USA - American Woodmark Corporation, one of the largest Kitchen furniture manufacturers in North America, announced results for its third quarter of fiscal 2022 which ended January 31, 2022.

Net sales for the third quarter of fiscal 2022 increased USD 27.8 million, or 6.4%, to USD 459.7 million compared with the same quarter of the prior fiscal year.

The Company experienced growth in all sales channels during the third quarter of fiscal 2022 versus the prior year period. Net sales for the first nine months of the current fiscal year increased 6.7% to USD 1,355.5 million from the comparable period of the prior fiscal year.

Net loss was USD 49.3 million for the third quarter of fiscal 2022 compared with net income of USD 18.4 million  in the same quarter of the prior fiscal year. Net income for the third quarter of fiscal 2022 decreased USD 67.7 million primarily due to onetime pension settlement charges of USD 69.5 million related to the termination of the Company's pension plan, while the Company also experienced continued pressures in the supply chain and continued labor challenges. Net loss for the first nine months of the current fiscal year was USD 44.2 million ( compared with net income of USD 57.6 million for the same period of the prior fiscal year.

Adjusted EBITDA for the third quarter of fiscal 2022 decreased USD 25.2 million, or 45.2%, to USD 30.6 million, or 6.6% of net sales, compared to USD 55.7 million, or 12.9% of net sales, for the same quarter of the prior fiscal year. Adjusted EBITDA for the first nine months of fiscal 2022 decreased USD 84.8 million, or 47.6%, to USD 93.5 million, or 6.9% of net sales, compared to USD 178.3 million, or 14.0% of net sales, for the same period of the prior fiscal year.

As previously disclosed, during the third quarter of fiscal 2021, the Company filed an application with the IRS to terminate its pension plan. The plan was terminated in a standard termination and benefits were distributed in the third quarter of fiscal 2022 resulting in the one-time pension settlement charges disclosed above.