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Quanex Tops Q4 EPS by 15c

Published 15/12/2022, 22:42
NX
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Quanex (NX) reported Q4 EPS of $0.75, $0.15 better than the analyst estimate of $0.60. Revenue for the quarter came in at $307.5 million versus the consensus estimate of $295.35 million.

Outlook:

Mr. Wilson stated, “As previously disclosed, we acquired the assets of LMI Custom Mixing, LLC on November 1, 2022 for $92 million in cash. This acquisition fits the profitable growth strategy we unveiled when we reported earnings for the third quarter, and we look forward to realizing the related synergies. Our balance sheet remains strong even after accounting for the recent acquisition, and we are committed to executing on our plan and creating further value for shareholders.

Our long-term view continues to be optimistic as the underlying fundamentals for the residential housing market remain positive. However, like last year, based on current macro indicators and recent conversations with our customers, we are taking a measured approach to 2023 guidance. As such, we believe it would be premature to give guidance at this time. We intend to re-visit guidance when we report earnings for the first quarter.”

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