American Woodmark Corporation Falls Short of Expectations in Fiscal Q1

American Woodmark Corporation (NASDAQ: AMWD) reported its financial results for the first fiscal quarter ending July 31, 2024.

American Woodmark Corporation (NASDAQ:AMWD) reported its financial results for the first fiscal quarter ending July 31, 2024 on Wednesday. The company posted lower net sales but strong cash flow.

American Woodmark reported net sales of $459.1 million, reflecting a 7.9% decrease from the same quarter last year. The company encountered challenges due to macroeconomic factors, including a decline in net income and lower sales. However, these were partially offset by growth in the new construction market and the end of acquisition-related intangible asset amortization.

The company’s net income for the quarter was $29.6 million, translating to a GAAP EPS of $1.89. This fell short of analyst predictions, as the company reported a GAAP EPS of $1.89 compared to the expected $2.4.

Despite the lower net income, American Woodmark’s adjusted EBITDA stood at $62.9 million, representing 13.7% of net sales. The company also repurchased 271,460 shares for $24.0 million during the quarter.

American Woodmark noted a decrease in gross profit from $109.6 million to $92.8 million, largely due to lower sales and an unfavorable mark-to-market adjustment on foreign currency hedging instruments. However, this was partially offset by the end of acquisition-related intangible asset amortization and lower incentive compensation.

The company’s cash provided by operating activities was $40.8 million, while free cash flow amounted to $29.4 million. The company’s balance sheet remained strong, with $89.3 million in cash and $322.9 million in additional availability under its revolving credit facility.

Looking ahead, American Woodmark has provided guidance for fiscal 2025. The company expects a low single-digit decline in net sales year-over-year and projects adjusted EBITDA to be in the range of $225 million to $245 million.

The company’s full press release can be found here.

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