GlobeNewswire Inc | Dec 16, 2021 04:15PM EST

December 16, 2021

Record Revenue Growth & Earnings in FY21Balance Sheet & Liquidity Continue to Improve and Remain StrongBoard 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 BUILDINGPRODUCTS CORPORATIONQ4 2021Earnings Release Three Months Ended Twelve Months Ended October 31, October 31,($ in millions,except per 2021 2020 2021 2020 share data)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 $20.8 $22.0 $58.6 $40.7 IncomeAdjusted $0.62 $0.67 $1.75 $1.24 Diluted EPSAdjusted EBITDA $37.3 $39.4 $126.8 $104.5 Adjusted EBITDA 12.8% 15.4% 11.8% 12.3% Margin % Cash Providedby Operating $31.2 $53.2 $78.6 $100.8 ActivitiesFree 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 chainand 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 Companys manufacturing facilities in theU.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 pressuresand 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 Companys 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

Quanexs 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.

Quanexs 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 Companys 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 Quanexs leverage. In addition, with certain limited adjustments, this leverage ratio is the basis for a key covenant in the Companys 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 Companys residual cash flow available for discretionary expenditures. Quanex believes Free Cash Flow is useful to investors in understanding and evaluating the Companys 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 Companys 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 Quanexs products, the Companys future operating results, future financial condition, future uses of cash and other expenditures, expenses and tax rates, expectations relating to Quanexs industry, and the Companys 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 Quanexs future performance, please refer to the Companys Annual Report on Form 10-K for the fiscal year ended October 31, 2020, and the Companys 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 CORPORATIONCONDENSED 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 27,668 26,889 115,967 89,707 administrativeRestructuring - 145 39 622 chargesDepreciationand 10,189 11,378 42,732 47,229 amortizationOperating 27,093 27,829 81,870 55,265 incomeInterest (542 ) (935 ) (2,530 ) (5,245 ) expenseOther, net 109 164 754 280 Income before 26,660 27,058 80,094 50,300 income taxesIncome tax (5,762 ) (4,906 ) (23,114 ) (11,804 ) expenseNet income $ 20,898 $ 22,152 $ 56,980 $ 38,496 Earnings percommon share, $ 0.63 $ 0.68 $ 1.72 $ 1.18 basicEarnings percommon share, $ 0.62 $ 0.68 $ 1.70 $ 1.17 diluted Weightedaverage common sharesoutstanding:Basic 33,191 32,608 33,193 32,689 Diluted 33,454 32,811 33,495 32,821 Cash dividends $ 0.08 $ 0.08 $ 0.32 $ 0.32 per share

QUANEX BUILDING PRODUCTS CORPORATIONCONDENSED CONSOLIDATED BALANCE SHEETS(In thousands)(Unaudited)

October 31, October 31, 2021 2020ASSETS 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 4,737 10,923 benefitsDeferred 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 CORPORATIONCONDENSED 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 (708 ) (2,775 )benefitsIncrease (decrease) in other long-term 477 (236 )liabilitiesOther, 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 (492 ) (454 )upon vesting of stockPurchase of treasury stock (11,182 ) (7,233 )Cash used for financing activities (71,861 ) (55,122 )Effect of exchange rate changes on cash and 421 303 cash equivalents(Decrease) increase in cash and cash (11,560 ) 20,753 equivalentsCash and cash equivalents at beginning of 51,621 30,868 periodCash and cash equivalents at end of period $ 40,061 $ 51,621

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 lesscapital expenditures. Three Months Ended Twelve Months Ended October 31, October 31, 2021 2020 2021 2020 Cash provided by operating $31,153 $53,235 $78,588 $100,796 activitiesCapital 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 NetDebt 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 40,061 51,621 equivalentsNet Debt $13,476 $66,700 (1) Excludes outstanding letters of credit.

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

Three Months Ended Three Months Ended Twelve Months Ended Twelve Months Ended Reconciliationof Adjusted October 31, 2021 October 31, 2020 October 31, 2021 October 31, 2020 Net Income andAdjusted EPS Net Income Diluted EPS Net Income Diluted EPS Net Income Diluted EPS Net Income Diluted EPS Net income as $ 20,898 $ 0.62 $ 22,152 $ 0.68 $ 56,980 $ 1.70 $ 38,496 $ 1.17 reportedNet Incomereconciling (51) - (168) (0.01) 1,609 0.05 2,218 0.07 items frombelowAdjusted netincome and $ 20,847 $ 0.62 $ 21,984 $ 0.67 $ 58,589 $ 1.75 $ 40,714 $ 1.24 adjusted EPS Reconciliation Three Months Ended October Three Months Ended October Twelve Months Ended October Twleve Months Ended Octoberof Adjusted 31, 2021 31, 2020 31, 2021 31, 2020 EBITDA Reconciliation Reconciliation Reconciliation Reconciliation Net income as $ 20,898 $ 22,152 $ 56,980 $ 38,496 reportedIncome tax 5,762 4,906 23,114 11,804 expenseOther, net (109) (164) (754) (280) Interest 542 935 2,530 5,245 expenseDepreciationand 10,189 11,378 42,732 47,229 amortizationEBITDA 37,282 39,207 124,602 102,494 EBITDAreconciling - 145 2,160 2,020 items frombelowAdjusted $ 37,282 $ 39,352 $ 126,762 $ 104,514 EBITDA Reconciling Three Months Ended October Three Months Ended October Twelve Months Ended October Twleve Months Ended October Items 31, 2021 31, 2020 31, 2021 31, 2020 Income Reconciling Income Reconciling Income Reconciling Income Reconciling Statement Items Statement Items Statement Items Statement ItemsNet 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 27,668 - 26,889 - 115,967 (1,814) (2) 89,707 (1,398) (2)administrativeRestructuring - - 145 (145) (3) 39 (39) (3) 622 (622) (3)chargesEBITDA 37,282 - 39,207 145 124,602 2,160 102,494 2,020 Depreciationand 10,189 - 11,378 - 42,732 - 47,229 (968) (4)amortizationOperating 27,093 - 27,829 145 81,870 2,160 55,265 2,988 incomeInterest (542) - (935) - (2,530) - (5,245) - expenseOther, net 109 (63) (5) 164 (333) (5) 754 98 (5) 280 57 (5)Income before 26,660 (63) 27,058 (188) 80,094 2,258 50,300 3,045 income taxesIncome tax (5,762) 12 (6) (4,906) 20 (6) (23,114) (649) (6) (11,804) (827) (6)expenseNet income $ 20,898 $ (51) $ 22,152 $ (168) $ 56,980 $ 1,609 $ 38,496 $ 2,218 Dilutedearnings per $ 0.62 $ 0.68 $ 1.70 $ 1.17 share (1) Loss on damage to a plant caused by flooding of $0.3 million for the twelvemonths ended October 31, 2021.(2) Loss on a sale of a plant of $1.8 million in the twelve months endedOctober 31, 2021 and executive severance charges of $1.3 million in the twelvemonths ended October 31, 2020.(3) Restructuring charges related to the closure of manufacturing plantfacilities.(4) Accelerated depreciation related to the closure of a North American CabinetComponents plant.(5) Foreign currency transaction (gains)losses.(6) Impact on a with and without basis.

QUANEX BUILDING PRODUCTS CORPORATIONSELECTED SEGMENT DATA(In thousands)(Unaudited)

This table provides gross margin, operating (loss) income, EBITDA, and AdjustedEBITDA by reportable segment. Non-operating expense and income tax expense arenot allocated to the reportable segments. NA EU NA Cabinet Unallocated Total Fenestration Fenestration Components Corp & OtherThree monthsended October 31, 2021Net 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 14,015 8,335 5,456 (138 ) 27,668 administrativeDepreciationand 4,202 2,602 3,298 87 10,189 amortizationOperating 15,960 9,398 2,111 (376 ) 27,093 income (loss)Depreciationand 4,202 2,602 3,298 87 10,189 amortizationEBITDA 20,162 12,000 5,409 (289 ) 37,282 Adjusted $ 20,162 $ 12,000 $ 5,409 $ (289 ) $ 37,282 EBITDAAdjustedEBITDA Margin 12.9 % 17.2 % 8.1 % 12.8 %% Three monthsended October 31, 2020Net 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 12,883 6,739 5,270 1,997 26,889 administrativeRestructuring 67 - 78 - 145 chargesDepreciationand 5,243 2,423 3,593 119 11,378 amortizationOperating 18,467 10,936 978 (2,552 ) 27,829 income (loss)Depreciationand 5,243 2,423 3,593 119 11,378 amortizationEBITDA 23,710 13,359 4,571 (2,433 ) 39,207 Restructuring 67 - 78 - 145 chargesAdjusted $ 23,777 $ 13,359 $ 4,649 $ (2,433 ) $ 39,352 EBITDAAdjustedEBITDA Margin 16.7 % 23.5 % 8.1 % 15.4 %% Twelve monthsended October 31, 2021Net 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 52,959 29,894 20,828 12,286 115,967 administrativeRestructuring 39 - - - 39 chargesDepreciationand 18,730 10,373 13,263 366 42,732 amortizationOperating 56,248 39,299 896 (14,573 ) 81,870 income (loss)Depreciationand 18,730 10,373 13,263 366 42,732 amortizationEBITDA 74,978 49,672 14,159 (14,207 ) 124,602 Loss on thedamage of a - 307 - - 307 plantLoss on sale 375 - - 1,439 1,814 of plantRestructuring 39 - - - 39 chargesAdjusted $ 75,392 $ 49,979 $ 14,159 $ (12,768 ) $ 126,762 EBITDAAdjustedEBITDA Margin 13.0 % 19.9 % 5.8 % 11.8 %% Twelve monthsended October 31, 2020Net 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 47,845 22,729 18,738 395 89,707 administrativeRestructuring 295 - 327 - 622 chargesDepreciationand 23,555 9,468 13,732 474 47,229 amortizationOperating 39,909 20,076 (2,502 ) (2,218 ) 55,265 income (loss)Depreciationand 23,555 9,468 13,732 474 47,229 amortizationEBITDA 63,464 29,544 11,230 (1,744 ) 102,494 Transactionand advisory - - - 55 55 feesExecutiveseverance - - - 1,343 1,343 chargesRestructuring 295 - 327 - 622 chargesAdjusted $ 63,759 $ 29,544 $ 11,557 $ (346 ) $ 104,514 EBITDAAdjustedEBITDA 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, 2021 October 31, 2020 October 31, October 31, 2021 2020 NA Fenestration: United States - $ 137,825 $ 125,522 $ 507,634 $ 427,616 fenestration International - 8,854 9,301 34,610 28,585 fenestration United States - 6,991 5,500 24,534 19,279 non-fenestration International - 2,585 1,660 11,554 7,935 non-fenestration $ 156,255 $ 141,983 $ 578,332 $ 483,415 EU Fenestration ^ (1): International - $ 52,439 $ 46,699 $ 199,511 $ 134,432 fenestration International - 17,298 10,124 52,088 26,622 non-fenestration $ 69,737 $ 56,823 $ 251,599 $ 161,054 NA Cabinet Components: United States - $ 3,615 $ 3,381 $ 13,326 $ 11,842 fenestration United States - 62,251 53,641 230,559 196,479 non-fenestration International - 717 443 2,190 1,778 non-fenestration $ 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 associatedwith foreign currency exchange rate impacts for the three and twelve months ended October 31, 2021, respectively.