Quanex Building Products jumps on raising 2022 sales forecast, upbeat Q2

Quanex Building Products

03/06/2022 19:56

** Shares of Quanex Building Products Corp  NX.N  rise as
much as 10% to near 2-1/2-month high of $22.89
    ** Stock last up 9.8%, on course for best day since May 2020
    ** Company on Thursday after markets close raised full-year
2022 sales forecast
    ** NX now expects 2022 net sales between $1.18 bln and $1.20
bln, up from prior forecast of $1.13 bln to $1.15 bln
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    ** Company also beat Q2 net sales and adjusted profit
estimates helped by higher pricing 
    ** Q2 net sales rose 19.4% to $322.9 mln, topping estimates
of $285.9 mln, per Refinitiv IBES data
    ** NX posts Q2 adj. profit of 80 cents per share, beating
estimates of 43 cents per share
    ** Stock has fallen ~8% this year

 (Reporting by Ananya Mariam Rajesh in Bengaluru)
 ((AnanyaMariam.Rajesh@thomsonreuters.com ; Twitter: https://twitter.com/AnanyaMariam))