Quanex Building Products Corp (NX)

Shares of Quanex Building Products Corp (NX) dropped by 10.92% from $34.70 to $30.91 in the trading on Friday, December 15, 2023. The reason why NX down today is due to the release of the company's fourth-quarter and fiscal 2023 results, which included several notable points.

• Sales Decline: Quanex reported net sales of $295.5 million for the three months ended October 31, 2023, reflecting a 3.9% decrease compared to the same period in 2022. For the full year, net sales amounted to $1.13 billion, a decline of 7.4% from the previous year. These declines were primarily due to weaker market demand and lower pricing in North America.
• Segment-Specific Declines: In the North American Fenestration segment, Quanex reported a 1.3% net sales growth for the fourth quarter of 2023 but a 2.9% decline for the full year. Excluding contributions from the LMI Custom Mixing assets acquired in 2022, net sales in this segment would have declined by 10.7% for the fourth quarter and 13.9% for the full year. In the North American Cabinet Components segment, there was a significant decline of 23.7% in net sales for the fourth quarter and a 21.9% decline for the full year.