Quanex Building Products Corp. (NYSE:NX), a global manufacturer of building products slid in pre-market trading as the company did not issue guidance for FY2024. The company’s management added that it has a “cautious outlook” on the first half of next year due to “macroeconomic challenges combined with typical seasonality.” As a result, Quanex did not guide for FY24 and intends to “re-visit guidance for 2024 when we report earnings for the first quarter.”
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The company reported Q4 adjusted earnings of $0.95 per share compared to $0.75 per share in the same period last year. This was above analysts’ expectations of $0.70 per share. The company’s revenues dropped by 3.9% year-over-year to $295.5 million in Q4 and surpassed consensus estimates of $291.01 million.
George Wilson, President and CEO, commented, “Despite pressure on revenue due to market volume softness related to ongoing macroeconomic challenges, and some pricing pressure as raw material costs declined, we converted very well and realized margin expansion across all operating segments in both the fourth quarter and the full year.”
NX Stock Price Performance
No Wall Street analysts have covered the stock over the past three months, even as NX stock has gone up by more than 40% in the past year.
