Analyst Calls Armstrong Sales 'Disappointing'

New York, NY, July 30, 2012 -- Flooring industry analyst Stifel-Nicolaus described Armstrong's second quarter revenue numbers "disappointing" in its Quick Look report on Monday.

Armstrong reported revenue number of $709.9 million, down signicantly from Stiefel's estimate of $759.1 million estimate and the consensus estimate of$765.4 million consensus.

Stifel noted that all product categories were down single digits in sales, with resilient flooring being hit the hardest, down 7.7%.

Armstrong has lowered it guidance across the board, and now expects sales this year of $2.75-$2.85 billion, down from the previous guidance of $2.9-$3.0 billion.

Armstrong shares were down more than 13% in trading on Monday.