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Jul 31, 2021
American Woodmark Q1 2022 Earnings Report
Reported an increase in net sales but a decrease in net income due to inflationary pressures.
Key Takeaways
American Woodmark Corporation announced first quarter fiscal 2022 results with net sales increasing by 13.5% to $442.6 million. However, net income decreased to $3.0 million ($0.18 per diluted share) due to rapidly evolving inflationary pressures outpacing pricing actions.
Net sales increased by 13.5% to $442.6 million compared to the same quarter of the prior fiscal year.
Net income decreased to $3.0 million ($0.18 per diluted share) compared to $16.1 million ($0.94 per diluted share) in the prior year.
Adjusted EPS per diluted share was $0.70 compared to $1.63 in the same quarter of the prior fiscal year.
Adjusted EBITDA decreased by 43.1% to $32.1 million, or 7.3% of net sales.
American Woodmark
American Woodmark
Forward Guidance
The company focuses on increasing production to match strong demand, reducing backlog, and realizing additional pricing actions to mitigate inflationary pressures in materials, logistics, and labor.
Positive Outlook
- Focus on increasing production to match a strong demand environment.
- Reducing backlog.
- Realizing additional pricing actions to mitigate inflationary pressures in materials.
- Mitigating inflationary pressures in logistics.
- Mitigating inflationary pressures in labor.