Stock Monitor: La-Z-Boy Post Earnings Reporting
LONDON, UK / ACCESSWIRE / June 26, 2018 / If you want access to our free earnings report on American Woodmark Corp. (NASDAQ: AMWD), all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=AMWD. The Company reported its fourth quarter fiscal 2018 and full fiscal year 2018 operating and financial results on May 29, 2018. The cabinet maker reported better than expected revenue and earnings results. Register today and get access to over 1,000 Free Research Reports by joining our site below:
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Earnings Highlights and Summary
For the fourth quarter of the fiscal year 2018, American Woodmark's net sales increased 57% to $405.9 million compared to $258.7 million in Q4 FY17. The Company's revenue numbers beat analysts' estimates of $23.49 million.
During Q4 FY18, American Woodmark's results included three months of results from its acquiree, RSI Home Products, Inc. ("RSI"), which closed on December 29, 2017. Excluding the impact of the RSI acquisition, the Company's net sales increased 3% to $266.7 million in the reported quarter.
During Q4 FY18, American Woodmark's combined home center and dealer channel revenues were up 67%, with home centers increasing 82% and dealer growing 11%. The Company's core growth was 1% in the reported quarter.
For Q4 FY18, American Woodmark’s net income was $19.1 million, or $1.08 per diluted share, compared to $17.3 million, or $1.06 per diluted share, in Q4 FY17. The Company's net income for the reported quarter was positively impacted by additional sales volumes and lower incentive costs, which were partially offset by acquisition-related costs of $2.7 million, intangible amortization of $12.3 million, and gross margin declines in the core business mainly due to raw material inflation.
American Woodmark reported adjusted earnings per share (EPS) of $1.64, up 45% compared to $1.13 in Q4 FY17. The Company's earnings surpassed Wall Street's estimates of $0.49 per share.
During Q4 FY18, American Woodmark's adjusted earnings before interest, tax, depreciation, and amortization (EBITDA) were $65.3 million, or 16.1% of net sales, compared to $34.5 million, or 13.3% of net sales, in Q4 FY17. The increase was primarily due to a sales growth in the reported quarter and the inclusion of three months of results for RSI.
For the full fiscal year 2018, American Woodmark's net sales advanced 21% to $1.25 billion compared to $1.03 billion in FY17. Excluding the impact of the RSI acquisition, the Company's net sales rose 4% to $1.07 billion in FY18 from the prior fiscal year.
For FY18, American Woodmark's net income was $63.1 million, or $3.77 per diluted share, compared to $71.2 million, or $4.34 per diluted share, in FY17. The Company’s adjusted diluted EPS was $5.24 in FY18 compared to $4.45 in the prior fiscal year.
American Woodmark's cash provided by operating activities was $86.8 million in FY18, while its free cash flow totaled $36.9 million compared to $51.5 million in the prior year. The decline was primarily due to the funding of American Woodmark's corporate office, which was completed in April 2018. Additionally, the Company paid down $40.0 million of its term loan facility during Q4 FY18.
Stock Performance Snapshot
June 25, 2018 - At Monday's closing bell, American Woodmark's stock was marginally down 0.05%, ending the trading session at $93.60.
Volume traded for the day: 144.52 thousand shares.
Stock performance in the last month - up 8.21%
After yesterday's close, American Woodmark's market cap was at $1.71 billion.
Price to Earnings (P/E) ratio was at 25.24.
The stock is part of the Consumer Goods sector, categorized under the Home Furnishings & Fixtures industry.
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