WINCHESTER, Va. (AP) — Cabinet maker American Woodmark Corp. reported fiscal first-quarter net income well ahead of Wall Street expectations.
The Winchester-based company said Tuesday it earned $561 million, or 4 cents per share, for the quarter ended July 31. That's compared with a loss of $2.7 million, or 19 cents per share, a year ago.
Excluding restructuring charges stemming from closing two manufacturing plants, it posted an adjusted profit of 7 cents per share.
Revenue rose 13 percent to $148.3 million, as new construction sales jumped more than 40 percent and offset flat remodeling sales.
Analysts expected a loss of 5 cents per share on $138.3 million in revenue.
American Woodmark operates nine manufacturing facilities in Arizona, Georgia, Indiana, Kentucky, Maryland, Tennessee, Virginia, and West Virginia. It also has nine service centers.