American Woodmark Q3 2020 Earnings Report

American Woodmark's third quarter results were announced, showing increased net sales but decreased net income compared to the same quarter of the prior year.

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.

Previous year: $76.9M

-5.9%