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Apr 30, 2020
American Woodmark Q4 2020 Earnings Report
American Woodmark's Q4 2020 results were announced, revealing a slight decrease in net sales but growth in the builder channel.
Key Takeaways
American Woodmark Corporation reported a decrease in net sales for the fourth fiscal quarter, down 2.0% to $399.2 million. Net income also decreased to $13.0 million, or $0.77 per diluted share. The company experienced growth in the builder channel, but this was offset by declines in other channels. Adjusted EPS was $1.33 compared to $1.87 in the same quarter of the prior year. The company recognized a charge of $0.2 million due to COVID-19 related layoffs.
Net sales for the fourth fiscal quarter decreased by 2.0% to $399.2 million.
Net income for the quarter was $13.0 million, or $0.77 per diluted share.
Adjusted EPS per diluted share was $1.33.
The company experienced growth in the builder channel but declines in the home center and independent dealers and distributors channels.
American Woodmark
American Woodmark
Forward Guidance
Due to the ongoing market conditions related to COVID-19, the Company has taken steps during the fourth quarter of fiscal 2020 and the first quarter of fiscal 2021 to reduce our expenses through a combination of permanent and temporary layoffs. These actions are expected to reduce overhead expenses by approximately $8 million on an annualized basis. The Company recognized a charge of $0.2 million during the fourth quarter of fiscal 2020 and anticipates taking an additional charge of approximately $1.4 million for severance and related expenses during the first quarter of fiscal 2021.