American Woodmark Announces Fiscal Fourth Quarter and Fiscal Year Results

American Woodmark Corporation (the “Company”) announced results for its fourth fiscal quarter ended April 30, 2025 and its fiscal year ended April 30, 2025. 

Fiscal Fourth Quarter 2025 Financial Highlights

• Net sales decreased 11.7% year-over-year to $400.4 million 

• Net income decreased 4.6% year-over-year to $25.6 million; 6.4% of net sales 

• GAAP EPS of $1.71; Adjusted EPS of $1.61 

• Adjusted EBITDA decreased 13.9% year-over-year to $47.1 million; 11.8% of net sales 

• Cash provided by operating activities of $44.8 million; free cash flow of $34.2 million 

• Repurchased 417,298 shares for $27.6 million 

Fiscal 2025 Financial Highlights

• Net sales decreased 7.5% year-over-year to $1,709.6 million 

• Net income decreased 14.4% year-over-year to $99.5 million; 5.8% of net sales 

• GAAP EPS of $6.50; Adjusted EPS of $6.90 

• Adjusted EBITDA decreased 17.5% year-over-year to $208.6 million; 12.2% of net sales 

• Cash provided by operating activities of $108.4 million; free cash flow of $65.7 million 

• Repurchased 1,169,710 shares for $96.7 million 

“Demand for our products in the new construction and remodel market were weaker than expected as uncertainty regarding tariff policies and declining consumer confidence slowed foot traffic with builders and retailers.  However, our teams continued to execute well and delivered Adjusted EBITDA margins of 11.8% for the fourth fiscal quarter.” said Scott Culbreth, President and CEO. “Demand trends are expected to remain challenging and our outlook for fiscal year 2026 ranges from low-single digit declines to low-single digit increases in net sales for the full fiscal year.  We expect to outperform market growth rates but have widened our outlook due to uncertainty related to tariffs with net sales declines expected throughout the first half of the fiscal year.”

Fourth Quarter Results

Net sales for the fourth quarter of fiscal 2025 decreased $52.9 million, or 11.7%, to $400.4 million compared with the same quarter of the prior fiscal year. Net income was $25.6 million ($1.71 per diluted share and 6.4% of net sales) compared with $26.8 million ($1.69 per diluted share) in the same quarter of the prior fiscal year. Net income for the fourth quarter of fiscal 2025 decreased $1.2 million. This was due to a decrease in net sales combined with increases in material and transportation costs. These increases were partially offset by operational efficiencies and reductions in our incentive compensation costs and controlled spending across all functions. Adjusted EPS per diluted share was $1.61 for the fourth quarter of fiscal 2025 compared with $1.78¹ in the same quarter of the prior fiscal year. Adjusted EBITDA for the fourth quarter of fiscal 2025 decreased$7.6 million, or 13.9%, to $47.1 million, or 11.8% of net sales, compared to $54.7 million, or 12.1% of net sales, for the same quarter of the prior fiscal year. 

Fiscal Year Results

Net sales for the fiscal year ended April 30, 2025 decreased 7.5% to $1,709.6 million from the prior fiscal year. Net income for the current fiscal year was $99.5 million ($6.50 per diluted share and 5.8% of net sales) compared with net income of $116.2 million ($7.15 per diluted share) for the prior fiscal year. Net income for fiscal 2025 decreased due to lower net sales and fixed cost deleverage and rising input costs, partially offset by the roll-off of acquisition-related intangible asset amortization, which ended in the third quarter of the prior fiscal year, operational efficiencies, lower incentive compensation and controlled spending across all functions. Adjusted EPS per diluted share was $6.90 for the current fiscal year compared with $8.60¹ for the prior fiscal year. Adjusted EBITDA for the current fiscal year was $208.6 million, or 12.2% of net sales, compared to $252.8 million, or 13.7% of net sales, for the prior fiscal year.

(1) During the second quarter of fiscal 2025, the Company changed its definition of Adjusted EPS per diluted share to exclude the change in fair value of foreign exchange forward contracts to be consistent with its definition of Adjusted EBITDA. Prior period amounts have been adjusted to conform to current period presentation. 

Balance Sheet & Cash Flow

As of April 30, 2025, the Company had $48.2 million in cash plus access to $314.2 million of additional availability under its revolving credit facility. Also, as of April 30, 2025, the Company had $197.5 million in term loan debt and $173.4 million drawn on its revolving credit facility.  

Cash provided by operating activities for the current fiscal year was $108.4 million and free cash flow totaled $65.7 million.  The Company repurchased 417,298 shares, or approximately 2.8% of shares outstanding, for $27.6 million during the fourth quarter of fiscal 2025, and 1,169,710 shares, or approximately 7.5% of shares outstanding, for $96.7 million during fiscal 2025. As of April 30, 2025, $117.8 million of funds remained available from the amounts authorized by the Board to repurchase the Company’s common stock.

Fiscal 2026 Financial Outlook

For fiscal 2026 the Company expects:

• Low-single digit declines to low-single digit increases in net sales for fiscal 2026

• Adjusted EBITDA in the range of $175 million to $200 million

“In response to the decline in sales attributable to macroeconomic factors, the teams successfully achieved a solid fourth fiscal quarter performance through operational enhancements and prudent spending measures across all functions,” stated Paul Joachimczyk, Senior Vice President and Chief Financial Officer. “For fiscal year 2026, given the wider range expected on net sales and economic uncertainty, our targeted Adjusted EBITDA range is set at $175 million to $200 million.”

Our Adjusted EBITDA outlook excludes the impact of certain income and expense items that management believes are not part of underlying operations. Other items may include restructuring costs, interest expense, stock-based compensation expense, and certain tax items. Our outlook includes the known impact related to tariffs as of the release date. It does not reflect any other potential tariff impacts on Company expenses or market demand. The Company believes the dynamic nature of the tariffs, particularly related to the uncertainty of implementation, potential timing, and duration, limits its ability to estimate this information. We do not undertake to update this outlook as circumstances evolve. Our management cannot estimate on a forward-looking basis the impact of these income and expense items on its reported net income, which could be significant, are difficult to predict, and may be highly variable. As a result, the Company does not provide a reconciliation to the closest corresponding GAAP financial measure for its Adjusted EBITDA outlook.

For the full first quarter results, click here.

About American Woodmark

American Woodmark celebrates the creativity in all of us. With over 7,800 employees and more than a dozen brands, we’re one of the nation’s largest cabinet manufacturers. From inspiration to installation, we help people find their unique style and turn their home into a space for self-expression. By partnering with major home centers, builders, and independent dealers and distributors, we spark the imagination of homeowners and designers and bring their vision to life. Across our service and distribution centers, our corporate office, and manufacturing facilities, you’ll always find the same commitment to customer satisfaction, integrity, teamwork, and excellence. Visit americanwoodmark.com to learn more and start building something distinctly your own.

Contact:

Kevin Dunnigan – VP & Treasury Director – (540) 665-9100

Source: American Woodmark Corporation