American Woodmark shares soar on strong 1Q resultsThe Associated Press
WINCHESTER, Va. -- Shares of American Woodmark Corp. jumped 15 percent before Tuesday's opening bell, after the cabinet maker reported fiscal first-quarter net income well ahead of Wall Street expectations.
For the quarter ended July 31, the Winchester, Va.-based company earned $561 million, or 4 cents per share, compared with a loss of $2.7 million, or 19 cents per share, in the same quarter last year.
Excluding restructuring charges stemming from closing two manufacturing plants, the company posted an adjusted profit of 7 cents per share for the recent quarter.
Revenue rose 13 percent to $148.3 million from $131.2 million, as new construction sales jumped more than 40 percent and offset flat remodeling sales.
Analysts, on average, expected a loss of 5 cents per share on $138.3 million in revenue, according to a FactSet poll.
American Woodmark shares rose $2.75, or 15 percent, to $20.99 in premarket trading.