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May 22, 2014
06:59 EDTNXQuanex downgraded to Neutral from Outperform at Wedbush
Wedbush downgraded Quanex to Neutral due to valuation and modest spending expectations for repair and replacement residential window and door systems. Price target is $21.
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September 17, 2014
07:35 EDTNXImperial Capital to hold a conference
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September 9, 2014
07:05 EDTNXQuanex backs FY14 revenue guidance of up 8%-9%
Lowers FY14 EBITDA view to $53M-$55M. As previously disclosed, CDI, the vinyl resin pricing index, has increased by 11% so far in 2014, with a further 2% to 4% possible in Q4. Much of the increase realized thus far could not be passed on to certain customers due to previously negotiated contracts. In addition, the underinvestment in extrusion equipment during the housing recession, combined with the increase in volumes this summer, has caused a higher incidence of equipment failures resulting in higher repair and maintenance costs, higher scrap levels and higher labor inefficiencies. These higher operating costs are expected to continue throughout this calendar year. However, the company has recently taken delivery of five new high output extrusion lines which, along with several other initiatives already underway, will allow Quanex to return to a more normal operating cost environment entering calendar 2015 and beyond. Contract negotiations to recover resin cost increases will span the remainder of calendar 2014 with implementation in January 2015.
07:03 EDTNXQuanex reports Q3 EPS 23c, consensus 20c
Reports Q3 revenue $169.98M, consensus $166.06M.
September 8, 2014
15:27 EDTNXNotable companies reporting before tomorrow's open
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