The following is a summary of the American Woodmark Corporation (AMWD) Q3 2024 Earnings Call Transcript:

Financial Performance:

• American Woodmark reported Q3 net sales of $422.1 million, marking a decrease of 12.2% compared to the previous year.

• There was an increase of 140 basis points in the adjusted EBITDA margin, along with an 0.7% decrease in adjusted EBITDA to $50.6 million.

• The reported EPS was $1.32 while the adjusted EPS stood at $1.66.

• Net sales outlook for 2024 remains unchanged, with an expected low double-digit decline.

• The cash balance at the end of Q3 was reported to be $97.8 million while an additional $322.9 million is available under a revolving credit facility.

• Year-to-date, free cash flow increased to $131.7 million from $91.5 million last year due to higher net income and lower inventory.

• The net leverage of the company stands at 1.5 times the adjusted EBITDA at the end of Q3.

Business Progress:

• In the New Construction sector, the company intends on expanding its market share with new and existing customers.

• The company has initiated digital transformation efforts including the implementation of new ERP systems and website enhancements to improve the Home Center business.

• The company continues to expand its product offering and distribution, launching a new brand, 1951 Cabinetry, and commencing shipments from new locations in Monterrey, Mexico and Hamlet, North Carolina.

• Despite the short-term operational costs associated with new locations, it is anticipated that these initiatives will positively impact financials in the rest of the fiscal year.

More details: American Woodmark IR

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