American Woodmark of Winchester, Va. announces 1Q profits rose 39 percent
WINCHESTER, Va. (AP) - Cabinet maker American Woodmark Corp. says its profit rose 39 percent in its fiscal first quarter on higher sales.
The Winchester, Virginia-based company said its earnings rose to $9.2 million, or 59 cents per share, from $6.7 million, or 43 cents per share, a year ago.
Adjusted earnings were 52 cents per share.
The company said revenue rose 19 percent to $211.9 million as it experienced growth in both remodeling and new construction.
Its gross profit - the amount of sales left over after subtracting the cost of sales - grew 10 percent to $37 million as higher sales volume and improved efficiency helped offset other costs.
American Woodmark operates nine manufacturing plants in Arizona, Georgia, Indiana, Kentucky, Maryland, Tennessee, Virginia, and West Virginia. It also has nine service centers.