Quanex Building Products Announces Fourth Quarter and Fiscal Year 2021 Results

HOUSTON, Texas, UNITED STATES


Record Revenue Growth & Earnings in FY21 
Balance Sheet & Liquidity Continue to Improve and Remain Strong 
Board Authorizes New $75 Million Share Repurchase Program

HOUSTON, Dec. 16, 2021 (GLOBE NEWSWIRE) --  Quanex Building Products Corporation (NYSE:NX) (“Quanex” or the “Company”) today announced its results for the three months and twelve months ended October 31, 2021. The Company also announced that its Board of Directors (the “Board) has authorized a new $75 million share repurchase program to return capital to shareholders.

The Company reported the following selected financial results:

QUANEX BUILDING PRODUCTS CORPORATION         
Q4 2021 Earnings Release          
   Three Months Ended October 31, Twelve Months Ended October 31, 
($ in millions, except per share data)  2021   2020   2021   2020  
Net Sales  $291.8  $255.4  $1,072.1  $851.6  
Gross Margin  $65.0  $66.2  $240.6  $192.8  
Gross Margin %  22.3%   25.9%   22.4%   22.6%  
Net Income  $20.9  $22.2  $57.0  $38.5  
Diluted EPS  $0.62  $0.68  $1.70  $1.17  
           
Adjusted Net Income  $20.8  $22.0  $58.6  $40.7  
Adjusted Diluted EPS  $0.62  $0.67  $1.75  $1.24  
Adjusted EBITDA  $37.3  $39.4  $126.8  $104.5  
Adjusted EBITDA Margin %  12.8%   15.4%   11.8%   12.3%  
           
Cash Provided by Operating Activities  $31.2  $53.2  $78.6  $100.8  
Free Cash Flow  $23.2  $48.2  $54.6  $75.1  

(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, “Demand for the products we manufacture remained strong throughout our fiscal year and that continues today. Despite challenges related to the supply chain and inflation, we reported record revenue growth and record earnings for the year.  

“Our liquidity position has improved meaningfully over the past year, and our balance sheet is strong. We were able to pay down $65 million of bank debt in fiscal 2021, and we are very close to being net debt free. We are focused on closing the valuation gap that currently exists between us and our peers. As such, the Board has authorized a new $75 million share repurchase program, which reflects our strong balance sheet, commitment to returning capital to shareholders and overall confidence in the ability of the Company to continue to grow and create value for shareholders over time.”   (See Non-GAAP Terminology Definitions and Disclaimers section for additional information)

Fourth Quarter and Fiscal 2021 Results Summary   

Quanex reported net sales growth of 14.2% and 25.9% during the three months and twelve months ended October 31, 2021, respectively. The increases were mostly due to improved demand across all product lines and operating segments combined with higher prices primarily related to the pass through of raw material cost inflation. More specifically, for the fourth quarter and full year, the Company posted net sales growth of 10.1% and 19.6%, respectively, in its North American Fenestration segment, 15.9% and 17.1%, respectively, in its North American Cabinet Components segment and 17.6% and 45.6%, respectively, in its European Fenestration segment, excluding the foreign exchange impact. As a reminder, both of the Company’s manufacturing facilities in the U.K. were shut down in late March of 2020 and did not resume operations until mid-to-late May last year.   (See Sales Analysis table for additional information)

The decrease in earnings for the three months ended October 31, 2021 was driven by inflationary pressures and supply chain challenges. The increase in earnings for the twelve months ended October 31, 2021 was largely due to higher volumes, improved operating leverage and better pricing. This increase was somewhat offset by higher raw material costs and an increase in selling, general and administrative expenses.  

Balance Sheet & Liquidity Update

As of October 31, 2021, Quanex had total debt of $53.5 million and its leverage ratio of Net Debt to LTM Adjusted EBITDA improved to 0.1x.   (See Non-GAAP Terminology Definitions and Disclaimers section for additional information)

The Company’s liquidity increased to $322.6 million as of October 31, 2021, consisting of $40.1 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 authorized a $60 million share repurchase program in September of 2018, which is now complete. Repurchases under this program were made in open market transactions or privately negotiated transactions, subject to market conditions, applicable legal requirements, and other relevant factors. The Company repurchased 247,003 shares of common stock for approximately $5.4 million at an average price of $22.03 per share during the three months ended October 31, 2021.

Quanex’s Board recently authorized a new $75 million share repurchase program. 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.        

Outlook        

George Wilson, President and Chief Executive Officer, stated, “Demand remains strong, but ongoing supply chain disruptions continue to create day-to-day operational challenges and ultimately reduce our visibility in the near-term.  Based on current fundamentals, trends, and recent conversations with our customers, we are taking a measured approach to 2022 guidance. As such, we believe it would be premature to give guidance at this time. However, we feel confident in our ability to realize margin expansion on a consolidated basis in fiscal 2022, second half weighted, and we remain cautiously optimistic for the year. We intend to re-visit guidance when we report earnings for the first quarter of 2022.”

Conference Call and Webcast Information

The Company has scheduled a conference call for Friday, December 17, 2021, 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 7040256, 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 December 24, 2021. To access the replay dial (855) 859-2056 for domestic callers and (404) 537-3406 for international callers, in both cases referencing conference passcode 7040256.  

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 (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.  Net Debt is defined as total debt (outstanding balance on the revolving credit facility plus financial lease obligations) less cash and cash equivalents. 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. Quanex uses the Free Cash Flow metric to measure operational and cash management performance and assist with financial decision-making.   Free Cash Flow is measured before application of certain contractual commitments (including capital lease obligations), and accordingly is not a true measure of the Company’s residual cash flow available for discretionary expenditures. Quanex believes Free Cash Flow is useful to investors in understanding and evaluating the Company’s financial and cash management performance. Quanex believes that the presented non-GAAP measures provide a consistent basis for comparison between periods and will assist investors in understanding the Company’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. Quanex 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, 2020, 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
(In thousands, except per share data)
(Unaudited)

  Three Months Ended October 31, Twelve Months Ended October 31, 
   2021   2020   2021   2020  
          
Net sales $291,768  $255,405  $1,072,149  $851,573  
Cost of sales  226,818   189,164   831,541   658,750  
Selling, general and administrative  27,668   26,889   115,967   89,707  
Restructuring charges  -   145   39   622  
Depreciation and amortization  10,189   11,378   42,732   47,229  
Operating income  27,093   27,829   81,870   55,265  
Interest expense  (542)  (935)  (2,530)  (5,245) 
Other, net  109   164   754   280  
Income before income taxes  26,660   27,058   80,094   50,300  
Income tax expense  (5,762)  (4,906)  (23,114)  (11,804) 
Net income $20,898  $22,152  $56,980  $38,496  
          
Earnings per common share, basic $0.63  $0.68  $1.72  $1.18  
Earnings per common share, diluted $0.62  $0.68  $1.70  $1.17  
          
Weighted average common shares outstanding:         
Basic  33,191   32,608   33,193   32,689  
Diluted  33,454   32,811   33,495   32,821  
          
Cash dividends per share $0.08  $0.08  $0.32  $0.32  
          

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

     
  October 31, 2021 October 31, 2020
ASSETS    
Current assets:    
Cash and cash equivalents $40,061  $51,621 
Accounts receivable, net  108,309   88,287 
Inventories, net  92,529   61,181 
Prepaid and other current assets  8,148   6,217 
Total current assets  249,047   207,306 
Property, plant and equipment, net  178,630   184,104 
Operating lease right-of-use assets  52,708   51,824 
Goodwill  149,205   146,154 
Intangible assets, net  82,410   93,068 
Other assets  5,323   9,129 
Total assets $717,323  $691,585 
     
LIABILITIES AND STOCKHOLDERS' EQUITY    
Current liabilities:    
Accounts payable $86,765  $77,335 
Accrued liabilities  56,156   38,289 
Income taxes payable  6,038   6,465 
Current maturities of long-term debt  846   692 
Current operating lease liabilities  8,196   7,459 
Total current liabilities  158,001   130,240 
Long-term debt  52,094   116,728 
Noncurrent operating lease liabilities  45,367   44,873 
Deferred pension and postretirement benefits  4,737   10,923 
Deferred income taxes  21,965   19,116 
Liabilities for uncertain tax positions  1,388   522 
Other liabilities  13,989   13,424 
Total liabilities  297,541   335,826 
Stockholders’ equity:    
Common stock  373   373 
Additional paid-in-capital  254,162   253,458 
Retained earnings  259,718   213,517 
Accumulated other comprehensive loss  (21,770)  (33,024)
Treasury stock at cost  (72,701)  (78,565)
Total stockholders’ equity  419,782   355,759 
Total liabilities and stockholders' equity $717,323  $691,585 
     

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

 Twelve Months Ended October 31,
  2021   2020 
Operating activities:   
Net income$56,980  $38,496 
Adjustments to reconcile net income to cash provided by operating activities:   
Depreciation and amortization 42,732   47,229 
Loss on the disposition of capital assets 3,039   - 
Stock-based compensation 1,970   879 
Deferred income tax 1,785   (189)
Other, net 2,126   1,689 
Changes in assets and liabilities:   
Increase in accounts receivable (19,017)  (5,766)
(Increase) decrease in inventory (31,382)  6,119 
(Increase) decrease in other current assets (1,817)  2,896 
Increase in accounts payable 7,097   15,922 
Increase (decrease) in accrued liabilities 16,212   (3,156)
(Decrease) increase in income taxes payable (378)  237 
Decrease in deferred pension and postretirement benefits (708)  (2,775)
Increase (decrease) in other long-term liabilities 477   (236)
Other, net (528)  (549)
Cash provided by operating activities 78,588   100,796 
Investing activities:   
Capital expenditures (24,008)  (25,726)
Proceeds from disposition of capital assets 5,300   502 
Cash used for investing activities (18,708)  (25,224)
Financing activities:   
Borrowings under credit facilities -   114,500 
Repayments of credit facility borrowings (65,000)  (154,000)
Repayments of other long-term debt (680)  (1,027)
Common stock dividends paid (10,779)  (10,534)
Issuance of common stock 16,272   3,626 
Payroll tax paid to settle shares forfeited upon vesting of stock (492)  (454)
Purchase of treasury stock (11,182)  (7,233)
Cash used for financing activities (71,861)  (55,122)
Effect of exchange rate changes on cash and cash equivalents 421   303 
(Decrease) increase in cash and cash equivalents (11,560)  20,753 
Cash and cash equivalents at beginning of period 51,621   30,868 
Cash and cash equivalents at end of period$40,061  $51,621 
    

QUANEX BUILDING PRODUCTS CORPORATION
FREE CASH FLOW AND NET DEBT 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 October 31, Twelve Months Ended October 31, 
   2021 2020 2021 2020 
Cash provided by operating activities  $31,153 $53,235 $78,588 $100,796 
Capital expenditures  (8,002) (5,053) (24,008) (25,726) 
Free Cash Flow  $23,151 $48,182 $54,580 $75,070 
           
           
The following table reconciles the Company's Net Debt which is defined as total debt principal of the Company plus finance lease obligations minus cash.     
           
   As of October 31,   
   2021 2020     
Revolving Credit Facility  $38,000 $103,000     
Finance Lease Obligations  15,537 15,321     
Total Debt (1)  53,537 118,321     
Less: Cash and cash equivalents  40,061 51,621     
Net Debt  $13,476 $66,700     
           
(1) Excludes outstanding letters of credit.          


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

                  
  Three Months Ended Three Months Ended Twelve Months Ended Twelve Months Ended 
Reconciliation of Adjusted Net Income and Adjusted EPS October 31, 2021 October 31, 2020 October 31, 2021 October 31, 2020 
  Net Income Diluted EPS Net Income Diluted EPS Net Income Diluted EPS Net Income Diluted EPS 
Net income as reported $ 20,898 $ 0.62 $ 22,152 $ 0.68 $ 56,980 $ 1.70 $ 38,496 $ 1.17 
Net Income reconciling items from below (51) - (168) (0.01) 1,609 0.05 2,218 0.07 
Adjusted net income and adjusted EPS $ 20,847 $ 0.62 $ 21,984 $ 0.67 $ 58,589 $ 1.75 $ 40,714 $ 1.24 
                  
Reconciliation of Adjusted EBITDA Three Months Ended October 31, 2021 Three Months Ended October 31, 2020 Twelve Months Ended October 31, 2021 Twleve Months Ended October 31, 2020 
  Reconciliation   Reconciliation   Reconciliation   Reconciliation   
Net income as reported $ 20,898   $ 22,152   $ 56,980   $ 38,496   
Income tax expense 5,762   4,906   23,114   11,804   
Other, net (109)   (164)   (754)   (280)   
Interest expense 542   935   2,530   5,245   
Depreciation and amortization 10,189   11,378   42,732   47,229   
EBITDA 37,282   39,207   124,602   102,494   
EBITDA reconciling items from below -   145   2,160   2,020   
Adjusted EBITDA $ 37,282   $ 39,352   $ 126,762   $ 104,514   
                  
Reconciling Items Three Months Ended October 31, 2021 Three Months Ended October 31, 2020 Twelve Months Ended October 31, 2021 Twleve Months Ended October 31, 2020 
  Income Statement Reconciling Items Income Statement Reconciling Items Income Statement Reconciling Items Income Statement Reconciling Items 
Net sales $ 291,768 $ - $ 255,405 $ - $ 1,072,149 $ - $ 851,573 $ - 
Cost of sales 226,818 - 189,164 - 831,541 (307)(1)658,750 - 
Selling, general and administrative 27,668 - 26,889 - 115,967 (1,814)(2)89,707 (1,398)(2)
Restructuring charges - - 145 (145)(3)39 (39)(3)622 (622)(3)
EBITDA 37,282 - 39,207 145 124,602 2,160 102,494 2,020 
Depreciation and amortization 10,189 - 11,378 - 42,732 - 47,229 (968)(4)
Operating income 27,093 - 27,829 145 81,870 2,160 55,265 2,988 
Interest expense (542) - (935) - (2,530) - (5,245) - 
Other, net 109 (63)(5)164 (333)(5)754 98(5)280 57(5)
Income before income taxes 26,660 (63) 27,058 (188) 80,094 2,258 50,300 3,045 
Income tax expense (5,762) 12(6)(4,906) 20(6)(23,114) (649)(6)(11,804) (827)(6)
Net income $ 20,898 $ (51) $ 22,152 $ (168) $ 56,980 $ 1,609 $ 38,496 $ 2,218 
                  
Diluted earnings per share $ 0.62   $ 0.68   $ 1.70   $ 1.17   
                  
                  
(1) Loss on damage to a plant caused by flooding of $0.3 million for the twelve months ended October 31, 2021.
(2) Loss on a sale of a plant of $1.8 million in the twelve months ended October 31, 2021 and executive severance charges of $1.3 million in the twelve months ended October 31, 2020.
(3) Restructuring charges related to the closure of manufacturing plant facilities.                
(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 (loss) income, 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 October 31, 2021          
Net sales $156,255  $69,737  $66,583  $(807) $291,768 
Cost of sales  122,078   49,402   55,718   (380)  226,818 
Gross Margin  34,177   20,335   10,865   (427)  64,950 
Gross Margin %  21.9%  29.2%  16.3%    22.3%
Selling, general and administrative  14,015   8,335   5,456   (138)  27,668 
Depreciation and amortization  4,202   2,602   3,298   87   10,189 
Operating income (loss)  15,960   9,398   2,111   (376)  27,093 
Depreciation and amortization  4,202   2,602   3,298   87   10,189 
EBITDA  20,162   12,000   5,409   (289)  37,282 
Adjusted EBITDA $20,162  $12,000  $5,409  $(289) $37,282 
Adjusted EBITDA Margin %  12.9%  17.2%  8.1%    12.8%
           
Three months ended October 31, 2020          
Net sales $141,983  $56,823  $57,465  $(866) $255,405 
Cost of sales  105,323   36,725   47,546   (430)  189,164 
Gross Margin  36,660   20,098   9,919   (436)  66,241 
Gross Margin %  25.8%  35.4%  17.3%    25.9%
Selling, general and administrative  12,883   6,739   5,270   1,997   26,889 
Restructuring charges  67   -   78   -   145 
Depreciation and amortization  5,243   2,423   3,593   119   11,378 
Operating income (loss)  18,467   10,936   978   (2,552)  27,829 
Depreciation and amortization  5,243   2,423   3,593   119   11,378 
EBITDA  23,710   13,359   4,571   (2,433)  39,207 
Restructuring charges  67   -   78   -   145 
Adjusted EBITDA $23,777  $13,359  $4,649  $(2,433) $39,352 
Adjusted EBITDA Margin %  16.7%  23.5%  8.1%    15.4%
           
Twelve months ended October 31, 2021          
Net sales $578,332  $251,599  $246,075  $(3,857) $1,072,149 
Cost of sales  450,356   172,033   211,088   (1,936)  831,541 
Gross Margin  127,976   79,566   34,987   (1,921)  240,608 
Gross Margin %  22.1%  31.6%  14.2%    22.4%
Selling, general and administrative  52,959   29,894   20,828   12,286   115,967 
Restructuring charges  39   -   -   -   39 
Depreciation and amortization  18,730   10,373   13,263   366   42,732 
Operating income (loss)  56,248   39,299   896   (14,573)  81,870 
Depreciation and amortization  18,730   10,373   13,263   366   42,732 
EBITDA  74,978   49,672   14,159   (14,207)  124,602 
Loss on the damage of a plant  -   307   -   -   307 
Loss on sale of plant  375   -   -   1,439   1,814 
Restructuring charges  39   -   -   -   39 
Adjusted EBITDA $75,392  $49,979  $14,159  $(12,768) $126,762 
Adjusted EBITDA Margin %  13.0%  19.9%  5.8%    11.8%
           
Twelve months ended October 31, 2020          
Net sales $483,415  $161,054  $210,099  $(2,995) $851,573 
Cost of sales  371,811   108,781   179,804   (1,646)  658,750 
Gross Margin  111,604   52,273   30,295   (1,349)  192,823 
Gross Margin %  23.1%  32.5%  14.4%    22.6%
Selling, general and administrative  47,845   22,729   18,738   395   89,707 
Restructuring charges  295   -   327   -   622 
Depreciation and amortization  23,555   9,468   13,732   474   47,229 
Operating income (loss)  39,909   20,076   (2,502)  (2,218)  55,265 
Depreciation and amortization  23,555   9,468   13,732   474   47,229 
EBITDA  63,464   29,544   11,230   (1,744)  102,494 
Transaction and advisory fees  -   -   -   55   55 
Executive severance charges  -   -   -   1,343   1,343 
Restructuring charges  295   -   327   -   622 
Adjusted EBITDA $63,759  $29,544  $11,557  $(346) $104,514 
Adjusted EBITDA Margin %  13.2%  18.3%  5.5%    12.3%
           


QUANEX BUILDING PRODUCTS CORPORATION
 
SALES ANALYSIS       
(In thousands) 
(Unaudited) 
          
  Three Months Ended Twelve Months Ended 
  October 31, 2021October 31, 2020October 31, 2021 October 31, 2020 
          
NA Fenestration:        
 United States - fenestration$137,825  $125,522  $507,634  $427,616  
 International - fenestration 8,854   9,301   34,610   28,585  
 United States - non-fenestration 6,991   5,500   24,534   19,279  
 International - non-fenestration 2,585   1,660   11,554   7,935  
  $156,255  $141,983  $578,332  $483,415  
EU Fenestration (1):        
 International - fenestration$52,439  $46,699  $199,511  $134,432  
 International - non-fenestration 17,298   10,124   52,088   26,622  
  $69,737  $56,823  $251,599  $161,054  
NA Cabinet Components:        
 United States - fenestration$3,615  $3,381  $13,326  $11,842  
 United States - non-fenestration 62,251   53,641   230,559   196,479  
 International - non-fenestration 717   443   2,190   1,778  
  $66,583  $57,465  $246,075  $210,099  
Unallocated Corporate & Other:        
 Eliminations$(807) $(866) $(3,857) $(2,995) 
  $(807) $(866) $(3,857) $(2,995) 
          
Net Sales$291,768  $255,405  $1,072,149  $851,573  
          
(1) Reflects increase of $2.5 million and $11.8 million in revenue associated with foreign currency exchange rate impacts for the three and twelve months ended October 31, 2021, respectively.