American Woodmark Corporation stock price

American Woodmark Corporation latest news:


  • 12/01/2017 05:00:45

    American Woodmark to buy cabinet maker for $486 million, reports profit beat and sales miss

    American Woodwork Corp. said Friday it agreed to buy kitchen and bath cabinet maker RSI Home Products Inc. for $486 million in cash and stock. Including $589 million in debt, the would be deal valued at $1.075 billion. Under terms of the deal, the company will pay $346 million in cash and issue $140 million worth of American Woodmark stock to RSI shareholders. The deal is expected to add immediately to earnings. The company said it will suspend its share repurchase program. Separately, American Woodmark reported fiscal second-quarter net income that rose to $19.8 million, or $1.21 a share, from $17.6 million, or $1.07 a share, in the same period a year ago. That beat the FactSet earnings-per-share consensus of $1.20. Revenue rose to $274.8 million from $264.1 million, but missed the FactSet consensus of $280.6 million. The stock, which was still inactive in premarket trade, has rallied 32.4% year to date, while the S&P 500 has climbed 18.3%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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