WINCHESTER, VA – Cabinetry giant American Woodmark rode the wave of home remodeling improvement with a 19 percent sales increase and almost 50 percent jump in earnings. The supplier of Lowe’s and Home Depot reported $211.9 million in sales for the first quarter.
Net income was $9.2 million, or 59 cents per diluted share for the first quarter compared with $6.7 million, or 43 cents per diluted share, for the same time frame last fiscal year.
During the quarter the company saw growth in both remodeling and construction during the first quarter of 2015. A 17.5 percent increase in gross profits for the first quarter occurred in large part due to improved operating efficiency and control of expenses.
Also during the first quarter the company repurchased 130,000 shares of common stock at a cost of $4.1 million and proceeds from the exercise of stock options decreased $3.6 million.
American Woodmark Corporation operates nine cabinetry and vanity manufacturing facilities and nine service centers across the country. Its products are sold on a national basis directly to home centers and builders through independent distributors.
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