Business
American Woodmark Announces Preliminary Fiscal Fourth Quarter and Fiscal Year Results
Preliminary Fiscal Fourth Quarter 2023 Financial Highlights: Net sales decreased 4.1% year-over-year to $481.1 million Net income increased 108%
About this update from American Woodmark Corporation
[{"type":"text","content":"\nPreliminary Fiscal Fourth Quarter 2023 Financial Highlights:\n\n\n\nNet sales decreased 4.1% year-over-year to $481.1 million\n\n\n\nNet income increased 108% year-over-year to $30.1 million\n\n\n\nGAAP EPS of $1.80; Adjusted EPS of $2.21\n\n\n\nAdjusted EBITDA increased 46.7% year-over-year to $65.3 million\n\n\n\nCash provided by operating activities $85.9 million, free cash flow of $61.9 million\n\n\n\n$65.0 million of term and revolver repayment\n\n\n\nPreliminary Fiscal 2023 Financial Highlights:\n\n\n\nNet sales increased 11.3% year-over-year to $2,066.2 million\n\n\n\nGAAP EPS of $5.62; Adjusted EPS of $7.62\n\n\n\nAdjusted EBITDA increased 74.2% year-over-year to $240.4 million\n\n\n\nCash provided by operating activities $196.7 million, free cash flow of $153.5 million\n\n\n\n$130.5 million of term and revolver repayment\n\n\n\n WINCHESTER, Va.--(BUSINESS WIRE)--\nAmerican Woodmark Corporation (NASDAQ: AMWD) (the \"Company\") today announced preliminary results for its fourth fiscal quarter ended April 30, 2023 and its fiscal year ended April 30, 2023.\n\n\n“We delivered our anticipated strong financial performance in the fourth quarter of fiscal year 2023,” said Scott Culbreth, President and CEO. “Our free cash flow generation of $153.5 million in fiscal year 2023 is helping fund our internal investments for growth in fiscal year 2024. The strengthening in our operational performance throughout the year combined with the platform changes we began executing in fiscal year 2023, gives us the confidence that we can deliver strong margin performance in the dynamic market conditions.”\n\n\nPreliminary Fourth Quarter Results\n\n\nNet sales for the fourth quarter of fiscal 2023 decreased $20.6 million, or (4.1)%, to $481.1 million compared with the same quarter of the prior fiscal year. Net income was $30.1 million, or ($1.80 per diluted share) compared with $14.5 million or ($0.87 per diluted share) in the same quarter of the prior fiscal year. Net income for the fourth quarter of fiscal 2023 increased $15.6 million due to pricing better matching inflationary impacts, mix, reduced spending, and a pre-tax gain on debt modification of $2.1 million partially offset by a decrease in net sales. Adjusted EPS per diluted share was $2.21 for the fourth quarter of fiscal 2023 compared with $1.38 in the same quarter of the prior fis...