American Woodmark in Winchester, Va., posted fiscal fourth quarter net income of $5.6 million, a 7.7% increase over year-ago net income of $5.2 million. The company’s full-year results came to $20.5 million, more than double the prior year’s $9.8 million net income.
Net sales for the quarter ending April 30 rose 10% to $188.9 million over year-ago sales, on the strength of both the remodeling and new construction with new construction growth exceeding 25%. Net sales for the full fiscal year of $726.5 million increased 15% from the prior fiscal year.
Gross profit for the fourth quarter of the current fiscal year was 17% of net sales compared with 18.9% in the same quarter of the prior year. Gross profit in the current quarter was favorably impacted by higher sales volume and improved labor efficiency that was more than offset by material inflation and costs associated with crewing and infrastructure to support higher levels of sales and installation activity.
Gross profit for the fiscal year was 17.1% of net sales compared with 16.3% for the same period in the prior year, driven by higher sales volume and improved labor efficiency, but partially offset by higher material costs.
American Woodmark makes and distributes kitchen
cabinets and vanities for the remodeling and new home construction markets. The
company presently operates nine manufacturing facilities and nine service
centers across the country.