Armstrong Reports 7.4% Increase in Net Sales for Q1 2021 (Revised)
Lancaster, PA, April 22, 2021–Armstrong Flooring reported net sales of $148.9 million for Q1 2021, an increase of 7.4% over Q1 2020’s $138.7 million.
For Q1 2021, the company had a income of $27.7 million, compared to a net loss $13.2 million in the same quarter last year. This 2021 income number includes a $46.0 million gain on sale of a South Gate, California property, completed in March for gross proceeds of $76.7 million.
The company says the increase in net sales reflects growth in China and Australia, partly offset by slightly lower net sales in North America, according to a news release. “North America results reflect growth in residential through remodel and new construction, while commercial sales were flat and sales to residential National Accounts were down due to a prior year major program launch that did not repeat in 2021. In North America, overall higher selling prices resulting from the Company’s previously announced price increases were partially offset by the impact of lower volume and product mix in the quarter.”
Michel Vermette, president and chief executive officer, commented, “The positive momentum in our business continued into the first quarter and I am pleased with the ongoing transformation of Armstrong Flooring. We delivered 7.4% top-line growth compared to the first quarter 2020 and 5.1% growth compared to the first quarter of 2019 led by sales in China and Australia. Stable year-over-year North American net sales in the first quarter resulted from an encouraging recovery in demand that was partly offset by severe weather and macro supply chain disruptions. Looking ahead, our customer orders heading into the second quarter point to further sequential momentum, particularly in residential new and remodel end markets.”
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