American Woodmark Q2 Profit Climbs, Tops View; To Buy Back Up To $10 Mln Shares

(RTTNews) - American Woodmark Corp. (AMWD), a manufacturer of kitchen cabinets and vanities, reported Tuesday that its second-quarter net income was $5.27 million or $0.34 per share, compared to $1.95 million or $0.13 per share a year ago.

Exclusive of after-tax restructuring charges and insurance proceeds, net income was $5.3 million or $0.34 per share, compared with $1.8 million or $0.12 per share last year.

On average, six analysts polled by Thomson Reuters expected earnings of $0.39 per share. Analysts' estimates typically exclude special items.

Net sales for the second quarter increased 19 percent to $190.53 million from $159.76 million a year ago. Analysts expected revenues of $184.77 million.

The company said it experienced growth in both remodeling and new construction during the second quarter, with new construction growth in excess of 40 percent.

Further, the company said its Board of Directors has authorized a stock repurchase program of up to $10 million of its outstanding common shares, replacing all prior programs which have been terminated.