Strong quarter for Armstrong World Industries
Wall and ceiling manufacturer Armstrong World Industries reported a strong second quarter, driven by higher volumes in its architectural specialties segment, plus higher mineral fiber average unit value.
Net sales were $272.0 million for the three months ended June 30, that’s up 9.4% from $248.6 million in the same quarter last year. The company posted an operating income increase of 32.1% to $87.2 million.
Sales of the architectural specialties segment were up 38% versus the prior year quarter.
The Lancaster, Pa.-based company expects economic conditions for the remainder of 2019 to be similar to those of 2018. Sales growth is tracking at the high end of its previously forecast 7%-to-10% range.
Bottom line: Net income of $54.5 million was up 15.2%.
What the CFO said: “Despite one less shipping day, we delivered another solid quarter with adjusted EBITDA up 14% driven by strong Mineral Fiber AUV and Architectural Specialties volume,” said Brian MacNeal.
Company information: Read the full earnings release here.
Net sales were $272.0 million for the three months ended June 30, that’s up 9.4% from $248.6 million in the same quarter last year. The company posted an operating income increase of 32.1% to $87.2 million.
Sales of the architectural specialties segment were up 38% versus the prior year quarter.
The Lancaster, Pa.-based company expects economic conditions for the remainder of 2019 to be similar to those of 2018. Sales growth is tracking at the high end of its previously forecast 7%-to-10% range.
Bottom line: Net income of $54.5 million was up 15.2%.
What the CFO said: “Despite one less shipping day, we delivered another solid quarter with adjusted EBITDA up 14% driven by strong Mineral Fiber AUV and Architectural Specialties volume,” said Brian MacNeal.
Company information: Read the full earnings release here.