American Woodmark Corporation's net sales for the third fiscal quarter increased 3% to $395.8 million compared with the same quarter of the prior fiscal year. Net sales for the first nine months of the current fiscal year increased 1.1% to $1,251.1 million from the comparable period of the prior fiscal year.
Net income was $12.8 million ($0.75 per diluted share) for the 3Q of the current fiscal year compared with $18.4 million ($1.07 per diluted share) in the same quarter of the prior fiscal year.
Net income for the current quarter was negatively impacted by tariffs, particleboard supply disruption costs and expenses related to the completion of its facility move in California.
Net income for the first nine months of the current fiscal year was $61.8 million ($3.65 per diluted share) compared with $61.7 million ($3.53 per diluted share) for the same period of the prior fiscal year.
Adjusted EBITDA for the third fiscal quarter 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. Adjusted EBITDA for the first nine months of the fiscal year was $182.6 million, or 14.6% of net sales, compared to $181.1 million, or 14.6% of net sales, for the same period of the prior fiscal year.
"Although we believe we experienced good growth relative to the market, our third fiscal quarter financials proved to be challenging due to ongoing volatility in the market and a more prominent impact from cost headwinds," said Cary Dunston, Chairman and CEO. "We had solid growth within our builder, dealer and stock home center businesses, which was partially offset by a decline in our made-to-order home center business. Margins were challenged due to the completion of our facility move in California and the continued cost associated with tariffs and particle board disruption."
American Woodmark Corporation manufactures and distributes kitchen, bath and home organization products for the remodeling and new home construction markets. Its products are sold on a national basis directly to home centers, builders and through a network of independent dealers and distributors.
