including an after-tax impairment charge of $29.0 million and an after-tax LIFO gain of $2.9 million). Diluted earnings per share from continuing operations were $0.12 (including a bargain purchase gain of $0.03 per diluted share and a LIFO expense of $0.02 per diluted share) compared to a loss of $1.07 a year ago (including a $0.78 per diluted share impairment charge and a $0.08 per diluted share LIFO gain).