American Woodmark Corp. Files 10-Q for Period Ending January 31, 2024

TL;DR

<b>American Woodmark Corp. filed its quarterly report (10-Q) for the period ending January 31, 2024.</b>

AI Summary

AMERICAN WOODMARK CORP (AMWD) filed a Quarterly Report (10-Q) with the SEC on February 29, 2024. Filing is a 10-Q for American Woodmark Corp. for the period ending January 31, 2024. The company's fiscal year ends on April 30. Incorporated in Virginia. Standard Industrial Classification: MILLWOOD, VENEER, PLYWOOD & STRUCTURAL WOOD MEMBERS [2430]. Business and mailing address: 3102 Shawnee Drive, Winchester, VA 22601.

Why It Matters

For investors and stakeholders tracking AMERICAN WOODMARK CORP, this filing contains several important signals. This filing provides an update on the company's financial performance and operational status for the specified quarter. Investors and analysts can use this report to assess the company's financial health, identify trends, and make informed investment decisions.

Risk Assessment

Risk Level: low — AMERICAN WOODMARK CORP shows low risk based on this filing. The filing is a standard 10-Q, which is a routine disclosure for publicly traded companies and does not contain immediate red flags.

Analyst Insight

Review the detailed financial statements and management's discussion and analysis within the 10-Q to understand the company's performance drivers and outlook.

Key Numbers

• 2024-01-31 — Reporting Period End Date (Conformed period of report)
• 2024-02-29 — Filing Date (Filed as of date)
• 0430 — Fiscal Year End (Fiscal year end)
• 2430 — SIC Code (Standard Industrial Classification)

Key Players & Entities

• AMERICAN WOODMARK CORP (company) — Filer name
• 2024-01-31 (date) — Conformed period of report
• 2024-02-29 (date) — Filed as of date
• VA (location) — State of incorporation
• 2430 (industry_code) — Standard Industrial Classification
• 3102 SHAWNEE DRIVE (address) — Business address street 1
• WINCHESTER (location) — Business address city
• 22601 (zip_code) — Business address zip

FAQ

Industry Context

The company operates in the MILLWOOD, VENEER, PLYWOOD & STRUCTURAL WOOD MEMBERS industry.

Regulatory Implications

This filing is made under the Securities Exchange Act of 1934.

What Investors Should Do

1. Analyze the financial statements for the quarter ended January 31, 2024.
2. Review any disclosures regarding changes in business operations or risks.
3. Compare the reported period's performance to previous periods and industry benchmarks.

Year-Over-Year Comparison

This is the 10-Q filing for the period ending January 31, 2024. Specific comparative data from the previous filing is not detailed in this header information.

Filing Documents

• amwd-20240131.htm (10-Q) — 869KB
• ex31120240131.htm (EX-31.1) — 10KB
• ex31220240131.htm (EX-31.2) — 10KB
• ex32120240131.htm (EX-32.1) — 6KB
• 0000794619-24-000010.txt (&nbsp;) — 4861KB
• amwd-20240131.xsd (EX-101.SCH) — 33KB
• amwd-20240131_cal.xml (EX-101.CAL) — 52KB
• amwd-20240131_def.xml (EX-101.DEF) — 144KB
• amwd-20240131_lab.xml (EX-101.LAB) — 538KB
• amwd-20240131_pre.xml (EX-101.PRE) — 325KB
• amwd-20240131_htm.xml (XML) — 558KB

FINANCIAL INFORMATION PAGE

PART I. FINANCIAL INFORMATION PAGE NUMBER

Financial Statements (unaudited)

Item 1. Financial Statements (unaudited) Condensed Consolidated Balance Sheets as of January 31, 2024 and April 30, 2023 3 Condensed Consolidated Statements of Operations--Three and nine months ended January 31, 2024 and 2023 4 Condensed Consolidated Statements of Comprehensive Income--Three and nine months ended January 31, 2024 and 2023 5 Condensed Consolidated Statements of Shareholders' Equity--Three and nine months ended January 31, 2024 and 2023 6 Condensed Consolidated Statements of Cash Flows--Nine months ended January 31, 2024 and 2023 8 Notes to Condensed Consolidated Financial Statements--January 31, 2024 10

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 18

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 25

Controls and Procedures

Item 4. Controls and Procedures 25

OTHER INFORMATION

PART II. OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 25

Risk Factors

Item 1A. Risk Factors 26

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 26

Other Information

Item 5. Other Information 26

Exhibits

Item 6. Exhibits 27

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements AMERICAN WOODMARK CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except share and per share data) (Unaudited) January 31, 2024 April 30, 2023 ASSETS Current assets Cash and cash equivalents $ 97,829 $ 41,732 Customer receivables, net 113,073 119,163 Inventories 163,382 190,699 Prepaid expenses and other 27,846 16,661 Total current assets 402,130 368,255 Property, plant and equipment, net 252,168 219,415 Operating lease right-of-use assets 130,074 99,526 Customer relationship intangibles, net — 30,444 Goodwill 767,612 767,612 Promotional displays, net 3,750 6,970 Deferred income taxes 1,470 1,469 Other assets 16,633 25,107 TOTAL ASSETS $ 1,573,837 $ 1,518,798 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities Accounts payable $ 64,905 $ 63,915 Current maturities of long-term debt 2,137 2,263 Short-term lease liability - operating 26,718 24,778 Accrued compensation and related expenses 62,049 49,953 Accrued marketing expenses 13,374 12,528 Other accrued expenses 19,098 24,687 Total current liabilities 188,281 178,124 Long-term debt, less current maturities 371,307 369,396 Deferred income taxes 2,423 11,930 Long-term lease liability - operating 110,768 81,370 Other long-term liabilities 4,148 4,190 Shareholders' equity Preferred stock, $ 1.00 par value; 2,000,000 shares authorized, none issued — — Common stock, no par value; 40,000,000 shares authorized; issued and outstanding shares: at January 31, 2024: 15,812,027 ; at April 30, 2023: 16,635,295 360,354 370,259 Retained earnings 529,063 493,157 Accumulated other comprehensive income 7,493 10,372 Total shareholders' equity 896,910 873,788 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 1,573,837 $ 1,518,798 See notes to unaudited condensed consolidated financial statements. 3 AMERICAN WOODMARK CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF INCOME (in thousands, except share and per share data) (Unaudited) T

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