Quanex Build Stock Price, News & Analysis

Quanex Building Products (NYSE: NX) has successfully closed its acquisition of Tyman plc, creating a comprehensive solutions provider in the building products industry. This strategic move aligns with Quanex's 'BIGGER' strategy, enhancing the company's scale, global reach, and product offering. The acquisition is expected to strengthen brand leadership, accelerate growth, and increase profitability through greater scale and stronger cash flow.

Key highlights include:

• Integration of approximately 50% within the first 12 months
• Meaningful earnings accretion expected within the first full year
• Board Observer right granted to Teleios Global Opportunities Master Fund
• Suspension and cancellation of Tyman's common stock trading on the London Stock Exchange

Quanex Building Products (NYSE: NX) has announced the approval of its proposed acquisition of Tyman plc (LSE: TYMN) by the shareholders of both companies. George Wilson, Quanex's CEO, expressed gratitude to the shareholders for their support and highlighted the upcoming integration of the two companies. The transaction offers Tyman shareholders a choice between cash and shares or a capped all-share alternative, with potential proration if the all-share option is oversubscribed. A special dividend of 15 pence will also be paid to Tyman shareholders. Post-acquisition, Tyman shareholders will own 30-32% of Quanex on a fully diluted basis. The closing of the transaction is expected in August, pending customary conditions.

Quanex Building Products (NYSE:NX) announced its Q2 2024 results, showing net sales of $266.2 million, down 2.7% YoY. The decrease was due to weaker market demand in its European Fenestration and North American Cabinet Components segments. Despite this, the company achieved margin expansion in North America. Net income was $15.4 million, down from $21.5 million YoY. Diluted EPS was $0.46, a decrease from $0.65. Adjusted Net Income remained stable at $21.8 million, and Adjusted Diluted EPS was unchanged at $0.66. Quanex repaid $10 million in bank debt, leaving no outstanding draws on its revolver. The company reaffirmed its FY 2024 guidance, projecting net sales of around $1.1 billion and Adjusted EBITDA of $145-$150 million.

Quanex Building Products (NYSE:NX) has declared a quarterly cash dividend of $0.08 per share on its common stock.

The dividend will be paid on June 28, 2024, to shareholders who are recorded as of June 14, 2024.

Quanex Building Products (NYSE: NX) has announced the release of its Q2 2024 financial results scheduled for June 6, 2024, post-market close. A conference call to discuss these results will occur on June 7, 2024, at 11:00 a.m. ET. The call will be available via a live audio webcast on Quanex's website. Participants can pre-register for the conference and will receive specific dial-in details upon registration. A replay will also be accessible on the company's website for a period.