The Winchester, Va., kitchen cabinetmaker made $9.2 million, or 57 cents a share, for the quarter ended Oct. 31, up from the year-ago $6.2 million, or 37 cents a share. Sales fell 2% from a year ago to $211 million.
Analysts surveyed by Thomson Financial were looking for a 58-cent profit on sales of $206 million.
The company said it expects to continue to gain market share in the remodeling market and expects further double-digit remodeling sales increases. The company also expects to gain market share in the new construction market, but to experience a double digit decline in new construction sales due to weaker market conditions.
Inclusive of the planned impact of the low-margin product sales reduction, the company expects that total second half sales will decline by 6% to 10% as compared with prior year levels.
For the full year, American Woodmark said it expects to make $2.40 to $2.50 per diluted share, as compared with $2.00 in the prior fiscal year. Analysts were looking for $2.59.