Quanex's net income increases in Q3
Quanex Building Products reported growth in the third fiscal quarter of 2013, with net income up from $1.5 million to $5.0 million.
Net sales for the building materials company came in at $259 million, up from 2012's figure of $237 million. Quanex experienced the most growth in its window and door parts unit (known as the Engineered Products Group), which rose 17% to $156.8 million in sales. Its aluminum sheet business declined 2% to $105.2 million.
Net income for the third quarter was $5.0 million, up from 2012's $1.5 million. However, net income was still operating at a loss for the nine months ended July 31, with 2013 coming in at a loss of $10.5 million, up from 2012's $17.5 million.
According to a company statement, third quarter results improved due to the pickup in sales under the Engineered Products Group, as well as cost savings resulting from its insulating glass systems facility consolidation in 2012.