Armstrong lowers its full-year guidance

Armstrong World Industries' stock declined Monday after the company announced it was lowering its full-year guidance, citing price pressure challenges.

Armstrong's 2014 guidance now points to sales between $2.68 million and $2.72 million, as well as adjusted EBITDA between $355 million and $375 million.

"Unfortunately, our outlook for 2014 does not align with our prior expectations, which is disappointing for all of us," said Matt Espe, CEO. "Our adjustment is driven primarily by intensifying price pressure and capacity utilization challenges impacting our European flooring business, for which we continue to evaluate strategic alternatives; a faster than anticipated share shift to LVT and away from traditional residential resilient products in North America; and continued price pressure and competition in our wood business. We expect our global ceilings and North American commercial flooring businesses to remain on plan within the context of our prior guidance."

Third-quarter adjusted EBITDA is still expected to fall into the previously forecasted $110 million to $130 million range, though projected sales will now fall below the previous $740 million to $780 million guidance.

Armstrong is scheduled to release its third quarter earnings on Monday, Oct. 27, 2014.