Shares of Quanex Building Products (NX) plummeted 16.79% in pre-market trading on Friday following the company's disappointing third-quarter earnings report and reduced full-year guidance. The building products manufacturer swung to a significant loss and fell short of analyst expectations, sparking a sell-off among investors.

Quanex reported a loss of $276 million, or $6.04 per share, for the quarter ended July 31, compared to a profit of $25.4 million, or 77 cents per share, in the same period last year. Adjusted earnings came in at 69 cents per share, well below the 84 cents per share analysts had forecasted. The company's results were heavily impacted by a $302.3 million non-cash goodwill impairment charge related to business re-segmentation.

Adding to investor concerns, Quanex slashed its full-year outlook. The company now expects adjusted EBITDA of approximately $235 million on sales of $1.82 billion, down from its previous guidance of $270 million to $280 million on sales of $1.84 billion to $1.86 billion. Management cited macroeconomic uncertainty, low consumer confidence, and ongoing operational issues in its legacy Tyman window and door hardware business in Mexico as key challenges. Despite these headwinds, Quanex's CEO, George Wilson, expressed optimism about the company's long-term prospects for profitable growth and value creation.