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American Woodmark Corporation (AMWD+0.31%) has submitted its 10-Q filing for the quarterly period ended October 31, 2024.
The filing includes financial statements for the quarter, showing a decrease in net sales to $452.5 million from $473.9 million in the same quarter the previous year. The decrease is attributed to reduced sales in the remodeling and home center channels.
Gross profit for the quarter was $85.7 million, down from $103.2 million in the previous year, with the decline attributed to lower sales volumes and increased input costs.
Selling and marketing expenses decreased to $21.7 million from $22.7 million, primarily due to lower incentive costs.
General and administrative expenses decreased significantly to $20.2 million from $35.0 million, driven by the absence of amortization of customer intangibles and lower incentive costs.
Net income for the quarter was $27.7 million, down from $30.3 million in the previous year. Earnings per share were $1.79, compared to $1.85 in the previous year.
Cash provided by operating activities was $52.7 million, while cash used in investing and financing activities was $22.6 million and $60.8 million, respectively.
American Woodmark had cash and cash equivalents of $56.7 million as of October 31, 2024. The company continues to focus on managing its debt and share repurchase programs.
The filing also details the company's amended and restated credit agreement, which includes a $500 million revolving loan facility and a $200 million term loan facility.
American Woodmark does not anticipate cash dividend payments to common stockholders in the near future.
The company identified risks related to macroeconomic factors, such as housing market trends and interest rates, which could impact future performance.
American Woodmark continues to focus on its digital transformation and operational efficiencies to improve future performance.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the American Woodmark Corporation quarterly 10-Q report dated November 26, 2024. To report an error, please email earnings@qz.com.