American Woodmark Corporation recently released its 10-K report, providing a comprehensive overview of its financial performance for the fiscal year ended April 30, 2024. The company, founded in 1951 and based in Winchester, Virginia, is a leading manufacturer and distributor of kitchen, bath, office, home organization, and hardware products for the remodeling and new home construction markets in the United States. It offers made-to-order and cash and carry products, as well as turnkey installation services to direct builder customers through a network of eight service centers. The company's products are sold under various brands, including American Woodmark, Timberlake, Shenandoah Cabinetry, Waypoint Living Spaces, and others.
In the fiscal year ended April 30, 2024, American Woodmark reported net sales of $1,847.5 million, representing a 10.6% decrease from the prior fiscal year. This decline was attributed to lower in-store traffic rates and consumers choosing smaller-sized projects, leading to decreases in sales across various channels. However, the company's gross profit as a percentage of sales increased to 20.4% in fiscal 2024, compared to 17.3% in fiscal 2023, indicating a 310 basis point improvement. This was primarily due to pricing better matching inflationary pressures and increased efficiencies across existing operating locations, partially offset by one-time startup costs and inefficiencies at new locations in Hamlet, North Carolina, and Monterrey, Mexico.
Selling and marketing expenses decreased by 2.1% during fiscal 2024, while general and administrative expenses decreased by 0.8% compared to the prior fiscal year. The company's effective tax rate remained relatively flat at 23.5% in fiscal 2024. American Woodmark also provided an outlook for fiscal 2025, expecting low single-digit increases in net sales and projecting Adjusted EBITDA to range from $235 million to $255 million.
In terms of financial measures, American Woodmark reported non-GAAP measures such as EBITDA, Adjusted EBITDA, Adjusted EBITDA margin, Adjusted EPS per diluted share, and free cash flow, which the company uses in evaluating its performance and profitability. The company also discussed its liquidity and capital resources, including its cash and cash equivalents, long-term debt, and the amended and restated credit agreement it entered into in April 2021.
Today the company's shares have moved 1.0% to a price of $77.96. If you want to know more, read the company's complete 10-K report here.
