American Woodmark Posts 1Q Loss

WINCHESTER, Va. (AP) — Kitchen cabinet maker American Woodmark Corp. said Tuesday it posted a fiscal first-quarter loss citing double-digit sales declines for remodeling and new construction.

For the quarter ended July 31, American Woodmark posted a loss of $6.4 million, or 45 cents per share, compared with a profit of $156,000, or 1 cent per share, in the year-ago period.

The recent quarter's results included restructuring charges related to the closure of two plants, the suspension of operations at another and job cuts totaling $1.6 million, or 11 cents per share.

Excluding those charges, the company posted an adjusted loss of $4.8 million, or 34 cents per share.

Sales tumbled 28 percent to $100.8 million from $139.2 million.

The adjusted results still fell short of Wall Street predictions. Analysts polled by Thomson Reuters expected a loss of 5 cents per share on $120.6 million in revenue.

Sales fell by more than 20 percent at both the company's remodeling and new construction sales channels, American Woodmark said.