American Woodmark Q1 net income falls 81% to $3M despite 13.5% revenue growth; margins compress on inflation

AMERICAN WOODMARK CORP

2022-Q1 EPS reported $0.18 revenue$442,581,000

Net sales $442.6M, +13.5% YoY; net income $3.0M ($0.18 diluted) vs $16.1M ($0.94) prior year.
Adjusted EPS $0.70 (vs $1.63); Adjusted EBITDA $32.1M (7.3% of sales) vs $56.4M (14.5%).
Inflationary pressures outpaced pricing; only ~$3M realized in Q1; expect >$25M/quarter benefit by H2 FY2022.
Free cash flow negative ($8.1)M due to inventory buildup and payables timing; cash $27.8M, $243M revolver available.
Accounting method changed from LIFO to FIFO effective May 1, 2021; all prior periods retrospectively adjusted.

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