Quanex falls as fiscal 2Q misses analysts' views
Quanex Building Products shares fall with fiscal 2Q loss bigger than Wall St. forecast
HOUSTON (AP) -- Quanex Building Products Corp.'s shares fell Friday after the housing materials maker reported a larger fiscal second-quarter loss than the market expected.
The company benefited from the elimination of strike-related costs that weighed it down last year. But lower aluminum prices and higher corporate expenses hampered the most recent quarter. Tough winter weather also put a crimp on construction activity and the company's revenue.
Quanex, based in Houston, makes window and door products as well as aluminum sheet products.
The company lost $7.3 million, or 20 cents per share, for the period that ended April 30. That compares with a loss of $12.3 million, or 34 cents per share, a year ago. Revenue increased to $232.5 million from $194.4 million with gains in its engineered and aluminum sheet products businesses.
Analysts polled by FactSet expected a loss of 8 cents per share on revenue of $223.2 million.
Quanex said that while new housing starts are up, the residential repair and remodel window market remains challenging.
The company expects U.S. window shipments for 2013 to be up 5 percent from 2012, mostly on gains in new construction. It expects residential and repair window shipments will be more or less flat.
Quanex shares fell 62 cents, or 3.3 percent, to $18.05 in afternoon trading. The stock has traded in a 52-week range of $15.37 to $22.27.
