American Woodmark Q3 2020 Earnings Report
Key Takeaways
American Woodmark Corporation reported a 3.0% increase in net sales for the third quarter, reaching $395.8 million. However, net income decreased to $12.8 million, or $0.75 per diluted share, from $18.4 million, or $1.07 per diluted share, in the same quarter of the previous year. The decrease in net income was attributed to tariffs, particleboard supply disruption costs, and expenses related to a facility move in California.
Net sales increased by 3.0% to $395.8 million compared to the same quarter of the prior fiscal year.
Net income decreased to $12.8 million ($0.75 per diluted share) compared to $18.4 million ($1.07 per diluted share) in the prior year.
Adjusted EPS per diluted share was $1.30 compared to $1.40 in the same quarter of the prior fiscal year.
Adjusted EBITDA was $50.1 million, or 12.7% of net sales, compared to $52.2 million, or 13.6% of net sales, for the same quarter of the prior fiscal year.