American Woodmark Corporation (NASDAQ: AMWD) has announced its financial results for the second quarter of fiscal 2025. The company reported net sales of $452.5 million for the quarter, a decrease of $21.4 million, or 4.5%, compared to the same quarter last fiscal year. Net income for the quarter was $27.7 million, representing 6.1% of net sales. This is a decrease from the previous year's net income of $30.3 million.
The company's adjusted earnings per share (EPS) for the second quarter of fiscal 2025 were reported at $2.08, down from $2.50 in the same quarter last fiscal year. Additionally, adjusted EBITDA for the quarter decreased by $12.1 million, or 16.8%, to $60.2 million, representing 13.3% of net sales, compared to $72.3 million, or 15.3% of net sales, in the previous year.
For the first six months of fiscal 2025, American Woodmark Corporation reported net sales of $911.6 million, a decrease of $60.5 million, or 6.2%, compared to the same period in the prior fiscal year. Net income for the first six months of fiscal 2025 was $57.3 million, representing 6.3% of net sales, down from $68.2 million, or 7.0% of net sales, in the same period of the prior fiscal year.
Adjusted EPS per diluted share for the first six months of fiscal 2025 was reported at $4.22, compared to $5.24 in the same period of the prior fiscal year. Adjusted EBITDA for the first six months of fiscal 2025 decreased by $24.4 million, or 16.5%, to $123.1 million, representing 13.5% of net sales, compared to $147.5 million, or 15.2% of net sales, for the same period of the prior fiscal year.
As of October 31, 2024, the company had $56.7 million in cash and access to $313.2 million of additional availability under its revolving credit facility. The company's cash provided by operating activities for the first six months of fiscal 2025 was $52.7 million, and free cash flow totaled $30.1 million.
During the second quarter of fiscal 2025, the company repurchased 348,877 shares for $32.5 million, and 620,337 shares for $56.5 million during the first six months of fiscal 2025. On November 20, 2024, the board of directors authorized an additional stock repurchase program of up to $125 million of the company's outstanding common shares.
Looking ahead, for fiscal 2025, the company expects a low single-digit decline in net sales year-over-year and adjusted EBITDA in the range of $225 million to $235 million.
American Woodmark Corporation is one of the nation's largest cabinet manufacturers, with over 8,600 employees and more than a dozen brands. The company remains committed to investment back in the business and continued returns to its shareholders, as evidenced by the significant share repurchases made during the first six months of fiscal 2025. The market has reacted to these announcements by moving the company's shares -9.0% to a price of $91.78. For more information, read the company's full 8-K submission here.
