Quanex: increase in net sales for Engineered Products Group

Quanex Building Products’ first-quarter 2013 results see a 6.7% increase in sales for the Engineered Products Group. While higher than first quarter 2012 results, EPG’s profitability “was negatively impacted by lower solar edge tape sales and an unfavourable product mix,” according to the Quanex report.

Houston-based Quanex Building Products has released its first-quarter 2013 results, and reports sales of USD 106.1 million for the quarter for the Engineered Products Group (EPG), compared to USD 99.4 million for the same period last year – a 6.7% increase.
EPG’s first-quarter 2013 operating income was USD 2.8 million compared to USD 1.8 million a year ago. While higher than first quarter 2012 results, EPG’s profitability “was negatively impacted by lower solar edge tape sales and an unfavourable product mix,” according to the Quanex report.
Overall, Quanex reported consolidated first-quarter 2013 net sales of USD 185.7 million, compared to USD 161.6 million a year ago. First-quarter 2013 net loss was USD 8.1 million, or USD 0.22 per diluted share compared to loss of USD 6.7 million, or USD 0.18 per diluted share in the year ago quarter.
The increased first quarter net loss per share was due primarily to higher corporate expenses from acquisition-related transaction costs and ongoing ERP implementation costs, according to the company.