Quanex raises FY24 revenue view to $1.28B-$1.29B from $1.1B, consensus $1.07B

Raises FY24 adjusted EBITDA view to $171M-$176M from $145M-$150M. Wilson commented, “Since we closed on the Tyman acquisition at the beginning of our fourth fiscal quarter, prior guidance for 2024 is no longer valid. While we still feel comfortable with the prior guidance for the legacy Quanex business, we are simply layering in the contribution from the Tyman business for the fourth quarter, which includes the impact related to performing full physical inventory counts at every legacy Tyman location prior to the end of our fiscal year. On a consolidated basis, we now estimate net sales of $1.275 billion to $1.285 billion, which should result in $171 million to $176 million of Adjusted EBITDA* in fiscal 2024.”