AWI reports firm Q4
Armstrong World Industries (AWI), the manufacturer of ceiling and wall systems, reported fourth quarter 2019 sales increased 3.3% to $246.9 million from fourth quarter 2018 sales of $238.9 million.
Full-year sales rose 6.4% to $1.038 billion compared to 2018 sales of $975.3 million.
The Lancaster, Pa.-based company posted an operating income of $62.2 million for the quarter, rising 18.5% from an operating income of $52.5 million.
For the full year, AWI’s operating income was $317.4 million, up 27.3% from an operating income of $249.4 million for the fiscal year 2018.
Last November, AWI completed its acquisition of MRK Industries, a manufacturer of specialty metal ceilings and walls with annual revenues of approximately $14 million consisting primarily of sales to AWI.
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The Bottom Line: Sales rise for the fourth quarter 2019 and the year as AWI’s operating income grows more than 18% for the quarter and better than 27% for the year.
What the CEO said: “2019 was another strong year for AWI,” said Vic Grizzle, president and CEO of AWI. “Sales growth of 6%, adjusted EBITDA growth of 14% and $244 million of adjusted free cash flow were financial highlights. We also delivered on the 2019 sales and EBITDA targets we set back in 2017 in connection with the announced sale of our EMEA and Asia-Pacific businesses. This reflects terrific execution by our teams to right-size to a leading America’s-focused business and change our trajectory of growth.”
Company info: AWI’s full fourth quarter and fiscal year 2019 report is available here.
Full-year sales rose 6.4% to $1.038 billion compared to 2018 sales of $975.3 million.
The Lancaster, Pa.-based company posted an operating income of $62.2 million for the quarter, rising 18.5% from an operating income of $52.5 million.For the full year, AWI’s operating income was $317.4 million, up 27.3% from an operating income of $249.4 million for the fiscal year 2018.
Last November, AWI completed its acquisition of MRK Industries, a manufacturer of specialty metal ceilings and walls with annual revenues of approximately $14 million consisting primarily of sales to AWI.
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The Bottom Line: Sales rise for the fourth quarter 2019 and the year as AWI’s operating income grows more than 18% for the quarter and better than 27% for the year.
What the CEO said: “2019 was another strong year for AWI,” said Vic Grizzle, president and CEO of AWI. “Sales growth of 6%, adjusted EBITDA growth of 14% and $244 million of adjusted free cash flow were financial highlights. We also delivered on the 2019 sales and EBITDA targets we set back in 2017 in connection with the announced sale of our EMEA and Asia-Pacific businesses. This reflects terrific execution by our teams to right-size to a leading America’s-focused business and change our trajectory of growth.”
Company info: AWI’s full fourth quarter and fiscal year 2019 report is available here.