- American Woodmark Corp (NASDAQ: AMWD) reported first-quarter revenue growth of 22.7% at $542.9 million, beating the consensus of $513.07 million.
- Adjusted EPS was $1.71, above the consensus of $1.29.
- The gross margin expanded by 393 bps to 15.9%. The operating income improved five-fold to $30.8 million, with the margin expanding by 422 bps to 5.7%.
- American Woodmark's cash provided by operating activities for the quarter totaled $37.29 million, compared to $6.59 million a year ago. Free cash flow was $32.72 million.
- Adjusted EBITDA increased by 76% Y/Y to $56.5 million, and margin improved to 10.4%, from 7.3% in 1Q22.
- As of July 31, 2022, the company had $33.7 million cash on hand with no term loan debt maturities until July 2023.
- "We committed to improving our results as price realization started to better match inflationary impacts and we improved our costs through operating efficiency initiatives," commented CEO Scott Culbreth.
- Price Action: AMWD shares traded higher by 14.90% at $54.51 on the last check Tuesday.
Read at Benzinga