Quanex Q3 2020 Earnings Report
Key Takeaways
Quanex Building Products reported a decrease in net sales due to softer demand related to the COVID-19 pandemic, but overall Q3 results exceeded expectations. Volumes increased steadily throughout the quarter, especially in Europe, and the company saw an increase in cash provided by operating activities. They repaid $78 million of bank debt and provided full year 2020 guidance of $832 million to $837 million in net sales and $97 million to $102 million in Adjusted EBITDA.
Third quarter results exceeded previous guidance despite COVID-19 impacts.
Volumes increased steadily, particularly in Europe.
Cash provided by operating activities increased by over 50% compared to the same period in 2019.
Repaid $78 million of bank debt during the quarter.
Quanex
Quanex
Forward Guidance
Quanex provided full year 2020 guidance of $832 million to $837 million in net sales and $97 million to $102 million in Adjusted EBITDA.