In This Story
Quanex Building Products Corporation (NX+2.18%) has submitted its Form 10-K filing for the fiscal year ended October 31, 2024.
The filing includes financial statements that show net sales of $1,277,862,000, an increase from $1,130,583,000 in the previous year. The increase is attributed to the acquisition of Tyman plc, which was completed on August 1, 2024.
Operating income decreased to $54,826,000 from $110,701,000 in the previous year, primarily due to increased selling, general, and administrative expenses and higher depreciation and amortization.
The company reported net income of $33,059,000, down from $82,501,000 in the previous year. The decrease in net income is attributed to higher interest expenses and transaction costs related to the Tyman acquisition.
Cash provided by operating activities was $88,812,000, while cash used for investing activities was $420,594,000, primarily due to the acquisition of Tyman.
Quanex reported total assets of $2,319,788,000 as of October 31, 2024, compared to $831,143,000 at the end of the previous fiscal year.
The company identified a material weakness in its internal control over financial reporting related to the preparation and review of the statement of cash flows.
Quanex operates in four reportable segments: North American Fenestration, European Fenestration, North American Cabinet Components, and Tyman.
The company plans to focus on growth through strategic acquisitions and enhancing its product offerings, while also addressing the identified material weakness in its internal controls.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Quanex Building Products Corporation annual 10-K report dated December 16, 2024. To report an error, please email earnings@qz.com.