American Woodmark Q1 results lag Street view
(Reuters) - Kitchen cabinet maker American Woodmark Corp (AMWD.O) posted quarterly results below market estimates as sales to its remodeling and new construction customers declined due to a weak U.S. housing market.
For the first quarter ended July 31, net income fell to $156,000, or 1 cent a share, from $5.1 million, or 34 cents a share, in the year-ago period.
Net sales fell 16 percent to $139.2 million.
Analysts on average were expecting earnings of 10 cents a share, before special items, on revenue of $150.5 million, according to Reuters Estimates.
Gross profit was 15.9 percent of sales, down from 20.7 percent a year earlier, partly due to the impact of rising fuel prices on freight and materials costs, the company said.
The company, whose brands include American Woodmark, Potomac and Timberlake, caters to the remodeling and new home construction sectors.
Shares of the Winchester, Virginia-based company closed at $23 Tuesday on Nasdaq.
(Reporting by Bhaswati Mukhopadhyay in Bangalore; Editing by Deepak Kannan)
