American Woodmark Q1 Results Top Estimates

(RTTNews) - American Woodmark Corp. (AMWD) reported that its first quarter of fiscal 2014 net income jumped to $6.7 million or $0.43 per share from $0.6 million or $0.04 per share in the same quarter of the prior year.

Exclusive of after-tax restructuring charges, the company generated net income of $6.7 million or $0.43 per share for the first quarter of fiscal year 2014 versus net income of $1.0 million or $0.07 per share in the prior year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.33 per share for the quarter. Analysts' estimates typically exclude special items.

Gross profit for the first quarter of fiscal year 2014 was 18.9% of net sales, compared with 14.9% in the first quarter of the prior year. Gross profit was favorably impacted by higher sales volume and improved operating efficiencies. This favorability was partially offset by the impact of rising material costs and expenses under the Company's pay-for-performance plans.

Net sales rose to $178.1 million from $148.25 million. Five analysts had consensus revenue estimate of $174.07 million for the quarter The company said it experienced growth in both the remodel and new construction sales channels during the first quarter of fiscal year 2014, led by new construction growth of more than 40%.