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Quanex Building Products Corporation (NX)

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21.01-0.31 (-1.45%)
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Neutralpattern detected
Previous Close21.32
Open21.33
Bid0.00 x 800
Ask0.00 x 900
Day's Range20.72 - 21.33
52 Week Range7.90 - 22.00
Volume47,279
Avg. Volume176,860
Market Cap689.241M
Beta (5Y Monthly)1.66
PE Ratio (TTM)N/A
EPS (TTM)N/A
Earnings DateN/A
Forward Dividend & Yield0.32 (1.50%)
Ex-Dividend DateSep 15, 2020
1y Target EstN/A
  • Quanex Building Products Announces Fourth Quarter and Fiscal Year 2020 Earnings Release and Conference Call Schedule
    GlobeNewswire

    Quanex Building Products Announces Fourth Quarter and Fiscal Year 2020 Earnings Release and Conference Call Schedule

    HOUSTON, TEXAS, Nov. 24, 2020 (GLOBE NEWSWIRE) -- Quanex Building Products Corporation (NYSE: NX) (“Quanex” or the “Company”) today announced plans to release its fourth quarter and fiscal year 2020 results on Thursday, December 10, 2020 after trading closes on the New York Stock Exchange.The Company has also scheduled a conference call for Friday, December 11, 2020 at 11:00 a.m. ET (10:00 a.m. CT) to discuss the release.  Investors may participate in the conference call via telephone by dialing (877) 388-2139 for domestic callers or (541) 797-2983 for international callers, in both cases using conference passcode 4046353, and asking for the Quanex call a few minutes prior to the start time.A link to the live audio webcast will also be available on the Company’s website at http://www.quanex.com in the Investors section under Presentations & Events.A telephonic replay will be available through December 18, 2020 by dialing (855) 859-2056 for domestic callers or (404) 537-3406 for international callers, in both cases referencing conference passcode 4046353.  A webcast archive will also be available at http://www.quanex.com shortly after the call.About Quanex Quanex Building Products Corporation is an industry-leading manufacturer of components sold to Original Equipment Manufacturers (OEMs) in the building products industry.  Quanex designs and produces energy-efficient fenestration products in addition to kitchen and bath cabinet components. CONTACT: Scott Zuehlke SVP, Chief Financial Officer & Treasurer 713-877-5327 scott.zuehlke@quanex.com

  • GlobeNewswire

    Quanex Building Products Appoints William Waltz to Board of Directors

    HOUSTON, TEXAS, Oct. 08, 2020 (GLOBE NEWSWIRE) -- Quanex Building Products Corporation (NYSE: NX) (“Quanex” or the “Company”) today announced the appointment of William (“Bill”) E. Waltz to its Board of Directors (the “Board”) effective October 7, 2020.George Wilson, President and Chief Executive Officer, commented, “We are delighted to have Bill join our Board as a member of the Audit and Nominating and Corporate Governance Committees.  Bill’s global manufacturing expertise, strategic vision and proven track record of guiding organizations through inflection points in their growth will help our Company create value for shareholders over time.  We look forward to Bill’s contributions.”Bill Griffiths, Executive Chairman, stated, “Bill is a proven leader and valuable addition to Quanex’s Board.  His professional experience will bring critical insights and perspectives that we can leverage to benefit the Company.  On behalf of the entire Quanex Board, we welcome Bill and look forward to his tenure.” Mr. Waltz has been the President and Chief Executive Officer of Atkore International Group Inc. (NYSE: ATKR) since 2018 and served in several other executive roles for the company from 2013 to 2018, including Chief Operating Officer and Group President of the Atkore Electrical Raceway reporting segment.  From 2009 to 2013, Mr. Waltz was the Chairman and Chief Executive Officer of Strategic Materials Inc., the largest glass recycling company in North America.  Prior to that, he spent 15 years in various divisions of Pentair plc, including President-Pentair Flow Technologies.  Mr. Waltz began his career at General Electric Company and as a Deloitte Management consultant.  Mr. Waltz earned a Masters of Business Administration from Northwestern University, Kellogg Graduate School of Management, a Masters of Science in Computer Science from Villanova University, a Bachelor of Science in Industrial Engineering from Pennsylvania State University, and was a graduate of General Electric’s Information Systems Management Program.About Quanex Quanex Building Products Corporation is an industry-leading manufacturer of components sold to Original Equipment Manufacturers (OEMs) in the building products industry.  Quanex designs and produces energy-efficient fenestration products in addition to kitchen and bath cabinet components. CONTACT: Scott Zuehlke SVP, Chief Financial Officer & Treasurer 713-877-5327 scott.zuehlke@quanex.com

  • GlobeNewswire

    Quanex Building Products Announces Third Quarter 2020 Results and Provides Updated Full Year 2020 Guidance

    Balance Sheet & Liquidity Remain Strong Repaid $78 Million of Bank Debt Over 50% Increase in Cash Provided by Operations Margin Expansion Realized in EU Fenestration Segment Management Remains Optimistic on RecoveryHOUSTON, Sept. 03, 2020 (GLOBE NEWSWIRE) -- Quanex Building Products Corporation (NYSE:NX) (“Quanex” or the “Company”) today announced its results for the three months ended July 31, 2020.The Company reported the following selected financial results:  Three Months Ended July 31, Nine Months Ended July 31,    2020   2019   2020   2019  Net Sales $212.1  $238.5  $596.2  $653.5  Gross Margin $49.7  $57.1  $126.6  $142.2  Gross Margin %  23.4%   23.9%   21.2%   21.8%  Net Income (Loss) $10.8  $11.8  $16.3   ($15.8)  Diluted EPS $0.33  $0.36  $0.50   ($0.48)            Adjusted Net Income $11.1  $13.7  $18.7  $17.8  Adjusted Diluted EPS $0.34  $0.41  $0.57  $0.54  Adjusted EBITDA $27.7  $32.8  $65.2  $68.2  Adjusted EBITDA Margin %  13.1%   13.7%   10.9%   10.4%            Cash Provided by Operating Activities$45.1  $29.9  $47.6  $30.0  Free Cash Flow $40.7  $25.9  $26.9  $13.1            (See Non-GAAP Terminology Definitions and Disclaimers section, Non-GAAP Financial Measure Disclosure table Selected Segment Data table and Free Cash Flow Reconciliation table for additional information)           George Wilson, President and Chief Executive Officer, stated, “Despite the impact from the COVID-19 pandemic, third quarter results proved better than we expected and exceeded the guidance we provided on our last earnings call.  Volumes increased steadily throughout the quarter, especially in Europe, and we remain optimistic on the recovery.  We continue to focus on managing working capital and generating cash.  As a result, we realized an increase of over 50% in cash provided by operating activities as compared to the same period of 2019.  We were also able to repay $78 million of bank debt during the quarter, $50 million of which was drawn as a precautionary measure in response to the pandemic, and our leverage ratio of Net Debt to LTM Adjusted EBITDA improved to a level below where we ended fiscal 2019.  We have worked tirelessly over the past several years to make sure we have a flexible capital structure and a strong balance sheet, which has left our Company well positioned to navigate the challenges presented by the COVID-19 pandemic.” Consistent with most companies, we withdrew guidance for fiscal 2020 in March due to the uncertainty surrounding the COVID-19 pandemic.  Our results have been negatively impacted by the pandemic; however, we continue to be positively surprised by the pace at which demand for our products has returned. As such, we are now comfortable providing full year 2020 guidance of $832 million to $837 million in net sales and $97 million to $102 million in Adjusted EBITDA*.  (See Non-GAAP Terminology Definitions and Disclaimers section for additional information)*When Quanex provides expectations for Adjusted EBITDA on a forward-looking basis, a reconciliation of the differences between the non-GAAP expectations and corresponding GAAP measures is generally not available without unreasonable effort.  Certain items required for such a reconciliation are outside of the Company’s control and/or cannot be reasonably predicted or estimated, such as the provision for income taxes.Third Quarter 2020 Results Summary   The decrease in net sales during the third quarter of 2020 was largely attributable to softer demand related to the COVID-19 pandemic.  The Company’s two manufacturing facilities in the UK were shut down in compliance with government orders on March 25, 2020, and manufacturing operations at those plants did not restart until mid-to-late May.  However, volume across all segments increased significantly in June and net sales in July exceeded prior year on a consolidated basis. (See Sales Analysis table for additional information)The decrease in reported earnings was primarily due to reduced operating leverage as a result of softer volumes related to the pandemic.    Balance Sheet & Liquidity UpdateAs of July 31, 2020, the Company’s leverage ratio of Net Debt to LTM Adjusted EBITDA improved to 1.1x.  Quanex expects to exit fiscal 2020 with a leverage ratio of Net Debt to LTM Adjusted EBITDA at or below 1.0x.   (See Non-GAAP Terminology Definitions and Disclaimers section for additional information)The Company’s liquidity increased to $223.2 million as of July 31, 2020, consisting of $41.1 million in cash on hand plus availability under its Senior Secured Revolving Credit Facility due 2023, less letters of credit outstanding.Share RepurchasesQuanex’s Board of Directors authorized a $60 million share repurchase program in September of 2018.  Repurchases under this program will be made in open market transactions or privately negotiated transactions, subject to market conditions, applicable legal requirements and other relevant factors.  The program does not have an expiration date or a limit on the number of shares that may be repurchased.  The Company did not repurchase any shares of common stock during the three months ended July 31, 2020.  As of July 31, 2020, approximately $11.7 million remained under the existing share repurchase authorization.  Recent EventsQuanex’s Board of Directors declared a quarterly cash dividend of $0.08 per share on the Company’s common stock, payable September 30, 2020, to shareholders of record on September 16, 2020.Conference Call and Webcast InformationThe Company has scheduled a conference call for Friday, September 4, 2020, at 11:00 a.m. ET (10:00 a.m. CT).  To participate in the conference call dial (877) 388-2139 for domestic callers and (541) 797-2983 for international callers, in both cases using the conference passcode 6194308, and ask for the Quanex call a few minutes prior to the start time.  A link to the live audio webcast will also be available on the Company’s website at http://www.quanex.com in the Investors section under Presentations & Events.  A telephonic replay of the call will be available approximately two hours after the live broadcast ends and will be accessible through September 11, 2020.  To access the replay dial (855) 859-2056 for domestic callers and (404) 537-3406 for international callers, in both cases referencing conference passcode 6194308. About Quanex Quanex Building Products Corporation is an industry-leading manufacturer of components sold to Original Equipment Manufacturers (OEMs) in the building products industry.  Quanex designs and produces energy-efficient fenestration products in addition to kitchen and bath cabinet components.  For more information contact Scott Zuehlke, Senior Vice President, Chief Financial Officer & Treasurer, at 713-877-5327 or scott.zuehlke@quanex.com.Non-GAAP Terminology Definitions and DisclaimersAdjusted Net Income (Loss) (defined as net income further adjusted to exclude purchase price accounting inventory step-ups, transaction costs, certain severance charges, gain/loss on the sale of certain fixed assets, restructuring charges, asset impairment charges, other net adjustments related to foreign currency transaction gain/loss and effective tax rates reflecting impacts of adjustments on a with and without basis) and Adjusted EPS are non-GAAP financial measures that Quanex believes provide a consistent basis for comparison between periods and more accurately reflects operational performance, as they are not influenced by certain income or expense items not affecting ongoing operations. EBITDA (defined as net income or loss before interest, taxes, depreciation and amortization and other, net) and Adjusted EBITDA (defined as EBITDA further adjusted to exclude purchase price accounting inventory step-ups, transaction costs, certain severance charges, gain/loss on the sale of certain fixed assets, restructuring charges and asset impairment charges) are non-GAAP financial measures that the Company uses to measure operational performance and assist with financial decision-making.  The leverage ratio of Net Debt to LTM Adjusted EBITDA is a financial measure that the Company believes is useful to investors and financial analysts in evaluating Quanex’s leverage.  In addition, with certain limited adjustments, this leverage ratio is the basis for a key covenant in the Company’s credit agreement.  Free Cash Flow is a non-GAAP measure calculated using cash provided by operating activities less capital expenditures.   Free Cash Flow is measured before application of certain contractual commitments (including capital lease obligations), and accordingly is not a true measure of Quanex’s residual cash flow available for discretionary expenditures.  The Company believes that the presented non-GAAP measures provide a consistent basis for comparison between periods, and will assist investors in understanding Quanex’s financial performance when comparing results to other investment opportunities.  The presented non-GAAP measures may not be the same as those used by other companies.  The Company does not intend for this information to be considered in isolation or as a substitute for other measures prepared in accordance with U.S. GAAP. Forward Looking StatementsStatements that use the words “estimated,” “expect,” “could,” “should,” “believe,” “will,” “might,” or similar words reflecting future expectations or beliefs are forward-looking statements. The forward-looking statements include, but are not limited to, the following: impacts from public health issues (including pandemics, such as the recent COVID-19 pandemic) on the economy and the demand for Quanex’s products, the Company’s future operating results, future financial condition, future uses of cash and other expenditures, expenses and tax rates, expectations relating to Quanex’s industry, and the Company’s future growth, including any guidance discussed in this press release.  The statements and guidance set forth in this release are based on current expectations.  Actual results or events may differ materially from this release.  For a complete discussion of factors that may affect Quanex’s future performance, please refer to the Company’s Annual Report on Form 10-K for the fiscal year ended October 31, 2019, and the Company’s Quarterly Reports on Form 10-Q under the sections entitled “Cautionary Note Regarding Forward-Looking Statements” and “Risk Factors”.  Any forward-looking statements in this press release are made as of the date hereof, and Quanex undertakes no obligation to update or revise any forward-looking statements to reflect new information or events. QUANEX BUILDING PRODUCTS CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) (In thousands, except per share data) (Unaudited)  Three Months Ended July 31, Nine Months Ended July 31,    2020   2019   2020   2019            Net sales $212,096  $238,461  $596,168  $653,472  Cost of sales  162,427   181,357   469,586   511,292  Selling, general and administrative  21,973   25,718   62,818   77,466  Restructuring charges  73   94   477   281  Depreciation and amortization  11,060   12,182   35,851   37,158  Asset impairment charges  -   -   -   29,978  Operating income (loss)  16,563   19,110   27,436   (2,703) Interest expense  (1,165)  (2,570)  (4,310)  (7,614) Other, net  (220)  259   116   461  Income (loss) before income taxes  15,178   16,799   23,242   (9,856) Income tax expense  (4,345)  (4,958)  (6,898)  (5,926) Net income (loss) $10,833  $11,841  $16,344  $(15,782)           Earnings (loss) per common share, basic $0.33  $0.36  $0.50  $(0.48) Earnings (loss) per common share, diluted $0.33  $0.36  $0.50  $(0.48)           Weighted average common shares outstanding:         Basic  32,610   32,899   32,716   32,984  Diluted  32,739   33,162   32,845   32,984            Cash dividends per share $0.08  $0.08  $0.24  $0.24            QUANEX BUILDING PRODUCTS CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) (Unaudited) July 31, 2020 October 31, 2019 ASSETS    Current assets:    Cash and cash equivalents$41,073  $30,868  Accounts receivable, net 84,479   82,946  Inventories, net 63,939   67,159  Prepaid and other current assets 7,930   9,353  Total current assets 197,421   190,326  Property, plant and equipment, net 186,830   193,600  Operating lease right-of-use assets 49,644   -  Goodwill 146,932   145,563  Intangible assets, net 96,957   107,297  Other assets 9,007   8,324  Total assets$686,791  $645,110       LIABILITIES AND STOCKHOLDERS' EQUITY    Current liabilities:    Accounts payable$58,676  $63,604  Accrued liabilities 33,916   39,221  Income taxes payable 6,350   6,183  Current maturities of long-term debt 690   746  Current operating lease liabilities 7,307   -  Total current liabilities 106,939   109,754  Long-term debt 152,062   156,414  Noncurrent operating lease liabilities 42,740   -  Deferred pension and postretirement benefits 11,375   13,322  Deferred income taxes 20,507   19,363  Other liabilities 13,230   16,070  Total liabilities 346,853   314,923  Stockholders’ equity:    Common stock 373   374  Additional paid-in-capital 253,144   254,673  Retained earnings 193,989   185,703  Accumulated other comprehensive loss (28,819)  (33,817) Treasury stock at cost (78,749)  (76,746) Total stockholders’ equity 339,938   330,187  Total liabilities and stockholders' equity$686,791  $645,110       QUANEX BUILDING PRODUCTS CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW (In thousands) (Unaudited) Nine Months Ended July 31,   2020   2019  Operating activities:    Net income (loss)$16,344  $(15,782) Adjustments to reconcile net income (loss) to cash provided by operating activities:    Depreciation and amortization 35,851   37,158  Stock-based compensation 513   1,424  Deferred income tax 438   1,930  Asset impairment charge -   29,978  Other, net 762   1,724  Changes in assets and liabilities:    (Increase) decrease in accounts receivable (1,852)  323  Decrease (increase) in inventory 3,553   (14,747) Decrease (increase) in other current assets 1,218   (1,022) (Decrease) increase in accounts payable (1,878)  1,562  Decrease in accrued liabilities (7,611)  (15,366) Increase in income taxes payable 107   396  Increase in deferred pension and postretirement benefits 573   2,351  Decrease in other long-term liabilities (181)  (143) Other, net (276)  250  Cash provided by operating activities 47,561   30,036  Investing activities:    Capital expenditures (20,673)  (16,984) Proceeds from disposition of capital assets 131   315  Cash used for investing activities (20,542)  (16,669) Financing activities:    Borrowings under credit facilities 114,500   66,500  Repayments of credit facility borrowings (119,000)  (84,000) Repayments of other long-term debt (791)  (1,102) Common stock dividends paid (7,910)  (7,990) Issuance of common stock 2,954   2,710  Payroll tax paid to settle shares forfeited upon vesting of stock (454)  (330) Purchase of treasury stock (6,693)  (6,336) Cash used for financing activities (17,394)  (30,548) Effect of exchange rate changes on cash and cash equivalents 580   (1,171) Increase (decrease) in cash and cash equivalents 10,205   (18,352) Cash and cash equivalents at beginning of period 30,868   29,003  Cash and cash equivalents at end of period$41,073  $10,651       QUANEX BUILDING PRODUCTS CORPORATION FREE CASH FLOW RECONCILIATION (In thousands) (Unaudited)The following table reconciles the Company's calculation of Free Cash Flow, a non-GAAP measure, to its most directly comparable GAAP measure. The Company defines Free Cash Flow as cash provided by operating activities less capital expenditures.  Three Months Ended July 31, Nine Months Ended July 31,    2020   2019   2020   2019  Cash provided by operating activities $45,089  $29,893  $47,561  $30,036  Capital expenditures  (4,360)  (3,962)  (20,673)  (16,984) Free Cash Flow $40,729  $25,931  $26,888  $13,052                    QUANEX BUILDING PRODUCTS CORPORATION NON-GAAP FINANCIAL MEASURE DISCLOSURE (In thousands, except per share data) (Unaudited) Reconciliation of Adjusted Net Income and Adjusted EPS Three Months Ended  Three Months Ended  Nine Months Ended  Nine Months Ended   July 31, 2020  July 31, 2019  July 31, 2020  July 31, 2019    Net Income Diluted EPS  Net Income Diluted EPS  Net Income Diluted EPS  Net (Loss) Income Diluted EPS  Net income (loss) as reported $10,833  $0.33   $11,841  $0.36   $16,344  $0.50   $(15,782) $(0.48)  Reconciling items from below  280   0.01    1,809   0.05    2,387   0.07    33,595   1.02   Adjusted net income and adjusted EPS $11,113  $0.34   $13,650  $0.41   $18,731  $0.57   $17,813  $0.54                         Reconciliation of Adjusted EBITDA Three Months Ended July 31, 2020  Three Months Ended July 31, 2019  Nine Months Ended July 31, 2020  Nine Months Ended July 31, 2019    Reconciliation    Reconciliation    Reconciliation    Reconciliation    Net income (loss) as reported $10,833     $11,841     $16,344     $(15,782)    Income tax expense  4,345      4,958      6,898      5,926     Other, net  220      (259)     (116)     (461)    Interest expense  1,165      2,570      4,310      7,614     Depreciation and amortization  11,060      12,182      35,851      37,158     EBITDA  27,623      31,292      63,287      34,455     Reconciling items from below  73      1,495      1,875      33,777     Adjusted EBITDA $27,696     $32,787     $65,162     $68,232                           Reconciling Items Three Months Ended July 31, 2020  Three Months Ended July 31, 2019  Nine Months Ended July 31, 2020  Nine Months Ended July 31, 2019    Income Statement Reconciling Items  Income Statement Reconciling Items  Income Statement Reconciling Items  Income Statement Reconciling Items  Net sales $212,096  $-   $238,461  $-   $596,168  $-   $653,472  $-   Cost of sales  162,427   -    181,357   -    469,586   -    511,292   -   Selling, general and administrative  21,973   -    25,718   (1,401)(1)  62,818   (1,398)(1)  77,466   (3,518)(1) Restructuring charges  73   (73)(2)  94   (94)(2)  477   (477)(2)  281   (281)(2) Asset impairment charges  -   -    -   -    -   -    29,978   (29,978)(3) EBITDA  27,623   73    31,292   1,495    63,287   1,875    34,455   33,777   Depreciation and amortization  11,060   -    12,182   -    35,851   (968)(4)  37,158   -   Operating income (loss)  16,563   73    19,110   1,495    27,436   2,843    (2,703)  33,777   Interest expense  (1,165)  -    (2,570)  -    (4,310)  -    (7,614)  -   Other, net  (220)  458 (5)  259   (112)(5)  116   390 (5)  461   (67)(5) Income (loss) before income taxes  15,178   531    16,799   1,383    23,242   3,233    (9,856)  33,710   Income tax expense  (4,345)  (251)(6)  (4,958)  426 (6)  (6,898)  (846)(6)  (5,926)  (115)(6) Net income (loss) $10,833  $280   $11,841  $1,809   $16,344  $2,387   $(15,782) $33,595                         Diluted earnings (loss) per share $0.33     $0.36     $0.50     $(0.48)                                                (1) Transaction and advisory fees, $1.3 million related to executive severance charges in the nine months ended 2020, $1.2 million of executive severance charges in the three and nine months ended 2019, and $1.2 million of severance charges related to a reorganization in the nine months ended 2019.  (2) Restructuring charges relate to the closure of manufacturing plant facilities.                     (3) Asset impairment charges relate to goodwill impairment in the North American Cabinet Components segment.                 (4) Accelerated depreciation related to the closure of a North American Cabinet Components plant.  (5) Foreign currency transaction losses (gains).                     (6) Impact on a with and without basis.                        QUANEX BUILDING PRODUCTS CORPORATION SELECTED SEGMENT DATA (In thousands) (Unaudited)This table provides gross margin, operating income (loss), EBITDA, and Adjusted EBITDA by reportable segment. Non-operating expense and income tax expense are not allocated to the reportable segments.   NA Fenestration EU Fenestration NA Cabinet Components Unallocated Corp & Other Total Three months ended July 31, 2020           Net sales $122,386  $38,265  $51,925  $(480) $212,096  Cost of sales  92,639   25,845   44,218   (275)  162,427  Gross Margin  29,747   12,420   7,707   (205)  49,669  Gross Margin %  24.3%  32.5%  14.8%    23.4% Selling, general and administrative  11,922   4,748   4,634   669   21,973  Restructuring charges  71   -   2   -   73  Depreciation and amortization  5,371   2,307   3,264   118   11,060  Operating income (loss)  12,383   5,365   (193)  (992)  16,563  Depreciation and amortization  5,371   2,307   3,264   118   11,060  EBITDA  17,754   7,672   3,071   (874)  27,623  Restructuring charges  71   -   2   -   73  Adjusted EBITDA $17,825  $7,672  $3,073  $(874) $27,696  Adjusted EBITDA Margin %  14.6%  20.0%  5.9%    13.1%             Three months ended July 31, 2019           Net sales $136,259  $44,326  $58,689  $(813) $238,461  Cost of sales  101,693   30,708   49,389   (433)  181,357  Gross Margin  34,566   13,618   9,300   (380)  57,104  Gross Margin %  25.4%  30.7%  15.8%    23.9% Selling, general and administrative  11,950   6,038   4,484   3,246   25,718  Restructuring charges  94   -   -   -   94  Depreciation and amortization  6,578   2,213   3,258   133   12,182  Operating income (loss)  15,944   5,367   1,558   (3,759)  19,110  Depreciation and amortization  6,578   2,213   3,258   133   12,182  EBITDA  22,522   7,580   4,816   (3,626)  31,292  Transaction and advisory fees  -   -   -   250   250  Severance charges  -   -   -   1,151   1,151  Restructuring charges  94   -   -   -   94  Adjusted EBITDA $22,616  $7,580  $4,816  $(2,225) $32,787  Adjusted EBITDA Margin %  16.6%  17.1%  8.2%    13.7%             Nine months ended July 31, 2020           Net sales $341,432  $104,230  $152,634  $(2,128) $596,168  Cost of sales  266,489   72,055   132,259   (1,217)  469,586  Gross Margin  74,943   32,175   20,375   (911)  126,582  Gross Margin %  21.9%  30.9%  13.3%    21.2% Selling, general and administrative  34,962   15,990   13,468   (1,602)  62,818  Restructuring charges  228   -   249   -   477  Depreciation and amortization  18,311   7,045   10,139   356   35,851  Operating income (loss)  21,442   9,140   (3,481)  335   27,436  Depreciation and amortization  18,311   7,045   10,139   356   35,851  EBITDA  39,753   16,185   6,658   691   63,287  Transaction and advisory fees  -   -   -   55   55  Executive severance charges  -   -   -   1,343   1,343  Restructuring charges  228   -   249   -   477  Adjusted EBITDA $39,981  $16,185  $6,907  $2,089  $65,162  Adjusted EBITDA Margin %  11.7%  15.5%  4.5%    10.9%             Nine months ended July 31, 2019           Net sales $360,654  $121,203  $175,377  $(3,762) $653,472  Cost of sales  278,877   84,139   150,944   (2,668)  511,292  Gross Margin  81,777   37,064   24,433   (1,094)  142,180  Gross Margin %  22.7%  30.6%  13.9%    21.8% Selling, general and administrative  37,240   17,444   13,914   8,868   77,466  Restructuring charges  281   -   -   -   281  Depreciation and amortization  20,208   6,669   9,902   379   37,158  Asset impairment charges  -   -   29,978   -   29,978  Operating income (loss)  24,048   12,951   (29,361)  (10,341)  (2,703) Depreciation and amortization  20,208   6,669   9,902   379   37,158  EBITDA  44,256   19,620   (19,459)  (9,962)  34,455  Asset impairment charges  -   -   29,978   -   29,978  Transaction and advisory fees  -   -   -   1,217   1,217  Severance related to reorganization  -   -   -   2,301   2,301  Restructuring charges  281   -   -   -   281  Adjusted EBITDA $44,537  $19,620  $10,519  $(6,444) $68,232  Adjusted EBITDA Margin %  12.3%  16.2%  6.0%    10.4%             QUANEX BUILDING PRODUCTS CORPORATION SALES ANALYSIS (In thousands) (Unaudited)   Three Months Ended  Nine Months Ended   July 31, 2020 July 31, 2019 July 31, 2020 July 31, 2019           NA Fenestration:         United States - fenestration$109,455  $119,481  $302,094  $312,509   International - fenestration 6,696   7,172   19,284   23,474   United States - non-fenestration 4,845   3,982   13,779   12,290   International - non-fenestration 1,390   5,624   6,275   12,381    $122,386  $136,259  $341,432  $360,654  EU Fenestration (1):         International - fenestration$31,904  $36,342  $87,732  $102,038   International - non-fenestration 6,361   7,984   16,498   19,165    $38,265  $44,326  $104,230  $121,203  NA Cabinet Components:         United States - fenestration$2,666  $3,561  $8,461  $9,909   United States - non-fenestration 48,849   54,512   142,838   163,694   International - non-fenestration 410   616   1,335   1,774    $51,925  $58,689  $152,634  $175,377  Unallocated Corporate & Other:         Eliminations$(480) $(813) $(2,128) $(3,762)   $(480) $(813) $(2,128) $(3,762)           Net Sales$212,096  $238,461  $596,168  $653,472            (1) Reflects reduction of $0.4 million and $1.6 million in revenue associated with foreign currency exchange rate impacts for the three and nine months ended July 31, 2020, respectively.