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Quanex Building Products Corporation (NX+0.56%) has submitted its 10-Q filing for the quarterly period ended January 31, 2025.
The filing includes financial statements for the quarter, showing an increase in net sales to $400,044,000 from $239,155,000 in the same quarter the previous year. The increase is primarily attributed to the acquisition of Tyman plc.
Cost of sales for the quarter was $307,728,000, representing 77% of sales, compared to 78% in the same quarter of the previous year.
The company reported a net loss of $14,885,000 for the quarter, compared to a net income of $6,249,000 in the previous year, with the decline attributed to restructuring charges and amortization of inventory step-up charges related to the acquisition of Tyman.
Operating loss for the quarter was $6,978,000, compared to an operating income of $7,917,000 in the previous year. The decline is due to increased costs associated with the Tyman acquisition.
Interest expense increased to $14,186,000 from $1,068,000, primarily due to higher borrowings related to the acquisition.
Net cash used for operating activities was $12,510,000, compared to cash provided by operating activities of $3,854,000 in the previous year.
Quanex had a working capital of $318,843,000 as of January 31, 2025. The company continues to focus on integrating the Tyman acquisition and managing its debt obligations.
The filing also details various financial agreements, including an amended credit agreement with Wells Fargo Bank, which increased the revolving credit facility to $475 million.
Quanex does not anticipate cash dividend payments to common stockholders in the near future.
The company identified a material weakness in its internal controls over financial reporting related to the preparation and review of the statement of cash flows.
Quanex continues to focus on expanding its market presence and enhancing its product offerings through strategic acquisitions and organic growth initiatives.
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 quarterly 10-Q report dated March 11, 2025. To report an error, please email earnings@qz.com.