American Woodmark Corporation announced results for its 1Q of fiscal 2023 which ended July 31, 2022. Net sales for the 1Q of fiscal 2023 increased $100.3 million, or 22.7%, to $542.9 million compared with the same quarter of the prior fiscal year. The Company experienced growth in all sales channels during the 1Q of fiscal 2023 versus the prior year period.
Net income was $20.1 million ($1.21 per diluted share) for the 1Q of fiscal 2023 compared with net income of $3.0 million ($0.18 per diluted share) in the same quarter of the prior fiscal year. Net income for the 1Q of fiscal 2023 increased due to an increase in net sales largely as a result of price increases and increased efficiencies, partially offset by higher material and logistics costs.
Adjusted EBITDA for the 1Q of fiscal 2023 increased $24.4 million, or 76.0%, to $56.5 million, or 10.4% of net sales, compared to $32.1 million, or 7.3% of net sales, for the same quarter of the prior fiscal year.
"During the 1Q of fiscal 2023, our teams delivered sales growth of 22.7%, improved adjusted EBITDA by 76.0% to $56.5 million, and generated free cash flow of over $32 million," said Scott Culbreth, President and CEO. "We committed to improving our results as price realization started to better match inflationary impacts and we improved our costs through operating efficiency initiatives. Our team has remained resilient and focused and I want to thank them for their efforts in delivering these results."
American Woodmark Corporation manufactures and distributes kitchen, bath and home organization products for the remodeling and new home construction markets.
