Quanex First-Quarter Net Sales Up 1.1
Percent from a Year Ago
Quanex Building Products Corp. of Houston, the parent company
of Edgetech IG, has reported that its 2012 first-quarter consolidated
net sales were $161.6 million, compared to $159.8 million a year ago,
and included Edgetech net sales of $18.9 million.
Quanex sustained a first-quarter operating loss of $0.18 per diluted share,
compared to an operating loss of $0.13 per diluted share a year ago.
The Engineered Products Group’s (EPG) first-quarter 2012 net sales were
$99.4 million, compared to $84.0 million a year ago,and included net sales
of $18.9 million at Edgetech. The EPG’sfirst-quarter operating income
was $1.8 million, compared to an operating loss of $0.7 million a year
ago, and included an operating loss of $1.1 million at Edgetech. Segment
expenses associated with the IG spacer consolidation program were $2.5
million in the quarter, $0.4 million of which were included in Edgetech’s
operating loss. First-quarter 2011 operating loss of $0.7 million included
$5.2 million of consolidation and warranty reserve costs.
AGC 2011 Net Income Down 22.6 Percent
Asahi Glass Co. (AGC) of Japan posted net sales of $15.8 billion USD (1,214.7
billion yen) for 2011, a 5.8 percent decrease from the previous year,
according to the company’s recently released financial report for the
Operating income decreased by 27.7 percent year-on-year, and net income
was down 22.6 percent on a year-on-year basis.
In the architectural glass business, shipments in Japan for the full year
increased over the previous year due to strong demand, despite slumping
temporarily in the first half of the fiscal year following the earthquake
in Japan, according to the company. Shipments in Asia for the full year
also increased from the previous fiscal year, supported by generally favorable
demand, despite a decline in the fourth quarter caused by the effects
of floods in Thailand.
Shipments of glass in North America remained sluggish, AGC officials report.
The company further predicts that the “pace of economic recovery is expected
to remain weak” in North America—though company officials do expect a
modest recovery there.
Vitro Reports Decline in Sales for 2011 Fourth Quarter
Officials at Vitro S.A.B. de C.V. of Mexico reported a 1.5 percent drop
in consolidated net sales for the fourth quarter of 2011, when compared
with the same period in 2010.
Consolidated EBITDA increased 37.7 percent from 2010 to 2011. Company
officials attribute this increase to the recovery of $33 million through
the company’s insurance claims related to damages caused by Hurricane
“With respect to Vitro’s debt restructuring process, on February 7, 2012,
Vitro was notified that the judge overseeing the company’s concurso mercantil
proceedings issued her final ruling approving the restructuring plan filed
by the conciliador and approved by the majority of the recognized creditors
and Vitro, which provides for the replacement of the guarantees that were
previously granted by Vitro’s subsidiaries,” says Hugo Lara, CEO. “Furthermore,
on February 23, 2012, Vitro consummated the concurso plan and completed
its debt restructuring under the Mexican insolvency plan. We are very
pleased with this ruling and the completion of our restructuring, which
undoubtedly is a turning point in Vitro’s more than century old history.”
Company officials say net free cash flow increased by $65 million for
the quarter, reflecting higher EBITDA, a lower capital expenditure, as
most investments were scheduled in previous quarters, and a recovery in
working capital consistent with typical business seasonality.
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