Quanex releases fiscal second quarter 2005 results
Texas-based Quanex Corporation, a manufacturer of materials and components for the vehicle and
construction markets, far outpaced their second quarter 2004 fiscal results.
Second quarter net sales for Quanex were $533.8 million, a year on year increase of 43% from $372.9 million. Operating income increased drastically, rising 364% to $86.0 million.
Quanex experienced a 36% increase in the quarterly net sales of their vehicular products, rising from $213.5 million to $289.4 million. Net sales for
construction products rose 53% from $159.4 million to $244.3 million.
The housing outlook remained quite positive during our second quarter, although demand was adversely impacted by severe weather in many regions of the country," said Raymond A. Jean, Quanex chairman and CEO, in a press release. "Offsetting the seasonal factors, our aluminum sheet business had an exceptionally strong quarter. Shipments to our traditional building and
construction customers remained steady, while sales to our capital equipment, service center, and transportation customers were more robust than year ago levels.
Quanex looks to offset
production cuts by the main domestic vehicle manufacturers through diversified offerings in their heavy truck and farm equipment markets.