American Woodmark Corporation (NASDAQ:AMWD) stock tumbled 13.29% after missing on top and bottom lines in an earnings report offered on Tuesday.
For the third quarter, $1.46 in adjusted earnings per share missed the Street estimate by $0.32, while $480.71M in revenue came up $27.72M short of the analyst consensus. Sales growth was the result of price increases and increased efficiencies as demand waned, according to the company.
“As stated in previous quarters, we committed to improving our results as price realization better matched inflationary impacts and we improved our costs through operating efficiency initiatives,” CEO Scott Culbreth commented. “Demand trends did slow during the third fiscal quarter, but we are maintaining our full year outlook for net sales growth of low double digits along with Adjusted EBITDA margins of low double digits.”
Adjusted EBITDA for the third quarter increased by $20.4M to $51M year over year. For the first nine months of the fiscal year, adjusted EBITDA rose $81.6M, or 87.4% from the year prior, to $175.1M.
Dig into the details of the print.
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