RSS   Newsletter   Contact   Advertise with us

American Woodmark Q3 sales increased 12% to $189 million

Share on Twitter Share on LinkedIn
Staff writer |
American Woodmark
American Woodmark Corporation   Net income was $7.3 million

American Woodmark Corporation announced results for its third fiscal quarter ended January 31, 2015. Net sales increased 12% to $189 million compared with the same quarter of the prior fiscal year.

Net sales for the first nine months of the current fiscal year increased 15% to $618.6 million from the comparable period of the prior fiscal year. The company experienced growth in both the remodeling and new construction channels during the third quarter of fiscal year 2015, with new construction growth exceeding 15%.

Net income was $7.3 million ($0.45 per diluted share) for the third quarter of the current fiscal year compared with $2.9 million ($0.18 per diluted share) for the third quarter of the prior fiscal year.

Exclusive of one-time tax credits, the company generated $7.1 million ($0.44 per diluted share) of net income for the third quarter of the current fiscal year compared with $2.9 million ($0.18 per diluted share) for the same period of the prior fiscal year.

Net income for the first nine months of fiscal year 2015 was $24.2 million ($1.52 per diluted share) compared with $14.8 million ($0.95 per diluted share) for the same period of the prior fiscal year.

Exclusive of one-time tax credits, the company generated $23.0 million ($1.44 per diluted share) of net income for the first nine months of the current fiscal year compared with $14.8 million ($0.95 per diluted share) for the same period of the prior fiscal year.

Gross profit for the third quarter of the current fiscal year was 18.6% of net sales compared with 15.4% in the same quarter of the prior year. Gross profit for the first nine months of the current fiscal year was 17.7% of net sales compared with 17.1% for the same period in the prior year. Gross profit in the current quarter was favorably impacted by higher sales volume and improved operating efficiency.

Gross profit for the first nine months of the current fiscal year was favorably impacted by higher sales volume and improved operating efficiency that was partially offset by material inflation and costs associated with crewing and infrastructure to support higher levels of sales and installation activity.

Selling, general and administrative costs for the third quarter of fiscal year 2015 were 12.8% of net sales compared with 12.4% in the same quarter of the prior year. Selling, general and administrative costs for the first nine months of the current fiscal year were 11.7% of net sales compared with 12.5% for the same period in the prior year.

The increase in the company's operating expense ratio in the current quarter was driven by higher performance based compensation costs. The improvement in the company's operating expense ratio for the nine-month period was driven by favorable leverage from increased sales and on-going expense control.


What to read next
POST Online Media Contact