Armstrong Sales Rise, Earnings Fall in Q3
Lancaster, PA, Oct. 28, 2013 --Armstrong World Industries reported third quarter net income of $55.9 million, down from $74 million a year ago.
However, net sales rose 5% to $729.7 million from $694.7 last year.
The increase in sales was driven by higher volumes in residential businesses, primarily wood flooring, the company said.
Sale of its Patriot wood flooring distribution business depressed sales by about $7 million.
Net income fell due to increases in lumber costs, as well as higher labor costs and other factors.
The company said that vommercial construction activity was mostly flat in the third quarter.
Net sales increased driven by improved price and mix and higher volumes in the Pacific Rim, Armstrong said.
The company's wood flooring business reported sales of $148 million, up from $122.4 million a year ago.
Sales of resilient flooring were flat at $246.2 million.