Quanex Building Products reported Q2 2024 net sales of $266.2 million, down 2.7% year over year, driven by softer demand in Europe and North American cabinet components, but with notable margin resilience and segment performance. On a consolidated basis, adjusted EBITDA rose modestly to $40.0 million (EBITDA margin about 11.8%), while GAAP net income declined to $15.4 million ($0.46 per diluted share) from $21.5 million a year earlier. Management attributed the earnings strength to raw material deflation, lower interest expense, and a lower tax burden, complemented by strong operating discipline across segments. The North American Fenestration segment posted solid volumes (+~2% YoY) with adjusted EBITDA up ~16.7% to $23.8 million, while European Fenestration faced approximately 10% volume and 3% price declines with FX translation offsetting some pressure, resulting in adjusted EBITDA of $13.0 million (down from $14.9 million). North American Cabinet Components showed healthier margins with adjusted EBITDA up ~24% to $5.0 million despite a modest revenue decline (−4.6%) due to lower hardwood index pricing. Quanex reaffirmed full-year guidance of about $1.1 billion in net sales and $145–$150 million in adjusted EBITDA, and provided third-quarter (Q3) expectations for revenue growth of 4–6% consolidated and 0–25 bps to the EBITDA margin, with segment highlights: NA Fenestration +6–8%, EU Fenestration +4–6%, and NA Cabinet −1 to −3%. The company highlighted a robust balance sheet with net debt to last-twelve-month adjusted EBITDA at zero times as of 4/30/2024, liquidity improvements, and a $10 million debt repayment in Q2. Management emphasized ongoing nonfenestration growth initiatives (solar sealants, vinyl fencing, house wraps, and QCM mixing) and a strategic push into the Tyman acquisition to widen geographic footprint and product breadth. Investors should monitor: the pace of the housing cycle and rate expectations, European market stabilization, integration progress with Tyman, currency effects, and continued execution of cost control and procurement initiatives that supported margin resilience.