WINCHESTER, VA - American Woodmark Corp.'s (NASDAQ: AMWD) nine cabinet factories are running steadily as robust cabinetry sales rose 20% in the latest quarter to $178 million, with new construction and remodeling sales channels buoyed by the housing recovery.
American Woodmark saw growth in both the remodel and new construction sales channels - it sells through Home Depot and Lowe's and through cabinet dealers and home builders. New construction cabinetry sales grew more than 40%.
Net income was $6.7 million, more than 10 times the $600,000 bottom line from the year ago period.
Management says gross profit from higher cabinet sales volume and improved operating efficiencies was partially offset by the impact of rising material (panel, hardware, finishes, etc.) costs and expenses. Retirement programs were scaled back which also generated savings.
American Woodmark manufactures and distributes kitchen cabinets and bathroom vanities for the remodeling and new home construction markets. Its products are sold on a national basis directly to home centers, major builders and through a network of independent distributors. American Woodmark operates nine cabinet manufacturing facilities and nine cabinetry service centers across the country.