Armstrong lifts sales in Q3
Armstrong World Industries reported that third quarter 2019 sales increased 6.4% to $277.1 million from third quarter 2018 sales of $260.5 million.
The ceiling and wall systems manufacturer and solutions provider also reported an operating income of $113.3 million, up 39.4% compared to an operating income of $81.3 million for the same period last year.
Net earnings for the quarter fell to $73.2 million from profits $76.2 million for the third quarter a year ago.
During the quarter, Lancaster, Pa.-based company reached an agreement to purchase MRK Industries, a manufacturer of specialty metal ceilings and walls with annual revenues of approximately $14 million. The transaction is expected to close in the fourth quarter of 2019.
###
The bottom line: Sales rise more than 6% while the company’s operating income soars more than 39%.
What the CEO said: “This was another quarter of strong Architectural Specialties sales growth and Mineral Fiber operational performance,” said Vic Grizzle, president and CEO of AWI. “I’m also pleased to announce another acquisition, which will be our fifth in the last three years. With our robust pipeline, we expect our M&A activity to continue as we actively expand our strategic capabilities. As previously reported, our board approved a 14% increase to our regular quarterly dividend, reflecting a vote of confidence in our significant free cash flow generation and our ability to continue to grow free cash flow at double digits.”
Company info: The complete third quarter 2019 report from Armstrong World Industries can be read here.
The ceiling and wall systems manufacturer and solutions provider also reported an operating income of $113.3 million, up 39.4% compared to an operating income of $81.3 million for the same period last year.
Net earnings for the quarter fell to $73.2 million from profits $76.2 million for the third quarter a year ago.During the quarter, Lancaster, Pa.-based company reached an agreement to purchase MRK Industries, a manufacturer of specialty metal ceilings and walls with annual revenues of approximately $14 million. The transaction is expected to close in the fourth quarter of 2019.
###
The bottom line: Sales rise more than 6% while the company’s operating income soars more than 39%.
What the CEO said: “This was another quarter of strong Architectural Specialties sales growth and Mineral Fiber operational performance,” said Vic Grizzle, president and CEO of AWI. “I’m also pleased to announce another acquisition, which will be our fifth in the last three years. With our robust pipeline, we expect our M&A activity to continue as we actively expand our strategic capabilities. As previously reported, our board approved a 14% increase to our regular quarterly dividend, reflecting a vote of confidence in our significant free cash flow generation and our ability to continue to grow free cash flow at double digits.”
Company info: The complete third quarter 2019 report from Armstrong World Industries can be read here.