Quanex Expects 2016 Revenues To Approach $1 Bln - Quick Facts

(RTTNews) - Quanex Building Products Corporation (NX) announced, assuming modest overall growth rates of 5-6%, the company expects 2016 revenues to approach $1 billion. Projected 2016 EBITDA will be in the range of $112-$120 million.

For the fourth-quarter, Quanex reported that its EBITDA results more than doubled over last year's performance, despite slower revenue growth. Reported revenue was 19% higher than the prior year; 2% higher for the legacy business. Comparable sales for the legacy business after adjusting for the negative FX impact and the impact of a lower oil surcharge was 6.2% higher for the quarter.

Chairman, President and CEO Bill Griffiths, said: "Gross margins continued to improve as we saw further progress in the financial performance of our vinyl profile business. HL Plastics exceeded our internal expectations in their first full quarter after the acquisition, and we successfully completed the acquisition of Woodcraft Industries as planned. The stage is now set for a solid fiscal 2016 and beyond."