Quanex Engineered Products Division Reports 12 Percent Decline from 2007 for Fiscal Third Quarter
Quanex Building Products Corp., the parent company of Truseal Technologies,
Mikron Industries and Homeshield, has announced its fiscal third-quarter
2008 results. For its engineered products division, which includes its
fenestration components divisions, the company reports net sales of $115.3
million, a 12 percent decline from the same quarter of 2007, during which
the company earned $131.4 million in net sales.
The division's operating income also decreased 29 percent for the quarter,
down to $12.6 million from $17.7 million for the same period last year.
"We continue to find ourselves in a very difficult housing market,
with new home starts off 31 percent compared to our third quarter last
year while remodeling activity is thought to be down about 10 percent,"
says David Petratis, president and chief executive officer of Quanex Building
Products. "Our sales at Engineered Products, down about 12 percent,
held up well when you consider the depressed state of these end markets."
Engineered Products ($ in millions)
|
Third-Quarter 2008
|
Third-Quarter 2007
|
Percent Change
|
|
| Net Sales |
$115.3
|
$131.4
|
-12 percent
|
| Operating Income |
$12.6
|
$17.7
|
-29 percent
|
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