Quanex Building Products Corporation (NYSE:NX) Q3 2024 Results Conference Call September 6, 2024 11:00 AM ET

Company Participants

Scott Zuehlke - SVP, CFO & Treasurer
George Wilson - Chairman, President & CEO

Conference Call Participants

Steven Ramsey - TRG
Julio Romero - Sidoti & Company
Reuben Garner - Benchmark
Adam Thalhimer - Thompson Davis

Operator

Good day, and thank you for standing by, and welcome to the Q3 2024 Quanex Building Products Corporation Earnings Conference Call. At this time, our participants are in the listen-only mode. After the speaker's presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today's conference is being recorded.

I would now like to hand the conference over to your speaker today, Scott Zuehlke, Senior Vice President, CFO and Treasurer. Please go ahead.

Scott Zuehlke

Thanks for joining the call this morning.

On the call with me today is George Wilson, our President, Chairman and CEO. This conference call will contain forward-looking statements and some discussion of non-GAAP measures. Forward-looking statements and guidance discussed on this call and in our earnings release are based on current expectations.

Actual results or events may differ materially from such statements and guidance and Quanex undertakes no obligation to update or revise any forward-looking statement to reflect new information or events. For a more detailed description of our forward-looking statement disclaimer, and reconciliation of non-GAAP measures to the most directly comparable GAAP measures, please see our earnings release issued yesterday and posted to our website.

I'll now turn the call over to George for his prepared remarks.

George Wilson

Thanks Scott, and good morning to everyone joining the call.

Today, I'll be providing an overview of our quarterly performance, the state of our served markets, and our perspective on the macroeconomic environment. Additionally, I'll discuss our recent acquisition of timing, including our integration plans and expectations moving forward. Overall, we are satisfied with our operational performance as we exceeded consensus expectations across all metrics.

Despite a challenging demand environment, volumes for the third quarter of this year exceeded those of the second quarter, reinforcing our prior comments about a return to a more traditional seasonality pattern for orders.

Scott will provide a more detailed analysis, but on a consolidated basis, revenue decreased by 6.4% in the third quarter, compared to the same period last year, and adjusted EBITDA fell by 13.2%. Although softer than the prior year, these results aligned with our expectations and our previous comments on the cadence for the third quarter.