Armstrong Reports Lower Earnings, Sales in Q4
Lancaster, PA, Feb. 19, 2013 -- Armstrong World Industries reported fourth quarter net income of $9.2 million, or $0.15 per share, down from $9.8 million, or $0.16 per share, a year ago.
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Armstrong also reported a decrease in net sales to $612.8 million from $623 million last year.
However, operating income from continuing operations was $42 million, up 77% over the fourth quarter of 2011.
Excluding approximately $4 million of unfavorable foreign exchange impact for the quarter, sales declined approximately 1% compared to a year ago, Armstrong said, as improvements in price offset volume declines and unfavorable mix. Commercial sales were up in North America but volumes declined in Europe.
The sale of the Patriot wood flooring distribution business which occurred in the third quarter of 2012, reduced sales by approximately $7 million when compared to the same period in 2011.
Resilient sales fell 4.4% and wood flooring sales fell 3.3%.