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Quanex Building Products Announces First Quarter 2025 Results and Reaffirms Full Year 2025 Guidance

1. NX reported $400 million in net sales, up 67.3%. 2. Integration of Tyman acquisition is progressing well, enhancing synergies. 3. Net loss of $14.9 million reported, a decline from last year's profit. 4. Debt repayment reached $65 million post-Tyman acquisition. 5. Expectations of demand improvement into spring selling season.

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FAQ

Why Bullish?

Increased net sales result driven by Tyman acquisition may boost investor confidence.

How important is it?

Key metrics suggest positive underlying trends, albeit overshadowed by current losses.

Why Short Term?

Immediate responses anticipated from rising sales figures and integration success.

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TYMNHOLDHI
Margin Expansion Realized on Consolidated BasisResults Lifted by Contribution from Tyman AcquisitionRealization of Cost Synergies from Tyman Acquisition Progressing Well$65 Million of Debt Repaid Since Closing Tyman Acquisition HOUSTON, March 10, 2025 (GLOBE NEWSWIRE) -- Quanex Building Products Corporation (NYSE:NX) (“Quanex” or the “Company”) today announced its results for the three months ended January 31, 2025.   The Company reported the following selected financial results:   Three Months Ended January 31,($ in millions, except per share data) 2025 2024Net Sales $400.0 $239.2Gross Margin $92.3 $51.4Gross Margin % 23.1% 21.5%Net (Loss) Income ($14.9) $6.2Diluted EPS ($0.32) $0.19     Adjusted Net Income $9.0 $8.4Adjusted Diluted EPS $0.19 $0.25Adjusted EBITDA $38.5 $19.3Adjusted EBITDA Margin % 9.6% 8.1%     Cash (Used For) Provided by Operating Activities ($12.5) $3.9Free Cash Flow ($24.1) ($5.7) (See Non-GAAP Terminology Definitions and Disclaimers section, Non-GAAP Financial Measure Disclosure table, Selected Segment Data table and reconciliation tables for additional information) George Wilson, Chairman, President and Chief Executive Officer, stated, “The first quarter of 2025 was a very busy time for Quanex internally and I would like to thank all my Quanex teammates for their continuous efforts as we navigate through the process of integrating legacy Quanex with legacy Tyman. The integration gained speed and traction during the quarter, and we remain confident in our ability to deliver on the $30 million cost synergy target. Volume came in as expected during the first quarter, and we were pleased with the margin expansion and the overall impact of the cost synergies we have realized to date. On a consolidated basis, results for the first quarter were again lifted by the contribution from the Tyman acquisition and we achieved margin expansion. Our continued focus on cash flow and managing working capital enabled us to repay approximately $12 million in debt during the first quarter of 2025, or approximately $65 million since closing the acquisition on August 1, 2024. “Looking ahead, despite the soft macro backdrop, we continue to expect an improvement in demand as we enter the spring selling season and through the summer. Longer-term we also expect to benefit from the unwinding of pent-up demand as consumer confidence improves. Our near-term priorities are staying focused on the Tyman integration, capturing the targeted synergies, and generating cash flow to pay down debt.” First Quarter Results Summary Quanex reported net sales of $400.0 million during the three months ended January 31, 2025, which represents an increase of 67.3% compared to $239.2 million for the same period of 2024. The increase reflects the contribution from the Tyman acquisition that closed on August 1, 2024. Excluding the contribution from Tyman, net sales would have declined by 6.2% for the first quarter of 2025, mostly due to lower volume. The Company reported a decrease in net sales of 9.2% for the first quarter of 2025 in its North American Fenestration segment. In its North American Cabinet Components segment, Quanex reported an increase of 1.6% in net sales for the first quarter of 2025. Excluding foreign exchange impact, net sales were essentially flat in its European Fenestration segment. In addition, Quanex reported net sales of $175.7 million related to contributions from the Tyman acquisition during the first quarter of 2025. (See Sales Analysis table for additional information) The increase in adjusted earnings for the three months ended January 31, 2025 was mostly attributable to the contribution from the Tyman acquisition combined with the realization of costs synergies. Balance Sheet & Liquidity Update The Company borrowed $770 million ($500 Term Loan A and $270 on Senior Secured Revolving Credit Facility) to acquire Tyman on August 1, 2024 and has repaid $65 million of debt since closing. As of January 31, 2025, the Company had total debt of $764.3 million and Quanex’s leverage ratio of Net Debt to LTM Adjusted EBITDA improved slightly to 3.6x. As of January 31, 2025, the Company’s LTM Net Income was $11.9 million and LTM Adjusted EBITDA was $201.7 million (See Non-GAAP Terminology Definitions and Disclaimers section, Net Debt Reconciliation table and Last Twelve Months Adjusted EBITDA Reconciliation table for additional information) The leverage ratio for Quanex’s quarterly debt covenant compliance (“Debt Covenant Leverage Ratio”) for its lenders was 2.2x as of January 31, 2025. The Debt Covenant Leverage Ratio calculation is defined in the Company’s Amendment No. 1 to its Second Amended and Restated Credit Agreement, which was filed with the SEC on June 12, 2024. In general, the main difference is that the Debt Covenant Leverage Ratio excludes real-estate leases that are considered “finance” leases under U.S. GAAP and is calculated on a proforma basis to include Adjusted EBITDA from the Tyman acquisition, $30 million of EBITDA for the synergy target related to the acquisition and only cash from domestic subsidiaries. The Debt Covenant Leverage Ratio would be 2.1x if calculated using the cash and cash equivalents amount on the balance sheet as of January 31, 2024. Quanex’s liquidity was $301.5 million as of January 31, 2025, consisting of $50.0 million in cash on hand plus availability under its Senior Secured Revolving Credit Facility due 2029, less letters of credit outstanding. Share Repurchases Quanex’s Board authorized a $75 million share repurchase program in December of 2021. 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. The Company repurchased 150,000 shares of common stock for approximately $3.7 million at an average price of $24.66 per share during the three months ended January 31, 2025. As of January 31, 2025, approximately $59.1 million remained under the existing share repurchase authorization. Outlook Mr. Wilson commented, “We issued official guidance for 2025 as part of our Investor Day held at the New York Stock Exchange on February 6, 2025. Based on our results year-to-date, combined with our operational execution, recent demand trends and conversations with our customers, we are reaffirming our guidance for fiscal 2025. On a consolidated basis for fiscal 2025, we continue to estimate that we will generate net sales of approximately $1.84 billion to $1.86 billion, which we expect will yield Adjusted EBITDA* of $270 million to $280 million. “Our capital allocation priorities continue to be paying down debt, evaluating growth opportunities and opportunistically buying back our stock. In addition, the finance and accounting teams are logging long hours working hard in conjunction with our external auditors on re-segmenting the business, so we will report in the new operating segments as soon as practical.” *When Quanex provides expectations for Adjusted EBITDA on a forward-looking basis, a reconciliation of the differences between the non-GAAP expectations and corresponding GAAP measures is generally not available without unreasonable effort. Certain items required for such a reconciliation are outside of the Company’s control and/or cannot be reasonably predicted or estimated, such as the provision for income taxes related to net income. Conference Call and Webcast Information The Company has also scheduled a conference call for Tuesday, March 11, 2025 at 11:00 a.m. ET (10:00 a.m. CT) to discuss the release. A link to the live audio webcast will be available on Quanex’s website at http://www.quanex.com in the Investors section under Presentations & Events. Participants can pre-register for the conference call using the following link: https://register.vevent.com/register/BIafe91a1501e44eaaadfb84ddc0982237 Registered participants will receive an email containing conference call details for dial-in options. To avoid delays, it is recommended that participants dial into the conference call ten minutes ahead of the scheduled start time. A replay will be available for a limited time on the Company’s website at http://www.quanex.com in the Investors section under Presentations & Events. About Quanex Quanex is a global manufacturer with core capabilities and broad applications across various end markets. The Company currently collaborates and partners with leading OEMs to provide innovative solutions in the window, door, solar, refrigeration, custom mixing, building access and cabinetry markets.  Looking ahead, Quanex plans to leverage its material science expertise and process engineering to expand into adjacent markets. Non-GAAP Terminology Definitions and Disclaimers Adjusted Net Income (defined as net income further adjusted to exclude amortization of step-up for purchase price adjustments on inventory, transaction, advisory fees and reorganization costs, restructuring charges related to severance and disposal of software, amortization expense related to intangible assets, pension settlement refund and 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), Adjusted EBITDA and LTM 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) on the economy and the demand for Quanex’s products, timing estimates or any other expectations related to the acquisition of Tyman, 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, 2024, 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.  CONDENSED CONSOLIDATED STATEMENTS OF INCOME(In thousands, except per share data)(Unaudited)       Three Months Ended January 31,  2025 2024     Net sales $400,044  $239,155 Cost of sales  307,728   187,723 Selling, general and administrative  66,650   32,363 Restructuring charges  7,904   - Depreciation and amortization  24,740   11,152 Operating income  (6,978)  7,917 Interest expense  (14,186)  (1,068)Other, net  1,229   1,042 (Loss) income before income taxes  (19,935)  7,891 Income tax benefit (expense)  5,050   (1,642)Net (loss) income $(14,885) $6,249      (Loss) earnings per common share, basic $(0.32) $0.19 (Loss) earnings per common share, diluted $(0.32) $0.19      Weighted average common shares outstanding:   Basic  47,015   32,825 Diluted  47,015   33,043      Cash dividends per share $0.08  $0.08        QUANEX BUILDING PRODUCTS CORPORATIONCONDENSED CONSOLIDATED BALANCE SHEETS(In thousands)(Unaudited)        January 31, 2025 October 31, 2024ASSETS    Current assets:    Cash and cash equivalents $49,982  $97,744 Restricted Cash  5,486   5,251 Accounts receivable, net  164,347   197,689 Inventories  280,580   275,550 Income taxes receivable  5,283   5,937 Prepaid and other current assets  41,943   29,097 Total current assets  547,621   611,268 Property, plant and equipment, net  391,118   402,466 Operating lease right-of-use assets  125,002   126,715 Deferred tax assets  3,709   3,845 Goodwill  569,688   574,711 Intangible assets, net  580,081   597,909 Other assets  3,270   2,874 Total assets $2,220,489  $2,319,788      LIABILITIES AND STOCKHOLDERS' EQUITY    Current liabilities:    Accounts payable $108,374  $124,404 Accrued liabilities  81,302   103,623 Income taxes payable  -   6,620 Current maturities of long-term debt  25,827   25,745 Current operating lease liabilities  13,275   12,475 Total current liabilities  228,778   272,867 Long-term debt  725,231   737,198 Noncurrent operating lease liabilities  115,517   117,560 Deferred income taxes  162,846   162,304 Other liabilities  16,001   19,113 Total liabilities  1,248,373   1,309,042 Stockholders’ equity:    Common stock  512   513 Additional paid-in-capital  697,358   701,008 Retained earnings  411,708   430,405 Accumulated other comprehensive loss  (62,379)  (46,428)Treasury stock at cost  (75,083)  (74,752)Total stockholders’ equity  972,116   1,010,746 Total liabilities and stockholders' equity $2,220,489  $2,319,788        QUANEX BUILDING PRODUCTS CORPORATIONCONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW(In thousands)(Unaudited)    `Three Months Ended January 31, 2025 2024Operating activities:   Net (loss) income$(14,885) $6,249 Adjustments to reconcile net income to cash provided by operating activities:   Depreciation and amortization 24,740   11,152 Stock-based compensation 902   583 Deferred income tax 2,851   1,136 Other, net 6,173   1,790 Changes in assets and liabilities:   Decrease in accounts receivable 30,330   18,147 Increase in inventory (8,602)  (8,756)Increase in other current assets (8,985)  (1,680)Decrease in accounts payable (16,548)  (19,044)Decrease in accrued liabilities (22,558)  (7,181)(Decrease) increase in income taxes receivable (5,087)  264 (Decrease) increase in other long-term liabilities (247)  852 Other, net (594)  342 Cash (used for) provided by operating activities (12,510)  3,854 Investing activities:   Business acquisition   Capital expenditures (11,624)  (9,580)Proceeds from disposition of capital assets 169   31 Cash used for investing activities (11,455)  (9,549)Financing activities:   Borrowings under credit facilities 45,000   - Repayments of credit facility borrowings (56,250)  (5,000)Repayments of other long-term debt (2,026)  (679)Common stock dividends paid (3,812)  (2,645)Issuance of common stock 214   400 Payroll tax paid to settle shares forfeited upon vesting of stock (1,400)  (1,193)Purchase of treasury stock (3,698)  - Cash used for financing activities (21,972)  (9,117)Effect of exchange rate changes on cash and cash equivalents (1,590)  760 Increase in cash, cash equivalents and restricted cash (47,527)  (14,052)Cash, cash equivalents and restricted cash at beginning of period 102,995   58,474 Cash, cash equivalents and restricted cash at end of period$55,468  $44,422       QUANEX BUILDING PRODUCTS CORPORATIONFREE 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 January 31,   2025 2024Cash (used for) provided by operating activities  ($12,510) $3,854 Capital expenditures   (11,624)  (9,580)Free Cash Flow  ($24,134) ($5,726)            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 January 31,   2025 2024Term loan facility  $487,500  $0 Revolving credit facility   217,500  $10,000 Finance lease obligations(1)   59,306   55,211 Total debt(2)   764,306   65,211 Less: Cash and cash equivalents   49,982   44,422 Net Debt  $714,324  $20,789       (1) Includes $55.1 million and $51.7 million in real estate lease liabilities considered finance leases under U.S. GAAP as of January 31, 2025 and 2024, respectively.(2) Excludes outstanding letters of credit.        QUANEX BUILDING PRODUCTS CORPORATIONNON-GAAP FINANCIAL MEASURE DISCLOSURELAST TWELVE MONTHS ADJUSTED EBITDA RECONCILIATION(In thousands, except per share data)(Unaudited)           Reconciliation of Last Twelve Months Adjusted EBITDA Three Months Ended January 31, 2025 Three Months Ended October 31, 2024 Three Months Ended July 31, 2024 Three Months Ended April 30, 2024 Total  Reconciliation Reconciliation Reconciliation Reconciliation ReconciliationNet (loss) income as reported $(14,885) $(13,917) $25,350  $15,377  $11,925 Income tax (benefit) expense  (5,050)  (3,621)  6,688   4,314   2,331 Other, net  (1,229)  2,671   (9,474)  (4)  (8,036)Interest expense  14,186   17,697   878   950   33,711 Depreciation and amortization  24,740   27,329   10,953   10,894   73,916 EBITDA  17,762   30,159   34,395   31,531   113,847 Cost of sales (1)  -   887   1,507   631   3,025 Selling, general and administrative (1),(2),(3)  12,876   50,004   6,133   7,862   76,875 Restructuring charges (4)  7,904   -   -   -   7,904 Adjusted EBITDA $38,542  $81,050  $42,035  $40,024  $201,651            (1) Expense (gain) related to plant closure.(2) Transaction, advisory fees, and reorganization costs.(3) Amortization of step-up for purchase price adjustments on inventory.(4) Restructuring charges related to severance and disposal of software.             QUANEX BUILDING PRODUCTS CORPORATIONNON-GAAP FINANCIAL MEASURE DISCLOSURE(In thousands, except per share data)(Unaudited)          Reconciliation of Adjusted Net Income and Adjusted EPS Three Months Ended January 31, 2025 Three Months Ended January 31, 2024   Net Income Diluted EPS Net Income Diluted EPS Net (loss) income as reported $(14,885) $(0.32) $6,249  $0.19  Net (loss) income reconciling items from below  23,847  $0.51   2,121  $0.06  Adjusted net income and adjusted EPS $8,962  $0.19  $8,370  $0.25            Reconciliation of Adjusted EBITDA Three Months Ended January 31, 2025 Three Months Ended January 31, 2024   Reconciliation   Reconciliation   Net (loss) income as reported $(14,885)   $6,249    Income tax (benefit) expense  (5,050)    1,642    Other, net  (1,229)    (1,042)   Interest expense  14,186     1,068    Depreciation and amortization  24,740     11,152    EBITDA  17,762     19,069    EBITDA reconciling items from below  20,780     205    Adjusted EBITDA $38,542    $19,274              Reconciling Items Three Months Ended January 31, 2025 Three Months Ended January 31, 2024   Income Statement Reconciling Items Income Statement Reconciling Items Net sales $400,044  $-  $239,155  $-  Cost of sales  307,728   -   187,723   -  Selling, general and administrative  66,650   (12,876)(1),(2) 32,363   (205)(2)Restructuring charges  7,904   (7,904)(3) -   -  EBITDA  17,762   20,780   19,069   205  Depreciation and amortization  24,740   (10,650)(4) 11,152   (3,229)(4)Operating income  (6,978)  31,430   7,917   3,434  Interest expense  (14,186)  -   (1,068)  -  Other, net  1,229   (172)(5) 1,042   (755)(5)(Loss) Income before income taxes  (19,935)  31,258   7,891   2,679  Income tax benefit (expense)  5,050   (7,411)(6) (1,642)  (558) (6)Net (loss) income $(14,885) $23,847  $6,249  $2,121            Diluted (loss) earnings per share $(0.32)   $0.19                        (1) Amortization of step-up for purchase price adjustments on inventory.(2) Transaction, advisory fees, and reorganization costs.(3) Restructuring charges related to severance and disposal of software.(4) Amortization expense related to intangible assets.(5) Pension settlement refund and foreign currency transaction losses (gains).(6) Tax impact of net income reconciling items.            QUANEX BUILDING PRODUCTS CORPORATIONSELECTED SEGMENT DATA(In thousands)(Unaudited)             This table provides gross margin, operating income (loss), 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 Tyman Unallocated Corp & Other TotalThree months ended January 31, 2025            Net sales $134,333  $48,471  $43,810  $175,676  $(2,246) $400,044 Cost of sales  106,567   30,638   39,415   132,796   (1,688)  307,728 Gross Margin  27,766   17,833   4,395   42,880   (558)  92,316 Gross Margin %  20.7%   36.8%   10.0%   24.4%     23.1% Selling, general and administrative(1)  16,133   7,920   5,268   34,378   2,951   66,650 Restructuring charges  -   -   -   7,904   -   7,904 Depreciation and amortization  4,779   2,610   3,009   14,263   79   24,740 Operating income (loss)  6,854   7,303   (3,882)  (13,665)  (3,588)  (6,978)Depreciation and amortization  4,779   2,610   3,009   14,263   79   24,740 EBITDA  11,633   9,913   (873)  598   (3,509)  17,762 Expense related to plant closure (Cost of sales)  -   -   -   -   -   - Net gain related to plant closure (SG&A)  -   -   -   -   -   - Amortization of step-up for purchase price adjustments on inventory  -   -   -   9,007   -   9,007 Transaction, advisory fees, and reorganization costs  -   -   -   1,469   2,400   3,869 Restructuring charges related to severance and disposal of software        7,904   -   7,904 Adjusted EBITDA $11,633  $9,913  $(873) $18,978  $(1,109) $38,542 Adjusted EBITDA Margin %  8.7%   20.5%   -2.0%   10.8%     9.6%              Three months ended January 31, 2024            Net sales $147,995  $49,437  $43,137  $-  $(1,414) $239,155 Cost of sales  118,368   31,703   38,743   -   (1,091)  187,723 Gross Margin  29,627   17,734   4,394   -   (323)  51,432 Gross Margin %  20.0%   35.9%   10.2%       21.5% Selling, general and administrative(1)  15,910   7,745   5,126   -   3,582   32,363 Depreciation and amortization  5,475   2,558   3,065   -   54   11,152 Operating income (loss)  8,242   7,431   (3,797)  -   (3,959)  7,917 Depreciation and amortization  5,475   2,558   3,065   -   54   11,152 EBITDA  13,717   9,989   (732)  -   (3,905)  19,069 Transaction and advisory fees  -   -   -   -   205   205 Adjusted EBITDA $13,717  $9,989  $(732) $-  $(3,700) $19,274 Adjusted EBITDA Margin %  9.3%   20.2%   -1.7%       8.1%              (1) Includes stock-based compensation expense of $1.2 million and $2.6 million as of January 31, 2025 and January 31, 2024, respectively.               QUANEX BUILDING PRODUCTS CORPORATIONSALES ANALYSIS(In thousands)(Unaudited)       Three Months Ended January 31,  2025 2024     NA Fenestration:    United States - fenestration$100,429  $111,634  International - fenestration 5,859   6,144  United States - non-fenestration 23,205   25,791  International - non-fenestration 4,840   4,426   $134,333  $147,995 EU Fenestration:(1)    International - fenestration$42,056  $41,751  International - non-fenestration 6,415   7,686   $48,471  $49,437 NA Cabinet Components:    United States - fenestration$3,452  $3,675  United States - non-fenestration 40,063   39,179  International - non-fenestration 295   283   $43,810  $43,137 Tyman:    United States - fenestration$105,591  $-  International - fenestration 69,282   -  United States - non-fenestration 785   -  International - non-fenestration 18   -   $175,676  $-      Unallocated Corporate & Other:    Eliminations$(2,246) $(1,414)  $(2,246) $(1,414)     Net Sales$400,044  $239,155      (1) Reflects a decrease of $0.9 million in revenue associated with foreign currency exchange rate impacts for the three months ended January 31, 2025. 

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