Armstrong Net Income Up Sharply, Flooring Sales Flat
Lancaster, PA, April 28, 2014 -- Armstrong World Industries reported first quarter net income of $16.9 million, up from $3.2 million a year ago.
The firm reported net sales of $634.4 million, compared to $622.3 million a year ago.
Armstrong saw slower sales of resilient products, with $208.1 million in sales, down from $214.8 million in 2013. It said lower volumes in the Americas were primarily to blame.
However, the wood business reported sales of $118.1 million, up from $114.7 a year ago. The increase came despite lower volumes, the company said, thanks to better product mix and higher prices.
Armstrong said it expects higher lumber and energy costs in its wood business to result in $30-40 million in added costs.