American Woodmark Q1 2023 Earnings Report

American Woodmark's first quarter results for fiscal year 2023 were announced, showing significant growth in net sales and improved profitability.

Key Takeaways

American Woodmark Corporation reported a strong first quarter in fiscal 2023, with net sales increasing by 22.7% to $542.9 million. Net income rose to $20.1 million, or $1.21 per diluted share, driven by price increases and improved efficiencies. Adjusted EBITDA also saw a substantial increase of 76.0% to $56.5 million.

Net sales increased by 22.7% to $542.9 million compared to the same quarter of the prior fiscal year.

Net income increased to $20.1 million ($1.21 per diluted share) from $3.0 million ($0.18 per diluted share) in the prior year.

Adjusted EBITDA increased by 76.0% to $56.5 million, representing 10.4% of net sales.

Cash provided by operating activities was $37.3 million, and free cash flow totaled $32.7 million.