AWI manages Q3 supply challenges
Armstrong World Industries (AWI) reported third quarter sales and adjusted EBITDA growth, noting that the company’s ability to manage inflationary and supply chain challenges helped offset uneven market conditions.
The company reported net sales up 18.6% to $292.2 million from $246.3 million in the previous third quarter. AWI said its operating income was flat versus the third quarter 2020.
In third quarter segment highlights, AWI reported Mineral Fiber net sales increased 14.5% to $214.5 million over $187.3 million in the previous third quarter. Architectural Specialties, it reported, saw an increase in net sales of 31.7% to $77.7 million over 2020 third quarter of $59.0 million.
Third-quarter 2021 consolidated net sales increases, AWI noted, were driven primarily by favorable Average Unit Value (“AUV”) of $26 million and incremental sales from the acquisitions of Turf, Moz and Arktura in 2020 (“2020 Acquisitions”) of $16 million.
The Bottom Line: Armstrong World Industries sales moved ahead nearly 19% to just over $292 million while profits increased 8% to $99.0 million.
What the CEO said: “As the market continued to recover throughout the third-quarter, we delivered solid sales growth driven by strong price realization and the sales benefits of the 2020 acquisitions we made to expand our Architectural Specialties business,” said Vic Grizzle, president and CEO of Armstrong World Industries.
“Our employees executed well in the face of supply chain challenges and inflationary pressures to maintain our best-in-class service levels,” noted Grizzle.
Company info: Click here to read the full third quarter financial report from Armstrong World Industries.