American Woodmark Rallies 17%+

The manufacturer of kitchen cabinets recorded earnings of 22 cents per share, excluding items, compared to the consensus forecast for a loss of 5 cents.

Revenue fell 2% to $140.7 million as the downturn in the housing market affected performance.

American Woodmark also stated that it has closed 2 manufacturing plants, suspended operations in a third plant and laid-off salaried workforce in an effort to balance capacity with reduced demand.

The full-year consensus estimate, derived from 5 covering analysts, has remained constant at 3 cents per share over the past 2 months.

AMWD, a Zacks #3 Rank ("Hold") stock, is trading on volume of approximately 306,000, which is well above the average daily volume of about 57,000.