Q4 2024 American Woodmark Corp Earnings Call Transcript
Key Points
- Net sales of $453.3 million, a decline of 5.8%, but better than the previous quarter's guidance.
- Strategic alignment with 19 of the top 20 national builders, indicating strong industry relationships.
- Adjusted EBITDA of $54.7 million or 12.1% for the quarter, showing operational efficiency.
- Cash balance of $87.4 million with access to an additional $322.9 million under its revolving credit facility.
- Repurchased 171,000 shares in the quarter, indicating confidence in the company's future.
- Net sales declined by 5.8% year-over-year, indicating a challenging market environment.
- Revenue from the remodel segment, including home centers and independent dealers, declined by 8.6%.
- Gross profit margin decreased by 150 basis points to 18.6% due to one-time startup costs.
- Adjusted net income decreased to $26.9 million or $1.70 per diluted share from $37.1 million or $2.21 per diluted share last year.
- Free cash flow decreased to $138.5 million from $153.5 million in the prior year, primarily due to increased capital expenditures.
Good day, and welcome to the American Woodmark Corporation fourth fiscal quarter 2024 conference call. Today's call is being recorded, May 23, 2024. During this call, the company may discuss certain non-GAAP financial measures included in our earnings release, such as adjusted net income, adjusted EBITDA, adjusted EBITDA margin, free cash flow, net leverage, and adjusted EPS per diluted share. The earnings release, which can be found on our website, americanwoodmark.com, includes definitions of each of these non-GAAP financial measures, the company's rationale for their usage, and a reconciliation of these non-GAAP financial measures to the most comparable GAAP financial measures.
We also use our website to publish other information that may be important to investors, such as investor presentation. We will begin the call by reading the company's Safe Harbor statement under the Private Securities Litigation Reform Act of 1995. All forward-looking statements made by the company involve material risks and uncertainties and are subject to change, based on factors that may be beyond the company's
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