Armstrong Reports Higher Earnings, Lower Sales
Lancaster, PA, Oct. 29, 2012 -- Armstrong World Industries reported third quarter net income of $74 million, compared to $51.6 million a year ago.
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However, sales in the quarter fell to $694.7 million from $734.2 million last year.
Sales of resilient flooring fell to $246.4 million from $271 million last year.
Resilient sales were hurt by weakness in the commercial sector due to lower public spending. Sales were also down at the home centers.
"Increased sales to the builder channel contributed positively to volumes, but drove less favorable mix," the company said about wood sales.
The company lowered its full year sales and earnings guidance.