Armstrong Sees Second Quarter Income Fall
Lancaster, PA, July 28, 2014 --Armstrong World Industries reported lower second quarter income than a year ago but slightly higher revenues.
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The firm reported net income of $21 million, compared to $30.6 million in the second quarter last year. Net sales rose to $710 million from $706.6 million a year ago.
Armstrong said that manufacturing and input costs increased, driven primarily by rising lumber costs. In addition, lower volumes were only partially offset by favorable price and mix.
""The softer demand environment we experienced in the quarter and first half of 2014 has tempered our outlook for the back half of the year," said CEO Matt Espe
Net sales of resilient flooring declined due to lower volumes in the Americas and Europe which were only partially offset by positive contributions from mix, Armstrong said.
Net sales of wood flooring improved slightly, the company said, as improvements in price and mix more than offset volume declines.