Armstrong Flooring (AFI) Reports Top and Bottom Line Growth in Q2
Lancaster, PA, August 7, 2018--In the second quarter 2018, Armstrong Flooring reported a net sales increase of 2.9% to $306.0 million as compared to $297.3 million in the second quarter of 2017, primarily due to higher resilient segment net sales.
The resilient flooring segment’s net sales were up 6.4% from $187.8 million in 2017 to $199.9 million in 2018. However, wood flooring net sales were down 3.1% from $109.5 million in 2017 to $106.1 million in 2018.
Second quarter 2018 net income was $10.5 million, or diluted earnings per share of $0.40, as compared to net income of $5.4 million, or diluted earnings per share of $0.20, in the prior year quarter. Adjusted net income was $12.2 million, or adjusted diluted earnings per share of $0.47, as compared to an adjusted net income of $7.5 million, or adjusted diluted earnings per share of $0.27, in the prior year quarter.
Second quarter 2018 adjusted EBITDA was $29.6 million, as compared to $25.5 million in the prior year quarter. The increase in adjusted EBITDA was primarily due to higher net sales, stronger productivity and lower manufacturing costs, which more than offset the impact of significantly higher input costs.
Don Maier, Chief Executive Officer, commented, “I am very proud of the Armstrong Flooring team as we delivered both top and bottom line growth in the second quarter, building on our strong start in Q1. Net sales increased 2.9% driven by significant volume growth in luxury vinyl tile and higher selling prices across most product categories. Adjusted EBITDA growth reflected the combination of higher sales, productivity and cost saving actions that more than offset significant inflationary pressures. Into the second half of 2018, we have a range of initiatives in motion to further advance our strategic priorities and deliver on our reaffirmed full-year 2018 outlook.”
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