Armstrong Sees Lower Second Quarter Income
Lancaster, PA, July 29, 2013 -- Armstrong World Industries reported net income of $30.6 million in the second quarter, down from $42.2 million a year ago.
However, net revenues rose to $706.6 million from $675.4 million last year.
Armstrong said sales of resilient flooring were virtually flat at $252.1 million, down about $2 million from a year ago.
Sales of wood flooring rose to $138.2 million from $124.8 million last year. Higher prices and greater volumes drove the increase.
"We were encouraged to see volume growth in most of our businesses and geographies in the second quarter, including our domestic commercial and residential businesses," said Tom Mangas, senior vice president and CFO.
"However, we continue to face manufacturing and lumber inflation headwinds in the wood business and now expect a lower commercial market opportunity in Europe for the remainder of the year. As a result, we are lowering our full year earnings guidance."