American Woodmark (AMWD) - 2025 Q3 - Quarterly Results

Financial Performance - Net sales for the third quarter of fiscal 2025 decreased by $24.5 million, or 5.8$397.6 million compared to the same quarter last fiscal year[3]. - Net income for the third quarter was $16.6 million, or$1.09 per diluted share, representing 4.2% of net sales, down from $21.2 million, or$1.32 per diluted share, in the same quarter last year[3]. - Adjusted EBITDA for the third quarter decreased by $12.2 million, or 24.0$38.4 million, or 9.7% of net sales, compared to $50.6 million, or 12.0$85.0 million, or 6.1%, to $1,309.2 million compared to the same period of the prior fiscal year[6]. - Adjusted EPS per diluted share for the first nine months of fiscal 2025 was$5.28, down from $6.81 in the same period of the prior fiscal year[6]. - For the three months ended January 31, 2025, net income was$16,571,000, a decrease of 22.5% compared to $21,227,000 for the same period in 2024[28]. - Adjusted EBITDA for the three months ended January 31, 2025, was$38,445,000, down 24% from $50,615,000 in the prior year[28]. - Adjusted EBITDA margin for the three months ended January 31, 2025, was 9.7$1.05, down from $1.56 in the same period of 2024[31]. - Net sales for the three months ended January 31, 2025, were$397,580,000, a decrease of 5.5% from $422,102,000 in the prior year[28]. - The company reported a net income margin of 4.2$63.7 million, with free cash flow totaling $31.5 million[7]. - The company repurchased 132,075 shares for$12.6 million during the third quarter and 752,412 shares for $69.1 million during the first nine months of fiscal 2025[8]. - Free cash flow for the nine months ended January 31, 2025, was$31,490,000, a decline of 76% from $131,697,000 in the same period of 2024[33]. - As of January 31, 2025, the company had$43.5 million in cash and access to $314.2 million under its revolving credit facility[7]. Restructuring and Costs - Total pre-tax restructuring costs related to the closure of the Orange, Virginia manufacturing plant are expected to be between$6.0 million and $8.5 million[3]. - The company incurred restructuring charges of$520,000 in the three months ended January 31, 2025, related to workforce reductions and facility closures[29]. Future Outlook - The company expects a mid-single digit decline in net sales for the full fiscal year and an Adjusted EBITDA range of $210 million to$215 million[2][11]. - Net leverage as of January 31, 2025, was 1.53, calculated as net debt of $331,860,000 divided by trailing 12 months Adjusted EBITDA of$216,209,000[35]. Adjustments in Reporting - The company adjusted its definition of Adjusted EPS per diluted share to exclude changes in fair value of foreign exchange forward contracts starting in the second quarter of fiscal 2025[25].