Pandemic impacts Armstrong sales

Armstrong World Industries (AWI) reported third quarter sales fell 11.1% to $246.3 million from third quarter 2019 sales of $277.1 million.

The company also posted net earnings of $53 million for the quarter, falling more than 27% from net earnings of $73.2 million for the same period a year ago.

The Lancaster, Pa.-based manufacturer attributed the decline in sales to low market demand caused by the COVID-19 crisis, particularly in metro markets impacted by the virus. 

AWI designs and manufactures commercial and residential ceiling, wall, and suspension system solutions in the Americas.

###

The Bottom Line: The pandemic has a big impact on AWI sales as profits fall better than 27% to $53 million.

What the CEO said: “As expected, we saw a sequentially better demand environment in the third quarter, and we expect this improving trend to continue into the fourth quarter,” said Vic Grizzle, president and CEO of Armstrong. “I am pleased that in a quarter impacted by a pandemic we were able to close on two more strategic acquisitions, Turf Design and Moz Designs, our sixth and seventh acquisitions since 2017. Turf gives us the leading position in the growing category of felt ceilings, walls and barriers, and Moz extends our leadership position and capabilities in metal ceilings, walls and column covers.”

Company info: The full third quarter financial report from Armstrong World Industries is available here.