Why Quanex Stock Skyrocketed by 22% on Friday
Yahoo Finance ·
Quanex Building Products ( NX +22.23% ) stock was doing quite a good job of building investor wealth on the final day of the trading week. Thanks to a freshly issued earnings report that featured a crushing earnings beat, investors piled into the stock to leave it with a double-digit Friday gain of over 22%. Quanex published its fiscal third-quarter earnings release after market close on Thursday. For the period, it booked net sales of $501.8 million, which was up by 1% year over year. Net income not under generally accepted accounting principles (non-GAAP, or adjusted) rose higher, improving by 14% to $36 million, or $0.79 per share. The company's revenue came in slightly over the consensus analyst estimate of $498.4 million. We can't say the same for adjusted profitability, as Quanex blew well past the $0.65 per share collectively anticipated by those pundits. In the earnings release, Quanex said its net sales were affected by favorable pricing developments. These, however, were offset by tariff reimbursements to clients. That pricing dynamic boosted profitability, along with other factors such as lower depreciation and amortization, and relatively modest interest payments.
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