Armstrong posts mixed results in Q2
Lancaster, Pa.-based Armstrong World Industries reported net sales of $706.6 million in the second quarter ended June 30. That’s up 5% from the same quarter last year.
Net income declined 27.5% to $30.6 million.
The income declined due to increases in manufacturing and input costs driven by rising lumber costs, and higher labor costs associated with added crews at several solid wood plants to respond to increased demand, the company said.
"Our second-quarter consolidated results met our expectations, as sales and adjusted EBITDA were in the middle of our guidance range," said CEO Matt Espe. "We continue to make strategic investments in the business to support organic growth, and I’m pleased to announce that our board of directors has approved an investment that will allow us to domestically manufacture luxury vinyl tile, an important growth category that we currently source overseas."
Industry Dashboard for July 29, 2013
June’s existing-home sales went down by a mini-margin of 1.2% to a seasonally adjusted annual rate of 5.08 million, though still well ahead of last year. Meanwhile, gas was down 2 cents from last week.