USA – American Woodmark Corporation, one of the world’s largest cabinet manufacturers, announced results for its third fiscal quarter ended January 31, 2021. Net sales for the third fiscal quarter increased USD 36.2 million, or 9.1%, to USD 432.0 million, compared with the same quarter of the prior fiscal year.

The Company experienced growth across all channels, with low double-digit growth in the repair and remodel sales channel and mid-single digit growth in construction sales channel during the third quarter of fiscal 2021 as market demand recovered with consumer confidence remaining strong. Net sales for the first nine months of the current fiscal year increased USD 19.5 million, or 1.6%, to USD 1,270.6 million from the comparable period of the prior fiscal year.

Net income (profit) was USD 17.2 million for the third quarter of fiscal 2021 compared with USD 12.8 million in the same quarter of the prior fiscal year. Net income for the third quarter of fiscal 2021 increased USD 4.4 million due to an increase in net sales, offset by higher material and logistics costs.

Net income (profit) for the first nine months of the current fiscal year was USD 55.9 million compared with USD 61.8 million for the same period of the prior fiscal year.

Adjusted EBITDA for the third fiscal quarter increased USD 4.0 million, or 7.9%, to USD 54.1 million, or 12.5% of net sales, compared to USD 50.1 million, or 12.7% of net sales, for the same quarter of the prior fiscal year.

Adjusted EBITDA for the first nine months of the fiscal year was USD 176.0 million, or 13.9% of net sales, compared to USD 182.6 million, or 14.6% of net sales, for the same period of the prior fiscal year.

American Woodmark Corporation manufactures and distributes kitchen, bath and home organization products for the remodeling and new home construction markets. Its products are sold on a national basis directly to home centers, builders and through a network of independent dealers and distributors. As of January 31, 2021, the Company operated seventeen manufacturing facilities in the United States and Mexico and eight primary service centers and one distribution center located in the United States.