American Woodmark (AMWD) saw its shares surge 12% to $80.95, following impressive results in the latest quarter and an upward revision in its fiscal year outlook.
Strong Financial Performance
For the second quarter ended October 31st, the company reported net income of $30.3 million, or $1.85 per share, compared to $28.8 million, or $1.73 per share, in the same period last year. Adjusted earnings came in at $2.36 per share, surpassing analysts’ estimates of $2.09 per share.
Despite a sales decline of nearly 16% to $473.9 million from $561.5 million, American Woodmark managed to beat expectations. Analysts polled by FactSet had predicted sales of $464.3 million.
Promising Outlook
In addition to its strong quarterly performance, American Woodmark raised its adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) outlook for fiscal 2024. The revised range now stands between $235 million and $250 million, up from the previous outlook of $225 million to $245 million.
Impressive Year-to-Date Growth
With its shares up approximately 66% since the beginning of the year, American Woodmark is on track for its largest percentage increase in almost four years.
