Quanex Q1 2021 Earnings Report
Key Takeaways
Quanex Building Products reported a strong first quarter in 2021, with net sales increasing by 17.1% and Adjusted EBITDA margin improving by approximately 260 basis points year-over-year. The company saw increased demand for its products across all product lines and operating segments.
Net sales increased by 17.1% compared to the first quarter of 2020.
Adjusted EBITDA margin improved by approximately 260 basis points year-over-year.
Volumes during the quarter were especially strong in Europe.
The company repaid $5.0 million in bank debt and repurchased approximately $1.9 million of common stock during the quarter.
Quanex
Quanex
Forward Guidance
Quanex expects net sales of approximately $945 million to $965 million and Adjusted EBITDA between $112 million and $122 million in fiscal 2021.
Positive Outlook
- Approximately 12% sales growth in North American Fenestration segment
- Approximately 5% sales growth in North American Cabinet Components segment
- Approximately 22% sales growth in European Fenestration segment
Challenges Ahead
- Inflationary pressures are expected to be a factor as the year unfolds.
- There may be adverse impact from the ongoing pandemic.