Armstrong Posts Q1 Loss of 6.5% YOY

Lancaster, PA, April 30, 2015—Armstrong’s sales for the first quarter of 2015 were $551.4 million, down 6.5% compared to Q1 2014. This included a $20 million foreign exchange (FX) headwind.

Resilient floor sales were down 3%, and wood sales were down 13%.

The company’s first quarter operating income from continuing operations of $35.8 million fell by 34% over the 2014 period, impacted by higher non-cash U.S. pension expense and separation costs, and its first quarter adjusted EBITDA from continuing operations of $75 million was down 10% over the 2014 period.

Diluted earnings per share were $0.07, compared to $0.33 during the same period last year.

In relation to the separation of the flooring and ceiling businesses, the company announced that Larry McWilliams has been designated chairman of Armstrong Flooring, and Jim O'Connor will remain chairman of Armstrong World Industries.