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AMWD or WSC: Which Is the Better Value Stock Right Now?
Zacks Investment Research· 2024-03-06 17:46
Investors interested in Furniture stocks are likely familiar with American Woodmark (AMWD) and WillScot (WSC) . But which of these two stocks offers value investors a better bang for their buck right now? We'll need to take a closer look.We have found that the best way to discover great value opportunities is to pair a strong Zacks Rank with a great grade in the Value category of our Style Scores system. The Zacks Rank favors stocks with strong earnings estimate revision trends, and our Style Scores highlig ...
Should Value Investors Buy American Woodmark (AMWD) Stock?
Zacks Investment Research· 2024-03-06 15:45
The proven Zacks Rank system focuses on earnings estimates and estimate revisions to find winning stocks. Nevertheless, we know that our readers all have their own perspectives, so we are always looking at the latest trends in value, growth, and momentum to find strong picks.Of these, value investing is easily one of the most popular ways to find great stocks in any market environment. Value investors use tried-and-true metrics and fundamental analysis to find companies that they believe are undervalued at ...
American Woodmark (AMWD) Is Attractively Priced Despite Fast-paced Momentum
Zacks Investment Research· 2024-03-06 14:51
Momentum investing is essentially an exception to the idea of "buying low and selling high." Investors following this style of investing are usually not interested in betting on cheap stocks and waiting long for them to recover. Instead, they believe that "buying high and selling higher" is the way to make far more money in lesser time.Everyone likes betting on fast-moving trending stocks, but it isn't easy to determine the right entry point. These stocks often lose momentum when their future growth potenti ...
American Woodmark Corporation Announces the Launch of a New Brand: 1951 Cabinetry™
Businesswire· 2024-03-04 21:10
Core Insights - American Woodmark Corporation has introduced a new brand, 1951 Cabinetry™, which is inspired by the company's 70-year heritage and aims to enhance service to distributors [1][2] - The new brand will offer a diverse range of products that combine timeless and contemporary designs, catering to individual preferences while maintaining a commitment to quality and affordability [2][3] - The launch includes two additional lines, 1951 Foundations and 1951 Progressions, which utilize Made-to-Stock options to meet market demand for high-quality craftsmanship at competitive price points [2] Company Overview - American Woodmark Corporation is one of the largest cabinet manufacturers in the United States, employing over 8,800 individuals and operating more than a dozen brands [4] - The company focuses on customer satisfaction, integrity, teamwork, and excellence across its service and distribution centers, corporate office, and manufacturing facilities [4] - By partnering with major home centers, builders, and independent dealers, the company aims to inspire homeowners and designers to realize their unique styles [4]
American Woodmark (AMWD) - 2024 Q3 - Earnings Call Transcript
2024-03-01 04:04
American Woodmark Corporation (NASDAQ:AMWD) Q3 2024 Earnings Conference Call February 29, 2024 4:30 PM ET Company Participants Paul Joachimczyk - Senior Vice President and Chief Financial Officer Scott Culbreth - President and Chief Executive Officer Conference Call Participants Garik Shmois - Loop Capital Steven Ramsey - Thompson Research Group Tim Wojs - Baird Collin Verron - Jefferies Operator Good day everyone, and welcome to the American Woodmark Corporation Third Fiscal Quarter 2024 Conference Call. T ...
American Woodmark (AMWD) Q3 Earnings and Revenues Beat Estimates
Zacks Investment Research· 2024-02-29 23:36
Core Viewpoint - American Woodmark (AMWD) reported quarterly earnings of $1.66 per share, exceeding the Zacks Consensus Estimate of $1.13 per share, and showing an increase from $1.46 per share a year ago, indicating strong performance in the recent quarter [1] Financial Performance - The company achieved revenues of $422.1 million for the quarter ended January 2024, surpassing the Zacks Consensus Estimate by 15.05%, although this represents a decline from $480.71 million in the same quarter last year [1] - Over the last four quarters, American Woodmark has consistently exceeded consensus EPS and revenue estimates [1] Stock Performance - American Woodmark shares have increased approximately 8.8% since the beginning of the year, outperforming the S&P 500's gain of 6.3% [2] - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the market in the near future [4] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $2.18 on revenues of $452.2 million, and for the current fiscal year, it is $8.47 on revenues of $1.79 billion [4] - The trend of estimate revisions for American Woodmark is mixed, which may change following the recent earnings report [4] Industry Context - The Furniture industry, to which American Woodmark belongs, is currently ranked in the bottom 40% of over 250 Zacks industries, which may impact the stock's performance [5]
American Woodmark (AMWD) - 2024 Q3 - Quarterly Report
2024-02-28 16:00
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock AMWD NASDAQ FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended January 31, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______________ to _______________ Commission File ...
American Woodmark (AMWD) - 2024 Q3 - Quarterly Results
2024-02-28 16:00
[Financial Highlights](index=1&type=section&id=Financial%20Highlights) Net sales declined in Q3 and the first nine months of fiscal 2024, but net income significantly increased, complemented by active share repurchases Fiscal Third Quarter 2024 Financial Highlights (YoY) | Metric | Q3 FY2024 | Change (YoY) | | :--- | :--- | :--- | | Net Sales | $422.1 million | -12.2% | | Net Income | $21.2 million | +44.1% | | GAAP EPS | $1.32 | +50.0% | | Adjusted EPS | $1.66 | +13.7% | | Adjusted EBITDA | $50.6 million | -0.7% | | Cash from Operations | $43.7 million | N/A | | Free Cash Flow | $21.8 million | N/A | | Shares Repurchased | $19.6 million | N/A | Fiscal First Nine Months 2024 Financial Highlights (YoY) | Metric | First 9 Months FY2024 | Change (YoY) | | :--- | :--- | :--- | | Net Sales | $1,394.2 million | -12.0% | | Net Income | $89.4 million | +40.6% | | GAAP EPS | $5.46 | +43.0% | | Adjusted EPS | $6.83 | +26.5% | | Adjusted EBITDA | $198.1 million | +13.1% | | Cash from Operations | $187.4 million | +69.2% | | Free Cash Flow | $131.7 million | +43.9% | | Shares Repurchased | $71.8 million | N/A | [Management Commentary](index=1&type=section&id=Management%20Commentary) The company delivered strong financial results in Q3 despite a slowing demand environment, exceeding expectations due to operational improvements - The company delivered **strong financial performance** in Q3 FY2024, **exceeding expectations** for **net sales** and **Adjusted EBITDA** despite a slowing demand environment[3](index=3&type=chunk) - Performance was driven by **improved operational efficiencies**, a trend consistent with the first half of the fiscal year[3](index=3&type=chunk) - The **net sales outlook** for the full fiscal year is **unchanged**, but the **Adjusted EBITDA performance expectation** has been **raised**[3](index=3&type=chunk) [Financial Performance](index=1&type=section&id=Financial%20Performance) Despite declining sales in both the third quarter and first nine months of fiscal 2024, the company significantly improved net income and margins through operational efficiencies and strategic pricing [Third Quarter Results](index=1&type=section&id=Third%20Quarter%20Results) Q3 FY2024 saw a 12.2% decline in net sales, yet net income significantly increased to **$21.2 million** with improved margins, driven by operational efficiencies and favorable product mix Q3 FY2024 vs. Q3 FY2023 Performance | Metric | Q3 FY2024 | Q3 FY2023 | | :--- | :--- | :--- | | Net Sales | $422.1M | $480.7M | | Net Income | $21.2M | $14.7M | | Diluted EPS | $1.32 | $0.88 | | Adjusted EPS | $1.66 | $1.46 | | Adjusted EBITDA | $50.6M | $51.0M | | Adjusted EBITDA Margin | 12.0% | 10.6% | - The **$6.5 million** increase in net income was attributed to favorable product mix, pricing matching inflation, operational improvements, a stabilizing supply chain, and reduced overhead, which offset the decrease in net sales[4](index=4&type=chunk) [Fiscal Year to Date Results](index=1&type=section&id=Fiscal%20Year%20to%20Date%20Results) For the first nine months of fiscal 2024, net sales declined 12.0%, but net income increased to **$89.4 million** with improved margins, despite a **$4.9 million** charge for plywood duties First 9 Months FY2024 vs. FY2023 Performance | Metric | First 9 Months FY2024 | First 9 Months FY2023 | | :--- | :--- | :--- | | Net Sales | $1,394.2M | $1,585.1M | | Net Income | $89.4M | $63.6M | | Diluted EPS | $5.46 | $3.82 | | Adjusted EPS | $6.83 | $5.40 | | Adjusted EBITDA | $198.1M | $175.1M | | Adjusted EBITDA Margin | 14.2% | 11.0% | - Profitability was negatively impacted by a **$4.9 million** pre-tax charge related to Antidumping and Countervailing Duty Orders on Vietnamese plywood imports, recognized in the first quarter[5](index=5&type=chunk)[6](index=6&type=chunk) [Balance Sheet & Cash Flow](index=3&type=section&id=Balance%20Sheet%20%26%20Cash%20Flow) As of January 31, 2024, the company maintained strong liquidity with **$97.8 million** in cash and significant free cash flow, while actively repurchasing shares - As of January 31, 2024, the company had **$97.8 million** in cash and **$322.9 million** available under its revolving credit facility[7](index=7&type=chunk) - Total debt comprised **$206.3 million** in term loan debt and **$163.8 million** drawn on its revolving credit facility[7](index=7&type=chunk) Cash Flow (First Nine Months FY2024) | Metric | Amount | | :--- | :--- | | Cash from Operating Activities | $187.4 million | | Free Cash Flow | $131.7 million | - The company repurchased **938,144 shares** (approx. **5.9%** of shares outstanding) for **$71.8 million** during the first nine months of fiscal 2024, with **$105.4 million** remaining available for future repurchases[7](index=7&type=chunk) [Fiscal 2024 Financial Outlook](index=3&type=section&id=Fiscal%202024%20Financial%20Outlook) The company reaffirms its full fiscal year 2024 net sales outlook for a low double-digit decline, while increasing and narrowing its Adjusted EBITDA guidance to **$247 million** to **$253 million** Full Fiscal Year 2024 Outlook | Metric | Outlook | | :--- | :--- | | Net Sales | Reaffirmed low double digit decline YoY | | Q4 Net Sales | High single digit decline YoY | | Adjusted EBITDA | Increased and narrowed to $247M - $253M | - The CFO, Paul Joachimczyk, noted that the **increased Adjusted EBITDA outlook** is a result of **sustained performance** and **margin improvement** throughout the year[8](index=8&type=chunk) - The company **does not provide a reconciliation** for its **forward-looking Adjusted EBITDA outlook** to the corresponding **GAAP measure** (net income) due to the **difficulty in predicting** certain variable items[8](index=8&type=chunk) [Unaudited Financial Statements](index=4&type=section&id=Unaudited%20Financial%20Statements) This section presents the core unaudited financial data, including the income statement, condensed consolidated balance sheet, and statement of cash flows [Unaudited Financial Highlights (Income Statement)](index=4&type=section&id=Unaudited%20Financial%20Highlights%20(Income%20Statement)) The income statement reveals decreased net sales for both periods, yet gross profit, operating income, and net income all increased year-over-year Income Statement Data (in thousands) | Account | Three Months Ended Jan 31, 2024 | Nine Months Ended Jan 31, 2024 | | :--- | :--- | :--- | | Net sales | $422,102 | $1,394,224 | | Gross profit | $80,940 | $293,708 | | Operating income | $27,879 | $123,170 | | Net income | $21,227 | $89,418 | | Net income per diluted share | $1.32 | $5.46 | [Condensed Consolidated Balance Sheet](index=5&type=section&id=Condensed%20Consolidated%20Balance%20Sheet) As of January 31, 2024, total assets increased to **$1.57 billion**, driven by higher cash and lower inventories, while liabilities rose and stockholders' equity improved Balance Sheet Data (in thousands) | Account | Jan 31, 2024 | April 30, 2023 | | :--- | :--- | :--- | | Cash & cash equivalents | $97,829 | $41,732 | | Inventories | $163,382 | $190,699 | | Total current assets | $402,130 | $368,255 | | Total assets | $1,573,837 | $1,518,798 | | Long-term debt | $371,307 | $369,396 | | Total liabilities | $676,927 | $645,010 | | Stockholders' equity | $896,910 | $873,788 | [Condensed Consolidated Statement of Cash Flows](index=5&type=section&id=Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) Net cash from operating activities significantly increased for the nine months ended January 31, 2024, despite higher cash usage in investing and financing activities, ending with **$97.8 million** in cash Cash Flow Data (Nine Months Ended, in thousands) | Account | Jan 31, 2024 | Jan 31, 2023 | | :--- | :--- | :--- | | Net cash provided by operating activities | $187,433 | $110,803 | | Net cash used by investing activities | ($55,713) | ($19,260) | | Net cash used by financing activities | ($75,623) | ($68,051) | | Net increase in cash | $56,097 | $23,492 | | Cash and cash equivalents, end of period | $97,829 | $45,817 | [Non-GAAP Financial Measures and Reconciliations](index=6&type=section&id=Non-GAAP%20Financial%20Measures%20and%20Reconciliations) This section defines and reconciles key non-GAAP financial measures, including EBITDA, Adjusted EBITDA, Adjusted EPS, Free Cash Flow, and Net Leverage, to their GAAP equivalents - The company uses **non-GAAP measures** like EBITDA, Adjusted EBITDA, Adjusted EPS, and Free Cash Flow to analyze performance, believing they provide **additional insight** into operating trends[15](index=15&type=chunk)[16](index=16&type=chunk) - **Adjusted EBITDA excludes items** such as restructuring charges, stock-based compensation, and pension settlement charges to **better reflect underlying operations**[17](index=17&type=chunk) - **Adjusted EPS excludes items** like non-recurring restructuring charges and the amortization of customer relationship intangibles to provide an indication of **performance excluding unusual or non-cash items**[19](index=19&type=chunk) [Reconciliation of EBITDA and Adjusted EBITDA](index=7&type=section&id=Reconciliation%20of%20EBITDA%20and%20Adjusted%20EBITDA) Net Income was reconciled to Adjusted EBITDA, showing **$50.6 million** for Q3 FY2024 and **$198.1 million** for the nine-month period, with improved Adjusted EBITDA margins Adjusted EBITDA Reconciliation Summary (Q3, in thousands) | Metric | Q3 FY2024 | Q3 FY2023 | | :--- | :--- | :--- | | Net Income (GAAP) | $21,227 | $14,728 | | EBITDA (Non-GAAP) | $50,336 | $47,166 | | Adjusted EBITDA (Non-GAAP) | $50,615 | $50,990 | Adjusted EBITDA Reconciliation Summary (Nine Months, in thousands) | Metric | Nine Months FY2024 | Nine Months FY2023 | | :--- | :--- | :--- | | Net Income (GAAP) | $89,418 | $63,582 | | EBITDA (Non-GAAP) | $189,878 | $168,463 | | Adjusted EBITDA (Non-GAAP) | $198,095 | $175,105 | [Reconciliation of Net Income to Adjusted Net Income](index=8&type=section&id=Reconciliation%20of%20Net%20Income%20to%20Adjusted%20Net%20Income) GAAP Net Income is adjusted to derive Adjusted Net Income and Adjusted EPS, with Q3 FY2024 Adjusted EPS at **$1.66** and nine-month Adjusted EPS at **$6.83** Adjusted EPS Reconciliation Summary | Metric | Q3 FY2024 | Q3 FY2023 | Nine Months FY2024 | Nine Months FY2023 | | :--- | :--- | :--- | :--- | :--- | | EPS per diluted share (GAAP) | $1.32 | $0.88 | $5.46 | $3.82 | | Adjusted EPS per diluted share (Non-GAAP) | $1.66 | $1.46 | $6.83 | $5.40 | [Reconciliation of Free Cash Flow](index=8&type=section&id=Reconciliation%20of%20Free%20Cash%20Flow) Free cash flow, calculated by subtracting capital expenditures from operating cash flow, significantly increased to **$131.7 million** for the nine months ended January 31, 2024 Free Cash Flow Reconciliation (Nine Months Ended, in thousands) | Metric | Jan 31, 2024 | Jan 31, 2023 | | :--- | :--- | :--- | | Net cash provided by operating activities | $187,433 | $110,803 | | Less: Capital expenditures | $55,736 | $19,283 | | Free cash flow | $131,697 | $91,520 | [Net Leverage Calculation](index=9&type=section&id=Net%20Leverage%20Calculation) The net leverage ratio, calculated as net debt divided by TTM Adjusted EBITDA, stood at **1.05x** as of January 31, 2024, reflecting **$275.6 million** in net debt Net Leverage Calculation (as of Jan 31, 2024, in thousands) | Metric | Amount | | :--- | :--- | | Total debt | $373,444 | | Less: cash and cash equivalents | ($97,829) | | Net debt | $275,615 | | TTM Adjusted EBITDA (Non-GAAP) | $263,371 | | **Net leverage** | **1.05x** |
American Woodmark (AMWD) Rises Higher Than Market: Key Facts
Zacks Investment Research· 2024-02-24 00:01
In the latest market close, American Woodmark (AMWD) reached $95.17, with a +0.42% movement compared to the previous day. The stock outperformed the S&P 500, which registered a daily gain of 0.04%. Meanwhile, the Dow experienced a rise of 0.16%, and the technology-dominated Nasdaq saw a decrease of 0.28%.Coming into today, shares of the cabinet maker had gained 3.33% in the past month. In that same time, the Consumer Discretionary sector gained 2.85%, while the S&P 500 gained 5.01%.Analysts and investors al ...
American Woodmark (AMWD) Falls More Steeply Than Broader Market: What Investors Need to Know
Zacks Investment Research· 2024-02-17 00:01
In the latest trading session, American Woodmark (AMWD) closed at $92.61, marking a -1.53% move from the previous day. The stock's performance was behind the S&P 500's daily loss of 0.48%. At the same time, the Dow lost 0.37%, and the tech-heavy Nasdaq lost 0.82%.The cabinet maker's shares have seen an increase of 2.42% over the last month, not keeping up with the Consumer Discretionary sector's gain of 5% and the S&P 500's gain of 5.3%.The investment community will be closely monitoring the performance of ...