Armstrong posts solid Q1 sales
Armstrong World Industries reported first quarter consolidated net sales increased 12.2% to $282.6 million compared to first quarter 2021 sales of $251.9 million.
Mineral Fiber net sales increased 7.7% to $203.2 million for the period. Armstrong said sales for the quarter were partially offset by lower sales volumes of $8 million and the decrease in volumes was primarily driven by a reduction of inventory levels for certain distributor customers.
Architectural Specialties sales jumped 25.6% to $79.4 million driven by an increase in custom project sales and improved performance from recent acquisitions.
Earnings from continuing operations moved ahead 18.4% to $44.4 million while Armstrong’s adjusted net income from continuing operations increased 4.6% to $48 million.
Based in Lancaster, Pa., Armstrong World Industries, Inc. designs and manufactures ceiling and wall system solutions.
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The Bottom Line: Armstrong posts double-digit growth in earnings from continuing operations as sales rise 12.2% to $282.6 million in the first quarter 2022.
What the CEO said: “The double-digit topline growth we achieved is a testament to Armstrong's ability to achieve price ahead of inflation and our strong execution on the growth opportunities in our Architectural Specialties segment and with our digital and Healthy Spaces initiatives,” said Vic Grizzle, president and CEO of Armstrong World Industries. “We remain encouraged by sentiment supporting demand in the commercial construction market, and this, together with our investments for growth, supports our confidence in our outlook for the rest of 2022.”
Company info: Click here to read Armstrong World Industries first quarter 2022 financial report.