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Cabinet maker American Woodmark reports 3Q profit

Tuesday - 2/19/2013, 3:36pm  ET

WINCHESTER, Va. - Cabinet maker American Woodmark Corp. reported fiscal third-quarter net income well ahead of Wall Street expectations.

The Winchester company said Tuesday it earned $2.1 million, or 14 cents per share, for the quarter ended Jan. 31, compared with a loss of $9.1 million, or 20 cents per share, a year ago.

Stripping out restructuring charges, its adjusted profit also was 14 cents per share, beating analyst estimates of 5 cents per share.

Revenue rose 26 percent to $151.3 million, as the company experiences gains in each of its sales channels, led by new construction sales growth of more than 50 percent. Analysts expected revenue of $140.3 million.

American Woodmark operates nine manufacturing facilities in Arizona, Georgia, Indiana, Kentucky, Maryland, Tennessee, Virginia, and West Virginia. It also has nine service centers.


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