Kitchen cabinet and vanity manufacturer American Woodmark earned $6.7 million net income in the company’s first quarter fiscal 2014, compared to year-ago net income of $1 million.
The Winchester, Va.-based company reported that net sales in the quarter rose by 20% compared with the first quarter of the prior fiscal year to $178.1 million. The company saw growth in both the remodel and new construction businesses, led by new construction growth of more than 40%.
Gross profit, which the company says was impacted by higher sales volume and operating improvement, was 18.9% of net sales, compared with 14.9% in the first quarter of the prior year. Gross profits were partially offset by higher material prices.
