Quanex First Quarter Sales Decrease

Quanex Building Products Corporation had net sales of $261.9 million for the first quarter of 2023, a decrease of 1.9 per cent compared to $267 million for the same period of 2022. The decrease was due to softer demand, customer inventory rebalancing initiatives, and foreign exchange translation impact. The North American fenestration segment had net sales growth of 4.3 per cent for the reporting period with a gross margin of 18.5 per cent, while the North American cabinet components segment saw a net sales decline of 12.3 per cent and a margin of 21.1 per cent. Overall net income was $1.9 million, a decline of 83 per cent compared to $11.2 million in the year-ago period.