Armstrong reports weak start to Q1

Armstrong World Industries struggled over the course of the first fiscal quarter, but luckily, it said, conditions seemed to pick up by the end of the three-month period.

Additionally, the company announced that it has named Larry McWilliams as the chairman of new spinoff company Armstrong Flooring. Jim O'Connor will remain in place as chairman of Armstrong World Industries.

Net sales for the quarter were $551.4 million, down 6.5% from $590.0 during the first quarter of 2014.

Net income came in at $3.8 million, down from last year's $18.1 million. Armstrong explained that the decline was impacted by higher non-cash U.S. Pension expense and separation costs related to the spinoff of Armstrong Flooring.

"While the year started slowly, we saw activity accelerate throughout the quarter and our sales and adjusted EBITDA guidance for the year remain unchanged," said Matt Espe, CEO.  "We continue to make progress on the separation and I'm pleased to announce the board has designated Larry McWilliams to serve as the chairman of Armstrong Flooring upon completion of the separation, and Jim O' Connor will remain chairman of Armstrong World Industries.  Larry and Jim have each been tremendous assets to Armstrong over the past several years and will provide both companies with a steady hand through the separation and excellent strategic leadership moving forward."