American Woodmark’s ‘strong’ free cash flow brings leverage to 2.65x

By Devika Patel

Knoxville, Tenn., Nov. 29 – American Woodmark Corp. generated “strong” free cash flow last quarter, which enabled the company to bring its leverage ratio down to 2.65x.

“We continue to generate strong free cash flow, which has not only allowed us to bring our pro forma net leverage to just under 2.65x, but we also resumed our repurchasing shares,” chairman and chief executive officer S. Cary Dunston said on the company’s second quarter ended Oct. 31 earnings conference call on Thursday.

Adjusted EBITDA for the second fiscal quarter was $60.8 million compared to $37 million for the same quarter of the previous fiscal year.

Adjusted EBITDA for the first six months of the fiscal year was $128.9 million, compared to $74.4 million for the same period of the previous fiscal year.

Cash and cash equivalents were $57,862,000 as of Oct. 31, compared to $78.41 million as of April 30.

American Woodmark is a Winchester, Va., manufacturer of bath, kitchen and home organization products for the remodeling and new home construction markets.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.