Press release

American Woodmark Corporation announces second quarter results and a $125 million stock repurchase authorization

November 30, 2023

WINCHESTER, Virginia (November 30, 2023) -- American Woodmark Corporation (NASDAQ: AMWD) (the "Company") today announced results for its second fiscal quarter ended October 31, 2023.

Fiscal Second Quarter 2024 Financial Highlights:

  • Net sales decreased 15.6% year-over-year to $473.9 million

  • Net income increased 5.4% year-over-year to $30.3 million

  • GAAP EPS of $1.85; Adjusted EPS of $2.36

  • Adjusted EBITDA increased 7.0% year-over-year to $72.3 million

  • Cash provided by operating activities of $57.0 million; free cash flow of $37.4 million

  • Repurchased 394,220 shares for $30.0 million

  • Board approved a new $125 million authorization for future share repurchases

 

Fiscal 2024 Financial Highlights:

  • Net sales decreased 12.0% year-over-year to $972.1 million

  • Net income increased 39.6% year-over-year to $68.2 million

  • GAAP EPS of $4.13; Adjusted EPS of $5.15

  • Adjusted EBITDA increased 18.8% year-over-year to $147.5 million

  • Cash provided by operating activities of $143.7 million; free cash flow of $109.9 million

  • Repurchased 722,515 shares for $52.1 million

 

“Our teams delivered strong financial performance in the second quarter of fiscal year 2024 despite the slowing demand environment,” said Scott Culbreth, President and CEO. “Consistent with the first quarter of fiscal year 2024 performance, net sales and Adjusted EBITDA exceeded our expectations as improved operational performance continues. The Company’s net sales outlook for the remainder of the fiscal year remains unchanged from the prior outlook but we now expect stronger Adjusted EBITDA performance for the remainder of the fiscal year consistent with the improvements needed to meet our long- term goals.”

 

Second Quarter Results

Net sales for the second quarter of fiscal 2024 decreased $87.6 million, or 15.6%, to $473.9 million compared with the same quarter of the prior fiscal year. Net income was $30.3 million ($1.85 per diluted share) compared with $28.8 million ($1.73 per diluted share) in the same quarter of the prior fiscal year. Net income for the second quarter of fiscal 2024 increased $1.6 million due to operational improvements in our manufacturing facilities, a stabilizing supply chain and reduced overhead spending, partially offset by a decrease in net sales. Adjusted EPS per diluted share was $2.36 for the second quarter of fiscal 2024 compared with $2.24 in the same quarter of the prior fiscal year. Adjusted EBITDA for the second quarter of fiscal 2024 increased $4.7 million, or 7.0%, to $72.3 million, or 15.3% of net sales, compared to $67.6 million, or 12.0% of net sales, for the same quarter of the prior fiscal year.

 

Fiscal Year to Date Results

Net sales for the first six months of fiscal 2024 decreased $132.3 million, or 12.0%, to $972.1 million compared with the same period of the prior fiscal year. Net income was $68.2 million ($4.13 per diluted share) compared with $48.9 million ($2.94 per diluted share) in the same period of the prior fiscal year. Net income for the first six months of fiscal 2024 increased $19.3 million due to operational improvements in our manufacturing facilities, a stabilizing supply chain and reduced overhead spending, partially offset by a decrease in net sales and a $4.9 million pre-tax charge related to Antidumping and Countervailing Duty Orders on Vietnamese plywood imports recognized in the first quarter of fiscal 2024, which we have previously disclosed. Adjusted EPS per diluted share was $5.15 for the first six months of fiscal 2024 compared with $3.94 in the same period of the prior fiscal year. Adjusted EBITDA for the first six months of fiscal 2024 increased $23.4 million, or 18.8%, to $147.5 million, or 15.2% of net sales, compared to $124.1 million, or 11.2% of net sales, for the same period of the prior fiscal year.

 

Balance Sheet & Cash Flow

As of October 31, 2023, the Company had $96.4 million in cash plus access to $323.2 million of additional availability under its revolving credit facility. Also, as of October 31, 2023, the Company had $206.3 million in term loan debt and $163.8 million drawn on its revolving credit facility.

Cash provided by operating activities for the first six months of fiscal 2024 was $143.7 million and free cash flow totaled $109.9 million. The Company repurchased 394,220 shares, or approximately 2.5% of shares outstanding, for $30.0 million during the second quarter of fiscal 2024, and 722,515 shares, or approximately 4.5% of shares outstanding, for $52.1 million during the first six months of fiscal 2024.

On November 29, 2023, the Board of Directors authorized a stock repurchase program of up to $125 million of the Company's outstanding common shares. In conjunction with this authorization the Board of Directors cancelled the remaining $22.9 million that had yet to be repurchased under the $100 million existing authorization from May 25, 2021. Any repurchases under the stock repurchase program are subject to market conditions, the Company’s cash requirements for other purposes, compliance with applicable laws and regulations and contractual covenants and any other factors management may deem relevant at the time of such repurchases. The Company is not obligated to make any stock repurchases in the future.

 

Fiscal 2024 Financial Outlook

For fiscal 2024 (which includes the now completed second quarter) the Company expects:

  • Low double digit net sales decline year-over-year

  • Adjusted EBITDA in the range of $235 million to $250 million

“During the recently completed second quarter, our teams improved Adjusted EBITDA by 330 BPS to $72.3 million, or 15.3% of net sales, exceeding our expectations. Our team continues to deliver on the commitment to improving our results,” said Paul Joachimczyk, Senior Vice President and Chief Financial Officer. “Given our strong performance for the first half of the fiscal year, we are increasing our full fiscal year 2024 Adjusted EBITDA outlook to $235 million to $250 million.”

Our Adjusted EBITDA outlook excludes the impact of certain income and expense items that management believes are not part of underlying operations. These items may include restructuring costs, interest expense, stock-based compensation expense and certain tax items. Our management cannot estimate on a forward-looking basis the impact of these income and expense items on its reported net income, which could be significant, are difficult to predict, and may be highly variable. As a result, the Company does not provide a reconciliation to the closest corresponding GAAP financial measure for its Adjusted EBITDA outlook.

 

About American Woodmark

American Woodmark celebrates the creativity in all of us. With over 8,800 employees and more than a dozen brands, we’re one of the nation’s largest cabinet manufacturers. From inspiration to installation, we help people find their unique style and turn their home into a space for self-expression. By partnering with major home centers, builders, and independent dealers and distributors, we spark the imagination of homeowners and designers and bring their vision to life. Across our service and distribution centers, our corporate office, and manufacturing facilities, you’ll always find the same commitment to customer satisfaction, integrity, teamwork, and excellence. Visit americanwoodmark.com to learn more and start building something distinctly your own.

 

Use of Non-GAAP Financial Measures

We have presented certain financial measures in this press release which have not been prepared in accordance with U.S. generally accepted accounting principles (GAAP). Definitions of our non-GAAP financial measures and a reconciliation to the most directly comparable financial measure calculated in accordance with GAAP are provided below following the financial highlights under the heading "Non-GAAP Financial Measures."

Safe harbor statement under the Private Securities Litigation Reform Act of 1995: All forward-looking statements made by the Company involve material risks and uncertainties and are subject to change based on factors that may be beyond the Company's control. Accordingly, the Company's future performance and financial results may differ materially from those expressed or implied in any such forward-looking statements. Such factors include, but are not limited to, those described in the Company's filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K. The Company does not undertake to publicly update or revise its forward-looking statements even if experience or future changes make it clear that any projected results expressed or implied therein will not be realized.

 

 

AMERICAN WOODMARK CORPORATION

 

Unaudited Financial Highlights

(in thousands, except share data)

Operating Results

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Six Months Ended

 

 

October 31,

 

October 31,

 

 

2023

 

2022

 

2023

 

2022

 

 

 

 

 

 

 

 

 

Net sales

 

$

473,867

 

 

$

561,499

 

 

$

972,122

 

 

$

1,104,392

 

Cost of sales & distribution

 

 

370,708

 

 

 

462,765

 

 

 

759,354

 

 

 

918,911

 

Gross profit

 

 

103,159

 

 

 

98,734

 

 

 

212,768

 

 

 

185,481

 

Sales & marketing expense

 

 

22,685

 

 

 

24,651

 

 

 

47,045

 

 

 

50,417

 

General & administrative expense

 

 

35,036

 

 

 

32,101

 

 

 

70,630

 

 

 

62,281

 

Restructuring charges, net

 

 

(26)

 

 

 

-

 

 

 

(198)

 

 

 

-

 

Operating income

 

 

45,464

 

 

 

41,982

 

 

 

95,291

 

 

 

72,783

 

Interest expense, net

 

 

1,953

 

 

 

4,422

 

 

 

4,390

 

 

 

8,475

 

Pension settlement, net

 

 

-

 

 

 

(6)

 

 

 

-

 

 

 

(245)

 

Other (income) expense, net

 

 

3,050

 

 

 

(897)

 

 

 

1,975

 

 

 

(671)

 

Income tax expense 

 

 

10,120

 

 

 

9,679

 

 

 

20,735

 

 

 

16,370

 

Net income 

 

$

30,341

 

 

$

28,784

 

 

$

68,191

 

 

$

48,854

 

 

 

 

 

 

 

 

 

 

Earnings Per Share:

 

 

 

 

 

 

 

 

Weighted average shares outstanding - diluted

 

 

16,420,760

 

 

 

16,657,454

 

 

 

16,505,266

 

 

 

16,638,741

 

 

 

 

 

 

 

 

 

 

Net income per diluted share

 

$

1.85

 

 

$

1.73

 

 

$

4.13

 

 

$

2.94

 

 

Condensed Consolidated Balance Sheet

(Unaudited)

 

 

October 31,

 

April 30,

 

 

2023

 

2023

 

 

 

 

 

Cash & cash equivalents

 

$ 96,381

 

 

$ 41,732

 

Customer receivables

 

120,742

 

 

119,163

 

Inventories

 

162,062

 

 

190,699

 

Other current assets

 

22,880

 

 

16,661

 

Total current assets

 

402,065

 

 

368,255

 

Property, plant and equipment, net

 

235,172

 

 

219,415

 

Operating lease assets, net

 

94,601

 

 

99,526

 

Customer relationship intangibles, net

 

7,611

 

 

30,444

 

Goodwill

 

767,612

 

 

767,612

 

Other assets

 

27,044

 

 

33,546

 

Total assets

 

$ 1,534,105

 

 

$ 1,518,798

 

 

 

 

 

 

Current portion - long-term debt

 

$2,269

 

 

$ 2,263

 

Short-term operating lease liabilities

 

25,775

 

 

24,778

 

Accounts payable & accrued expenses

 

153,445

 

 

151,083

 

Total current liabilities

 

181,489

 

 

178,124

 

Long-term debt

 

370,930

 

 

369,396

 

Deferred income taxes

 

7,275

 

 

11,930

 

Long-term operating lease liabilities

 

74,995

 

 

81,370

 

Other liabilities

 

3,836

 

 

4,190

 

Total liabilities

 

638,525

 

 

645,010

 

Stockholders' equity

 

895,580

 

 

873,788

 

Total liabilities & stockholders' equity

 

$ 1,534,105

 

 

$ 1,518,798

 

 

Condensed Consolidated Statements of Cash Flows

(Unaudited)

 

 

Six Months Ended

 

 

October 31,

 

 

2023

 

2022

 

 

 

 

 

Net cash provided by operating activities

 

$

143,722

 

 

$

55,426

 

Net cash used by investing activities

 

 

(33,837)

 

 

 

(10,966)

 

Net cash used by financing activities

 

 

(55,236)

 

 

 

(21,951)

 

Net increase in cash and cash equivalents

 

 

54,649

 

 

 

22,509

 

Cash and cash equivalents, beginning of period

 

 

41,732

 

 

 

22,325

 

 

 

 

 

 

Cash and cash equivalents, end of period

 

$

96,381

 

 

$

44,834

 

 

Non-GAAP Financial Measures

We have reported our financial results in accordance with U.S. generally accepted accounting principles (GAAP). In addition, we have discussed our financial results using the non-GAAP measures described below.

Management believes all of these non-GAAP financial measures provide an additional means of analyzing the current period's results against the corresponding prior period's results. However, these non-GAAP financial measures should be viewed in addition to, and not as a substitute for, the Company's reported results prepared in accordance with GAAP. Our non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP.

 

EBITDA, Adjusted EBITDA and Adjusted EBITDA margin

We use EBITDA, Adjusted EBITDA and Adjusted EBITDA margin in evaluating the performance of our business, and we use each in the preparation of our annual operating budgets and as indicators of business performance and profitability. We believe EBITDA, Adjusted EBITDA and Adjusted EBITDA margin allow us to readily view operating trends, perform analytical comparisons and identify strategies to improve operating performance.

We define EBITDA as net income (loss) adjusted to exclude (1) income tax expense (benefit), (2) interest expense, net, (3) depreciation and amortization expense, (4) amortization of customer relationship intangibles and trademarks. We define Adjusted EBITDA as EBITDA adjusted to exclude (1) expenses related to the acquisition of RSI Home Products, Inc. ("RSI acquisition") and the subsequent restructuring charges that the Company incurred related to the acquisition, (2) non-recurring restructuring charges, (3) net gain/loss on debt forgiveness and modification, (4) stock-based compensation expense, (5) gain/loss on asset disposals, (6) change in fair value of foreign exchange forward contracts, and (7) pension settlement charges. We believe Adjusted EBITDA, when presented in conjunction with comparable GAAP measures, is useful for investors because management uses Adjusted EBITDA in evaluating the performance of our business.

We define Adjusted EBITDA margin as Adjusted EBITDA as a percentage of net sales.

 

Adjusted EPS per diluted share

We use Adjusted EPS per diluted share in evaluating the performance of our business and profitability. Management believes that this measure provides useful information to investors by offering additional ways of viewing the Company's results by providing an indication of performance and profitability excluding the impact of unusual and/or non-cash items. We define Adjusted EPS per diluted share as diluted earnings per share excluding the per share impact of (1) expenses related to the RSI acquisition and the subsequent restructuring charges that the Company incurred related to the RSI acquisition, (2) non-recurring restructuring charges, (3) the amortization of customer relationship intangibles and trademarks, (4) net gain/loss on debt forgiveness and modification, (5) pension settlement charges, and (6) the tax benefit of RSI acquisition expenses and subsequent restructuring charges, the net gain on debt forgiveness and modification and the amortization of customer relationship intangibles and trademarks. The amortization of intangible assets is driven by the RSI acquisition and will recur in future periods. Management has determined that excluding amortization of intangible assets from our definition of Adjusted EPS per diluted share will better help it evaluate the performance of our business and profitability and we have also received similar feedback from some of our investors.

 

Free cash flow

To better understand trends in our business, we believe that it is helpful to subtract amounts for capital expenditures consisting of cash payments for property, plant and equipment and cash payments for investments in displays from cash flows from continuing operations which is how we define free cash flow. Management believes this measure gives investors an additional perspective on cash flow from operating activities in excess of amounts required for reinvestment. It also provides a measure of our ability to repay our debt obligations.

 

Net leverage

Net leverage is a performance measure that we believe provides investors a more complete understanding of our leverage position and borrowing capacity after factoring in cash and cash equivalents that eventually could be used to repay outstanding debt.

We define net leverage as net debt (total debt less cash and cash equivalents) divided by the trailing 12 months Adjusted EBITDA.

A reconciliation of these non-GAAP financial measures and the most directly comparable measures calculated and presented in accordance with GAAP are set forth on the following tables:

 

Reconciliation of EBITDA, Adjusted EBITDA, and Adjusted EBITDA margin

 

 

 

 

 

 

 

Three Months Ended

 

Six Months Ended

 

 

October 31,

 

October 31,

(in thousands)

 

2023

 

2022

 

2023

 

2022

 

 

 

 

 

 

 

 

 

Net income (GAAP)

 

$

30,341

 

 

$

28,784

 

 

$

68,191

 

 

$

48,854

 

Add back:

 

 

 

 

 

 

 

 

Income tax expense 

 

 

10,120

 

 

 

9,679

 

 

 

20,735

 

 

 

16,370

 

Interest expense, net

 

 

1,953

 

 

 

4,422

 

 

 

4,390

 

 

 

8,475

 

Depreciation and amortization expense

 

 

11,647

 

 

 

12,334

 

 

 

23,392

 

 

 

24,764

 

Amortization of customer relationship intangibles

 

 

11,417

 

 

 

11,417

 

 

 

22,834

 

 

 

22,834

 

EBITDA (Non-GAAP)

 

$

65,478

 

 

$

66,636

 

 

$

139,542

 

 

$

121,297

 

Add back:

 

 

 

 

 

 

 

 

Acquisition and restructuring related expenses (1)

 

 

20

 

 

 

20

 

 

 

40

 

 

 

40

 

Non-recurring restructuring charges, net (2)

 

 

(26)

 

 

 

-

 

 

 

(198)

 

 

 

-

 

Pension settlement, net

 

 

-

 

 

 

(6)

 

 

 

-

 

 

 

(245)

 

Change in fair value of foreign exchange forward contracts (3)

 

 

3,116

 

 

 

(818)

 

 

 

2,101

 

 

 

(580)

 

Stock-based compensation expense

 

 

2,155

 

 

 

1,754

 

 

 

4,402

 

 

 

3,389

 

Loss on asset disposal

 

 

1,586

 

 

 

37

 

 

 

1,593

 

 

 

214

 

Adjusted EBITDA (Non-GAAP)

 

$

72,329

 

 

$

67,623

 

 

$

147,480

 

 

$

124,115

 

 

 

 

 

 

 

 

 

 

Net Sales

 

$

473,867

 

 

$

561,499

 

 

$

972,122

 

 

$

1,104,392

 

Net income margin (GAAP)

 

 

6.4

%

 

 

5.1

%

 

 

7.0

%

 

 

4.4

%

Adjusted EBITDA margin (Non-GAAP)

 

 

15.3

%

 

 

12.0

%

 

 

15.2

%

 

 

11.2

%

(1) Acquisition and restructuring related expenses are comprised of expenses related to the RSI acquisition and the subsequent restructuring charges that the Company incurred related to the acquisition.

(2) Non-recurring restructuring charges are comprised of expenses incurred related to the nationwide reduction-in-force implemented in the third and fourth quarters of fiscal 2023.

(3) In the normal course of business the Company is subject to risk from adverse fluctuations in foreign exchange rates. The Company manages these risks through the use of foreign exchange forward contracts. The changes in the fair value of the forward contracts are recorded in other (income) expense, net in the operating results.

Reconciliation of Net Income to Adjusted Net Income

 

 

 

 

 

 

 

Three Months Ended

 

Six Months Ended

 

 

October 31,

 

October 31,

(in thousands, except share data)

 

2023

 

2022

 

2023

 

2022

 

 

 

 

 

 

 

 

 

Net income (GAAP)

 

$

30,341

 

 

$

28,784

 

 

$

68,191

 

 

$

48,854

 

Add back:

 

 

 

 

 

 

 

 

Acquisition and restructuring related expenses

 

 

20

 

 

 

20

 

 

 

40

 

 

 

40

 

Non-recurring restructuring charges, net

 

 

(26)

 

 

 

-

 

 

 

(198)

 

 

 

-

 

Pension settlement, net

 

 

-

 

 

 

(6)

 

 

 

-

 

 

 

(245)

 

Amortization of customer relationship intangibles and trademarks

 

 

11,417

 

 

 

11,417

 

 

 

22,834

 

 

 

22,834

 

Tax benefit of add backs

 

 

(2,956)

 

 

 

(2,961)

 

 

 

(5,896)

 

 

 

(5,861)

 

Adjusted net income (Non-GAAP)

 

$

38,796

 

 

$

37,254

 

 

$

84,971

 

 

$

65,622

 

 

 

 

 

 

 

 

 

 

Weighted average diluted shares (GAAP)

 

 

16,420,760

 

 

 

16,657,454

 

 

 

16,505,266

 

 

 

16,638,741

 

 

 

 

 

 

 

 

 

 

EPS per diluted share (GAAP)

 

$

1.85

 

 

$

1.73

 

 

$

4.13

 

 

$

2.94

 

Adjusted EPS per diluted share (Non-GAAP)

 

$

2.36

 

 

$

2.24

 

 

$

5.15

 

 

$

3.94

 

 

Free Cash Flow

 

 

Six Months Ended

 

 

October 31,

 

 

2023

 

2022

 

 

 

 

 

Net cash provided by operating activities

 

$

143,722

 

 

$ 55,426

 

Less: Capital expenditures (1)

 

 

33,842

 

 

10,987

 

Free cash flow

 

$

109,880

 

 

$ 44,439

 

(1) Capital expenditures consist of cash payments for property, plant and equipment and cash payments for investments in displays.

Net Leverage

 

 

Twelve Months
Ended

 

 

October 31,

(in thousands)

 

2023

 

 

 

Net income (GAAP)

 

$

113,061

 

Add back:

 

 

Income tax expense

 

 

33,327

 

Interest expense, net

 

 

11,909

 

Depreciation and amortization expense

 

 

46,706

 

Amortization of customer relationship intangibles

 

 

45,667

 

EBITDA (Non-GAAP)

 

$

250,670

 

Add back:

 

 

Acquisition and restructuring related expenses (1)

 

 

1,327

 

Non-recurring restructuring charges, net (2)

 

 

80

 

Pension settlement

 

 

238

 

Net gain on debt modification  (2,089) 

Change in fair value of foreign exchange forward contracts (3)

 

 

2,681

 

Stock-based compensation expense

 

 

8,409

 

Loss on asset disposal

 

 

2,429

 

Adjusted EBITDA (Non-GAAP)

 

$

263,745

 

 

 

 

 

 

As of

 

 

October 31,

 

 

2023

Current maturities of long-term debt

 

$

2,269

 

Long-term debt, less current maturities

 

 

370,930

 

Total debt

 

 

373,199

 

Less: cash and cash equivalents

 

 

(96,381)

 

Net debt

 

$

276,818

 

 

 

 

Net leverage (4)

 

 

1.05

 


(1) Acquisition and restructuring related expenses are comprised of expenses related to the RSI acquisition and the subsequent restructuring charges that the Company incurred related to the acquisition.

(2) Non-recurring restructuring charges are comprised of expenses incurred related to the nationwide reduction-in-force implemented in the third and fourth quarters of fiscal 2023.

(3) In the normal course of business the Company is subject to risk from adverse fluctuations in foreign exchange rates. The Company manages these risks through the use of foreign exchange forward contracts. The changes in the fair value of the forward contracts are recorded in other (income) expense, net in the operating results.

(4) Net debt divided by Adjusted EBITDA for the twelve months ended October 31, 2023.


View source version on businesswire.comhttps://www.businesswire.com/news/home/20231130989205/en/American-Woodmark-Corporation-Announces-Second-Quarter-Results-and-a-125-Million-Stock-Repurchase-Authorization

Kevin Dunnigan
VP & Treasury Director
540-665-9100

Source: American Woodmark Corporation

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  • American Woodmark Corporation announces second quarter results of fiscal year 2016
    American Woodmark Corporation announces second quarter results of fiscal year 2016 Nov 24, 2015 Authorizes Stock Repurchase Company Release - 11/24/2015 6:30 AM ET American Woodmark Corporation (NASDAQ: AMWD) today announced results for its second fiscal quarter ended October 31, 2015. Read article
  • American Woodmark Corporation announces fourth quarter results of fiscal year 2017
    American Woodmark Corporation announces fourth quarter results of fiscal year 2017 May 30, 2017 Company Release - 5/30/2017 6:30 AM ET American Woodmark Corporation (NASDAQ: AMWD) today announced results for its fourth fiscal quarter ended April 30, 2017. Net sales for the fourth fiscal quarter increased 7% to $258.7 million compared with the same quarter of the prior fiscal year. Read article
  • American Woodmark Corporation announces third quarter results of fiscal year 2016
    American Woodmark Corporation announces third quarter results of fiscal year 2016 Feb 25, 2016 Company Release - 2/25/2016 6:30 AM ET American Woodmark Corporation (NASDAQ: AMWD) today announced results for its third fiscal quarter ended January 31, 2016. Net sales for the third fiscal quarter increased 16% to $218.6 million compared with the same quarter of the prior fiscal year. Read article
  • American Woodmark Corporation announces first quarter results of fiscal year 2017
    American Woodmark Corporation announces first quarter results of fiscal year 2017 Aug 23, 2016 Company Release - 8/23/2016 6:30 AM ET American Woodmark Corporation (NASDAQ: AMWD) today announced results for its first fiscal quarter ended July 31, 2016. Net sales for the first fiscal quarter increased 12% to $258.2 million compared with the same quarter of the prior fiscal year. Read article
  • American Woodmark Corporation announces third quarter results of fiscal year 2017
    American Woodmark Corporation announces third quarter results of fiscal year 2017 Feb 27, 2017 Company Release - 2/27/2017 6:30 AM ET American Woodmark Corporation (NASDAQ: AMWD) today announced results for its third fiscal quarter ended January 31, 2017. Net sales for the third fiscal quarter increased 14% to $249.3 million compared with the same quarter of the prior fiscal year. Read article