By Denny Jacob
American Woodmark posted lower-than-expected results in its latest quarter as certain consumers are still holding off on home projects.
The kitchen cabinet and vanities manufacturer logged net income of $16.6 million, or $1.09 a share, for the third quarter ended Jan. 31, compared to $21.2 million, or $1.32 a share, in the prior-year period.
Stripping out certain one-time items, earnings came in at $1.05 a share. Analysts polled by FactSet expected $1.32 a share.
Sales declined to $397.6 million from $422.1 million. Analysts polled by FactSet expected $405.7 million.
"The quarter was impacted by softer demand in the remodel market and a decline in new construction single family activity as inventories were reduced," said Chief Executive Scott Culbreth. "Demand trends are expected to remain challenging."
For fiscal 2025, the company expects mid single-digit declines in net sales year-over-year. It previously forecast a low single-digit decline in net sales year-over-year.
Shares edged down 3.2% to $68.88 in premarket trading. The stock is down 29% over the last year.
Write to Denny Jacob at denny.jacob@wsj.com
(END) Dow Jones Newswires
February 27, 2025 06:54 ET (11:54 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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