Armstrong Flooring Reports Sales of $308.5M for Q3

Lancaster, PA, November 6, 2017-Armstrong Flooring reported net sales of $308.5 million for Q3 2017, compared to $313.4 million in Q3 2016, primarily as a result of a decline in net sales in the wood flooring segment.

Third quarter 2017 net loss was $18.7 million, compared to net income of $9.3 million in the prior year quarter.

For the resilient flooring segment, net sales were $194.4 million compared to $190.2 million in the prior year period. Net sales increased primarily due to stronger volumes in LVT and VCT, which more than offset lower price across most categories. The improvement in VCT sales was the result of the recent acquisition of the VCT assets of Mannington Mills and higher distributor inventory levels.

In the wood flooring segment, net sales were $114.1 million, compared to $123.2 million in the prior year quarter with the decline driven by lower volumes, primarily in solid wood. Volume was impacted in the strategic retail customer channel, which is expected to continue through the first half of 2018. Favorable mix offset a decline in price, which was modestly lower in response to industry price pressure.

As previously announced, in August 2017, the company initiated steps to consolidate its wood flooring manufacturing network through the planned closing of a solid wood plant and an engineered wood plant, which was completed in October. This decision was made primarily to rationalize the plant network in response to challenging demand and to take advantage of significant productivity benefits realized in the wood flooring segment during the past several years. 

Related Topics:Mannington Mills, Armstrong Flooring