NX
$13.03
Quanex Building Products
$.46
3.66%
Earnings Details
2nd Quarter April 2020
Thursday, June 4, 2020 4:15:00 PM
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Summary

Quanex Building Products (NX) Recent Earnings

Quanex Building Products (NX) reported 2nd Quarter April 2020 earnings of $0.19 per share on revenue of $187.5 million.. Revenue fell 14.1% compared to the same quarter a year ago.

Quanex Building Products Corp manufactures engineered products such as window components that include flexible insulating glass spacers, extruded vinyl profiles, window & door screens, solar panel sealants & precision-formed metal & wood products.

Results
Reported Earnings
$0.19
Earnings Whisper
-
Consensus Estimate
Reported Revenue
$187.5 Mil
Revenue Estimate
Growth
Earnings Growth
Revenue Growth
Power Rating
Grade
Earnings Release

Quanex Building Products Announces Second Quarter 2020 Results

Balance Sheet & Liquidity Remain Strong 
Margin Expansion Realized in NA Fenestration Segment 
Management Optimistic About Recovery

HOUSTON, June 04, 2020 (GLOBE NEWSWIRE) -- Quanex Building Products Corporation (NYSE:NX) (“Quanex” or the “Company”) today announced its results for the three months ended April 30, 2020.

The Company reported the following selected financial results:

  Three Months Ended April 30, Six Months Ended April 30,
   2020   2019   2020   2019 
Net Sales $187.5  $218.2  $384.1  $415.0 
Gross Margin $37.7  $46.8  $76.9  $85.1 
Gross Margin %  20.1%   21.5%   20.0%   20.5% 
Net Income (Loss) $5.5  ($24.0)  $5.5  ($27.6) 
Diluted EPS $0.17  ($0.73)  $0.17  ($0.84) 
         
Adjusted Net Income $6.4  $6.3  $7.6  $4.0 
Adjusted Diluted EPS $0.19  $0.19  $0.23  $0.12 
Adjusted EBITDA $21.8  $23.4  $37.5  $35.4 
Adjusted EBITDA Margin %  11.6%   10.7%   9.8%   8.5% 
         
Cash Provided by Operating Activities $6.1  $20.4  $2.5  $0.1 
Free Cash Flow ($0.9)  $13.6  ($13.8)  ($12.9) 

(See Non-GAAP Terminology Definitions and Disclaimers section, Non-GAAP Financial Measure Disclosure table Selected Segment Data table and Free Cash Flow Reconciliation table for additional information)

George Wilson, President and Chief Executive Officer, commented, “The first two months of our second quarter were very solid, but, as expected, April proved to be a challenge due to the ongoing COVID-19 pandemic.  Despite the volume decline in April, we were able to realize Adjusted EBITDA margin expansion in our North American Fenestration segment and on a consolidated basis. 

“As previously disclosed, due to the uncertainty related to the COVID-19 pandemic, we withdrew guidance for 2020 and borrowed against our revolving credit facility as a precautionary measure.  Our variable cost structure enables us to flex down as volume dictates to protect margins.  As such, we implemented furloughs, reduced shift patterns, suspended all near-term non-essential capital requirements and we are engaged in ongoing discussions with our customers and suppliers with respect to managing working capital.  As of today, all of our plants are operational, we have started to recall furloughed employees, our balance sheet and liquidity remain very strong, our dividend is currently safe and volume in May was not as soft as anticipated.  We are optimistic about the recovery ahead, but we understand that challenges will persist in the near-term.  We have worked hard over the past few years to make sure we have a flexible capital structure and a balance sheet that is strong enough to weather the challenges we are currently facing.  As a result of these actions, we believe our Company is well positioned to take advantage of any opportunities that may arise as a result of this pandemic.” (See Non-GAAP Terminology Definitions and Disclaimers section for additional information)

Second Quarter 2020 Results Summary  

The decrease in net sales during the second quarter of 2020 was primarily attributable to softer demand in April related to the COVID-19 pandemic.  Volume started to decline in all of Quanex’s manufacturing facilities in late March and the Company’s two manufacturing facilities in the UK were shut down completely on March 25, 2020 in compliance with government orders.  (See Sales Analysis table for additional information)

The increase in reported earnings was primarily the result of a $30.0 million, or $0.91 per diluted share, non-cash goodwill impairment in the North American Cabinet Components segment during the second quarter of 2019.  The increase in adjusted earnings was driven by lower selling, general and administrative expense. 

Balance Sheet & Liquidity Update

As of April 30, 2020, Quanex’s leverage ratio of Net Debt to LTM Adjusted EBITDA was unchanged at 1.4x.  (See Non-GAAP Terminology Definitions and Disclaimers section for additional information)

The Company’s liquidity was $189.3 million as of April 30, 2020, consisting of $80.2 million in cash on hand plus availability under its Senior Secured Revolving Credit Facility due 2023, less letters of credit outstanding.

Share Repurchases

Quanex’s Board of Directors authorized a $60 million share repurchase program in September of 2018.  Repurchases under this program will be made in open market transactions or privately negotiated transactions, subject to market conditions, applicable legal requirements and other relevant factors.  The program does not have an expiration date or a limit on the number of shares that may be repurchased.  The Company repurchased 149,937 shares of common stock for approximately $2.1 million at an average price of $13.70 per share during the three months ended April 30, 2020.  As of April 30, 2020, approximately $11.7 million remained under the existing share repurchase authorization.  

Recent Events

Quanex’s Board of Directors declared a quarterly cash dividend of $0.08 per share on the Company’s common stock, payable June 30, 2020, to shareholders of record on June 15, 2020.

Conference Call and Webcast Information

The Company has scheduled a conference call for Friday, June 5, 2020, at 11:00 a.m. ET (10:00 a.m. CT).  To participate in the conference call dial (877) 388-2139 for domestic callers and (541) 797-2983 for international callers, in both cases using the conference passcode 4662437, and ask for the Quanex call a few minutes prior to the start time.  A link to the live audio webcast will also be available on the Company’s website at http://www.quanex.com in the Investors section under Presentations & Events.  A telephonic replay of the call will be available approximately two hours after the live broadcast ends and will be accessible through June 12, 2020.  To access the replay dial (855) 859-2056 for domestic callers and (404) 537-3406 for international callers, in both cases referencing conference passcode 4662437. 

About Quanex

Quanex Building Products Corporation is an industry-leading manufacturer of components sold to Original Equipment Manufacturers (OEMs) in the building products industry.  Quanex designs and produces energy-efficient fenestration products in addition to kitchen and bath cabinet components.  For more information contact Scott Zuehlke, Senior Vice President, Chief Financial Officer & Treasurer, at 713-877-5327 or scott.zuehlke@quanex.com.

Non-GAAP Terminology Definitions and Disclaimers

Adjusted Net Income (Loss) (defined as net income further adjusted to exclude purchase price accounting inventory step-ups, transaction costs, certain severance charges, gain/loss on the sale of certain fixed assets, restructuring charges, asset impairment charges, other net adjustments related to foreign currency transaction gain/loss and effective tax rates reflecting impacts of adjustments on a with and without basis) and Adjusted EPS are non-GAAP financial measures that Quanex believes provide a consistent basis for comparison between periods and more accurately reflects operational performance, as they are not influenced by certain income or expense items not affecting ongoing operations. EBITDA (defined as net income or loss before interest, taxes, depreciation and amortization and other, net) and Adjusted EBITDA (defined as EBITDA further adjusted to exclude purchase price accounting inventory step-ups, transaction costs, certain severance charges, gain/loss on the sale of certain fixed assets, restructuring charges and asset impairment charges) are non-GAAP financial measures that the Company uses to measure operational performance and assist with financial decision-making.  The leverage ratio of Net Debt to LTM Adjusted EBITDA is a financial measure that the Company believes is useful to investors and financial analysts in evaluating Quanex’s leverage.  In addition, with certain limited adjustments, this leverage ratio is the basis for a key covenant in the Company’s credit agreement.  Free Cash Flow is a non-GAAP measure calculated using cash provided by operating activities less capital expenditures.   Free Cash Flow is measured before application of certain contractual commitments (including capital lease obligations), and accordingly is not a true measure of Quanex’s residual cash flow available for discretionary expenditures.  The Company believes that the presented non-GAAP measures provide a consistent basis for comparison between periods, and will assist investors in understanding Quanex’s financial performance when comparing results to other investment opportunities.  The presented non-GAAP measures may not be the same as those used by other companies.  The Company does not intend for this information to be considered in isolation or as a substitute for other measures prepared in accordance with U.S. GAAP. 

Forward Looking Statements

Statements that use the words “estimated,” “expect,” “could,” “should,” “believe,” “will,” “might,” or similar words reflecting future expectations or beliefs are forward-looking statements. The forward-looking statements include, but are not limited to, the following: impacts from public health issues (including pandemics, such as the recent COVID-19 pandemic) on the economy and the demand for Quanex’s products, the Company’s future operating results, future financial condition, future uses of cash and other expenditures, expenses and tax rates, expectations relating to Quanex’s industry, and the Company’s future growth, including any guidance discussed in this press release.  The statements and guidance set forth in this release are based on current expectations.  Actual results or events may differ materially from this release.  For a complete discussion of factors that may affect Quanex’s future performance, please refer to the Company’s Annual Report on Form 10-K for the fiscal year ended October 31, 2019, and the Company’s Quarterly Reports on Form 10-Q under the sections entitled “Cautionary Note Regarding Forward-Looking Statements” and “Risk Factors”.  Any forward-looking statements in this press release are made as of the date hereof, and Quanex undertakes no obligation to update or revise any forward-looking statements to reflect new information or events.

QUANEX BUILDING PRODUCTS CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(In thousands, except per share data)
(Unaudited)

  Three Months Ended April 30, Six Months Ended April 30,
   2020   2019   2020   2019 
         
Net sales $187,475  $218,203  $384,072  $415,011 
Cost of sales  149,732   171,378   307,159   329,935 
Selling, general and administrative  16,713   23,722   40,845   51,748 
Restructuring charges  251   84   404   187 
Depreciation and amortization  11,886   12,404   24,791   24,976 
Asset impairment charges  -   29,978   -   29,978 
Operating income (loss)  8,893   (19,363)  10,873   (21,813)
Interest expense  (1,563)  (2,602)  (3,145)  (5,044)
Other, net  300   (54)  336   202 
Income (loss) before income taxes  7,630   (22,019)  8,064   (26,655)
Income tax expense  (2,129)  (1,955)  (2,553)  (968)
Net income (loss) $5,501  $(23,974) $5,511  $(27,623)
         
Earnings (loss) per common share, basic $0.17  $(0.73) $0.17  $(0.84)
Earnings (loss) per common share, diluted $0.17  $(0.73) $0.17  $(0.84)
         
Weighted average common shares outstanding:        
Basic  32,676   32,951   32,770   33,026 
Diluted  32,793   32,951   32,907   33,026 
         
Cash dividends per share $0.08  $0.08  $0.16  $0.16 
                 

QUANEX BUILDING PRODUCTS CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)

  April 30, 2020 October 31, 2019
ASSETS    
Current assets:    
Cash and cash equivalents $80,252  $30,868 
Accounts receivable, net  66,892   82,946 
Inventories, net  75,072   67,159 
Prepaid and other current assets  9,602   9,353 
Total current assets  231,818   190,326 
Property, plant and equipment, net  187,482   193,600 
Operating lease right-of-use assets  41,763   - 
Goodwill  143,870   145,563 
Intangible assets, net  98,905   107,297 
Other assets  9,047   8,324 
Total assets $712,885  $645,110 
     
LIABILITIES AND STOCKHOLDERS' EQUITY    
Current liabilities:    
Accounts payable $42,227  $63,604 
Accrued liabilities  27,396   39,221 
Income taxes payable  2,066   6,183 
Current maturities of long-term debt  666   746 
Current operating lease liabilities  6,687   - 
Total current liabilities  79,042   109,754 
Long-term debt  229,697   156,414 
Noncurrent operating lease liabilities  35,551   - 
Deferred pension and postretirement benefits  11,364   13,322 
Deferred income taxes  20,926   19,363 
Other liabilities  12,348   16,070 
Total liabilities  388,928   314,923 
Stockholders’ equity:    
Common stock  373   374 
Additional paid-in-capital  252,717   254,673 
Retained earnings  185,779   185,703 
Accumulated other comprehensive loss  (36,163)  (33,817)
Treasury stock at cost  (78,749)  (76,746)
Total stockholders’ equity  323,957   330,187 
Total liabilities and stockholders' equity $712,885  $645,110 
     
     

 QUANEX BUILDING PRODUCTS CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW
(In thousands)
(Unaudited)

 Six Months Ended April 30,
  2020   2019 
Operating activities:   
Net income (loss)$5,511  $(27,623)
Adjustments to reconcile net income (loss) to cash provided by operating activities:   
Depreciation and amortization 24,791   24,976 
Stock-based compensation 86   1,043 
Deferred income tax 1,194   (1,256)
Asset impairment charge -   29,978 
Other, net 463   1,078 
Changes in assets and liabilities:   
Decrease in accounts receivable 14,682   3,479 
Increase in inventory (8,363)  (15,522)
Increase in other current assets (559)  (681)
Decrease in accounts payable (16,807)  (2,617)
Decrease in accrued liabilities (13,673)  (14,716)
(Decrease) increase in income taxes payable (4,052)  183 
Increase in deferred pension and postretirement benefits 562   1,567 
Decrease in other long-term liabilities (787)  (131)
Other, net (576)  385 
Cash provided by operating activities 2,472   143 
Investing activities:   
Capital expenditures (16,313)  (13,022)
Proceeds from disposition of capital assets 33   298 
Cash used for investing activities (16,280)  (12,724)
Financing activities:   
Borrowings under credit facilities 114,500   57,500 
Repayments of credit facility borrowings (41,000)  (42,500)
Repayments of other long-term debt (505)  (784)
Common stock dividends paid (5,287)  (5,335)
Issuance of common stock 2,954   27 
Payroll tax paid to settle shares forfeited upon vesting of stock (454)  (322)
Purchase of treasury stock (6,693)  (4,702)
Cash provided by financing activities 63,515   3,884 
Effect of exchange rate changes on cash and cash equivalents (323)  (44)
Increase (decrease) in cash and cash equivalents 49,384   (8,741)
Cash and cash equivalents at beginning of period 30,868   29,003 
Cash and cash equivalents at end of period$80,252  $20,262 
    
    

 QUANEX BUILDING PRODUCTS CORPORATION
FREE CASH FLOW RECONCILIATION
(In thousands)
(Unaudited)

The following table reconciles the Company's calculation of Free Cash Flow, a non-GAAP measure, to its most directly comparable GAAP measure.  The Company defines Free Cash Flow as cash provided by operating activities less capital expenditures.
         
  Three Months Ended April 30, Six Months Ended April 30,
   2020   2019   2020   2019 
Cash provided by operating activities $6,129  $20,386  $2,472  $143 
Capital expenditures  (7,001)   (6,751)   (16,313)   (13,022) 
Free Cash Flow ($872)  $13,635  ($13,841)  ($12,879) 
             
             

QUANEX BUILDING PRODUCTS CORPORATION
NON-GAAP FINANCIAL MEASURE DISCLOSURE
(In thousands, except per share data)
(Unaudited)

                     
  Three Months Ended  Three Months Ended  Six Months Ended  Six Months Ended 
Reconciliation of Adjusted Net Income and Adjusted EPS April 30, 2020  April 30, 2019  April 30, 2020  April 30, 2019 
  Net
Income
 Diluted
EPS
  Net (Loss)
Income
 Diluted
EPS
  Net
Income
 Diluted
EPS
  Net (Loss)
Income
 Diluted
EPS
 
Net income (loss) as reported $5,501  $0.17   $(23,974) $(0.73)  $5,511  $0.17   $(27,623) $(0.84) 
Reconciling items from below  890   0.02    30,250   0.92    2,106   0.06    31,584   0.96  
Adjusted net income and adjusted EPS $6,391  $0.19   $6,276  $0.19   $7,617  $0.23   $3,961  $0.12  
                     
Reconciliation of Adjusted EBITDA Three Months Ended
April 30, 2020
  Three Months Ended
April 30, 2019
  Six Months Ended
April 30, 2020
  Six Months Ended
April 30, 2019
 
  Reconciliation    Reconciliation    Reconciliation    Reconciliation   
Net income (loss) as reported $5,501     $(23,974)    $5,511     $(27,623)   
Income tax expense  2,129      1,955      2,553      968    
Other, net  (300)     54      (336)     (202)   
Interest expense  1,563      2,602      3,145      5,044    
Depreciation and amortization  11,886      12,404      24,791      24,976    
EBITDA  20,779      (6,959)     35,664      3,163    
Reconciling items from below  1,031      30,311      1,802      32,282    
Adjusted EBITDA $21,810     $23,352     $37,466     $35,445    
                     
Reconciling Items Three Months Ended
April 30, 2020
  Three Months Ended
April 30, 2019
  Six Months Ended
April 30, 2020
  Six Months Ended
April 30, 2019
 
  Income
Statement
 Reconciling
Items
  Income
Statement
 Reconciling
Items
  Income
Statement
 Reconciling
Items
  Income
Statement
 Reconciling
Items
 
Net sales $187,475  $-   $218,203  $-   $384,072  $-   $415,011  $-  
Cost of sales  149,732   -    171,378   -    307,159   -    329,935   -  
Selling, general and administrative  16,713   (780)(1)  23,722   (249)(1)  40,845   (1,398)(1)  51,748   (2,117)(1)
Restructuring charges  251   (251)(2)  84   (84)(2)  404   (404)(2)  187   (187)(2)
Asset impairment charges  -   -    29,978   (29,978)(3)  -   -    29,978   (29,978)(3)
EBITDA  20,779   1,031    (6,959)  30,311    35,664   1,802    3,163   32,282  
Depreciation and amortization  11,886   (237) (4)  12,404   -    24,791   (968)(4)  24,976   -  
Operating income (loss)  8,893   1,268    (19,363)  30,311    10,873   2,770    (21,813)  32,282  
Interest expense  (1,563)  -    (2,602)  -    (3,145)  -    (5,044)  -  
Other, net  300   (128)(5)  (54)  24 (5)  336   (68)(5)  202   45 (5)
Income (loss) before income taxes  7,630   1,140    (22,019)  30,335    8,064   2,702    (26,655)  32,327  
Income tax expense  (2,129)  (250)(6)  (1,955)  (85)(6)  (2,553)  (596)(6)  (968)  (743)(6)
Net income (loss) $5,501  $890   $(23,974) $30,250   $5,511  $2,106   $(27,623) $31,584  
                     
Diluted earnings (loss) per share $0.17     $(0.73)    $0.17     $(0.84)   
                     
(1) Transaction and advisory fees, $0.8 million and $1.3 million related to executive severance charges in the three and six months ended 2020, respectively, and $1.2 million of severance charges related to a reorganization in the six months ended 2019. 
(2) Restructuring charges relate to the closure of manufacturing plant facilities.
 
(3) Asset impairment charges relate to goodwill impairment in the North American Cabinet Components segment.
 
(4) Accelerated depreciation related to the closure of a North American Cabinet Components plant. 
(5) Foreign currency transaction (gains) losses.
 
(6) Impact on a with and without basis. 

QUANEX BUILDING PRODUCTS CORPORATION
SELECTED SEGMENT DATA
(In thousands)
(Unaudited)

This table provides gross margin, operating income (loss), EBITDA, and Adjusted EBITDA by reportable segment.  Non-operating expense and income tax expense are not allocated to the reportable segments. 
  NA Fenestration EU Fenestration NA Cabinet
Components
 Unallocated
Corp & Other
 Total
Three months ended April 30, 2020          
Net sales $108,593  $29,200  $50,664  $(982) $187,475 
Cost of sales  85,153   20,966   44,198   (585)  149,732 
Gross Margin  23,440   8,234   6,466   (397)  37,743 
Gross Margin %  21.6%   28.2%   12.8%     20.1% 
Selling, general and administrative  9,985   5,292   3,981   (2,545)  16,713 
Restructuring charges  66   -   185   -   251 
Depreciation and amortization  5,961   2,330   3,474   121   11,886 
Operating income (loss)  7,428   612   (1,174)  2,027   8,893 
Depreciation and amortization  5,961   2,330   3,474   121   11,886 
EBITDA  13,389   2,942   2,300   2,148   20,779 
Executive severance charges  -   -   -   780   780 
Restructuring charges  66   -   185   -   251 
Adjusted EBITDA  $13,455  $2,942  $2,485  $2,928  $21,810 
Adjusted EBITDA Margin %  12.4%   10.1%   4.9%     11.6% 
           
Three months ended April 30, 2019          
Net sales $115,346  $41,623  $62,836  $(1,602) $218,203 
Cost of sales  90,031   28,906   53,699   (1,258)  171,378 
Gross Margin  25,315   12,717   9,137   (344)  46,825 
Gross Margin %  21.9%   30.6%   14.5%     21.5% 
Selling, general and administrative  12,213   5,696   4,505   1,308   23,722 
Restructuring charges  84   -   -   -   84 
Depreciation and amortization  6,758   2,219   3,305   122   12,404 
Asset impairment charges  -   -   29,978   -   29,978 
Operating income (loss)  6,260   4,802   (28,651)  (1,774)  (19,363)
Depreciation and amortization  6,758   2,219   3,305   122   12,404 
EBITDA  13,018   7,021   (25,346)  (1,652)  (6,959)
Asset impairment charges  -   -   29,978   -   29,978 
Transaction and advisory fees  -   -   -   249   249 
Restructuring charges  84   -   -   -   84 
Adjusted EBITDA  $13,102  $7,021  $4,632  $(1,403) $23,352 
Adjusted EBITDA Margin %  11.4%   16.9%   7.4%     10.7% 
           
Six months ended April 30, 2020          
Net sales $219,045  $65,966  $100,708  $(1,647) $384,072 
Cost of sales  173,850   46,210   88,040   (941)  307,159 
Gross Margin  45,195   19,756   12,668   (706)  76,913 
Gross Margin %  20.6%   29.9%   12.6%     20.0% 
Selling, general and administrative  23,040   11,242   8,834   (2,271)  40,845 
Restructuring charges  157   -   247   -   404 
Depreciation and amortization  12,940   4,738   6,875   238   24,791 
Operating income (loss)  9,058   3,776   (3,288)  1,327   10,873 
Depreciation and amortization  12,940   4,738   6,875   238   24,791 
EBITDA  21,998   8,514   3,587   1,565   35,664 
Transaction and advisory fees  -   -   -   55   55 
Executive severance charges  -   -   -   1,343   1,343 
Restructuring charges  157   -   247   -   404 
Adjusted EBITDA  $22,155  $8,514  $3,834  $2,963  $37,466 
Adjusted EBITDA Margin %  10.1%   12.9%   3.8%     9.8% 
           
Six months ended April 30, 2019          
Net sales $224,395  $76,877  $116,688  $(2,949) $415,011 
Cost of sales  177,184   53,431   101,555   (2,235)  329,935 
Gross Margin  47,211   23,446   15,133   (714)  85,076 
Gross Margin %  21.0%   30.5%   13.0%     20.5% 
Selling, general and administrative  25,290   11,406   9,430   5,622   51,748 
Restructuring charges  187   -   -   -   187 
Depreciation and amortization  13,630   4,456   6,644   246   24,976 
Asset impairment charges  -   -   29,978   -   29,978 
Operating income (loss)  8,104   7,584   (30,919)  (6,582)  (21,813)
Depreciation and amortization  13,630   4,456   6,644   246   24,976 
EBITDA  21,734   12,040   (24,275)  (6,336)  3,163 
Asset impairment charges  -   -   29,978   -   29,978 
Transaction and advisory fees  -   -   -   967   967 
Severance related to reorganization  -   -   -   1,150   1,150 
Restructuring charges  187   -   -   -   187 
Adjusted EBITDA  $21,921  $12,040  $5,703  $(4,219) $35,445 
Adjusted EBITDA Margin %  9.8%   15.7%   4.9%     8.5% 
                   
                   

  QUANEX BUILDING PRODUCTS CORPORATION
SALES ANALYSIS
(In thousands)
(Unaudited)

  Three Months Ended Six Months Ended
  April 30, 2020 April 30, 2019 April 30, 2020 April 30, 2019
         
NA Fenestration:       
 United States - fenestration$95,791  $99,144  $192,638  $193,029 
 International - fenestration 6,153   8,096   12,587   16,302 
 United States - non-fenestration 4,372   4,803   8,935   8,308 
 International - non-fenestration 2,277   3,303   4,885   6,756 
  $108,593  $115,346  $219,045  $224,395 
EU Fenestration  (1):       
 International - fenestration$24,865  $34,973  $55,829  $65,696 
 International - non-fenestration 4,335   6,650   10,137   11,181 
  $29,200  $41,623  $65,966  $76,877 
NA Cabinet Components:       
 United States - fenestration$2,647  $2,997  $5,795  $6,349 
 United States - non-fenestration 47,540   59,220   93,989   109,181 
 International - non-fenestration 477   619   924   1,158 
  $50,664  $62,836  $100,708  $116,688 
Unallocated Corporate & Other:       
 Eliminations$(982) $(1,602) $(1,647) $(2,949)
  $(982) $(1,602) $(1,647) $(2,949)
         
Net Sales$187,475  $218,203  $384,072  $415,011 
         
(1) Reflects reduction of $1.5 million and $1.2 million in revenue associated with foreign currency exchange rate impacts for the three and six months ended April 30, 2020, respectively.

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Source: Quanex Building Products Corporation