Jun 08, 2023

American Woodwork Shares Rise 12% After 4Q Earnings Beat

By Chris Wack

American Woodwork shares were up 12%, to $60.20, after the company said its fourth-quarter earnings beat analysts' expectations.

The stock hit its 52-week high of $63.02 earlier in the session, and is up 17% in the past 12 months.

The furniture maker said it had quarterly earnings of $30.1 million, or $1.80 a share, compared with earnings of $14.5 million, or 87 cents a share, in the same quarter last year. Analysts polled by FactSet were looking for earnings of $16.1 million, or $1.11 a share.

Sales for the quarter were $481.1 million, compared with last year's $501.7 million and the $478.1 million analysts were expecting.

American Woodwork said income was higher in the quarter due to better pricing, reduced spending, and a pre-tax gain on debt modification of $2.1 million.

The company had cash of $41.7 million at April 30.

For fiscal 2024, the company expects a low-double-digit net sales decline.

Write to Chris Wack at [email protected]

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