Armstrong’s Q1 sales up 1.9%
Armstrong World Industries pointed to favorable momentum benefiting both its top and bottom line in the first quarter of 2014.
Net sales for Armstrong were $634.4 million, up nearly 2% from the same period in 2013.
Net income came in at $16.9 million for the three months ended March 31, representing a good change from $3.2 million last year. A lower interest expense due to the write-off of deferred financing costs during last year’s first quarter helped the company’s bottom line.
"I’m pleased that, despite challenging weather conditions, first quarter sales were up 2% versus prior year," said Matt Espe, CEO. "In spite of this headwind, we delivered adjusted EBITDA of $83 million, up 7% from the prior year, through the dedication by our teams around the world to drive price to cover continued inflation in raw material costs and enhance productivity across our manufacturing plant network."
Masco’s income up 39.6% in Q1
Masco Corporation delivered a robust first quarter earnings report, with sales and income both demonstrating strong forward momentum.
Net sales for the three months ended March 31 were $1.97 billion, up from $1.88 billion in the first quarter of 2013.
The company attributed its top-line growth mainly to Plumbing Products, Installation and Other Services, as well as Other Specialty Products. International sales were also up in Europe.
Meanwhile, net income came in at $74 million, compared to $53 million in the same year-ago period.
“It is our belief that new home construction will show continued growth in 2014, repair and remodel activity will grow modestly, and big ticket items will continue to show improvement,” said president and CEO Keith Allman. “As we move through the year, we will continue to focus on the customer and execute against our priorities by improving our enterprise leverage, driving a high performance culture and focusing on continuous improvement in all we do."
Rayonier brings H. Edwin Kiker on as SVP, CFO
Rayonier has tapped H. Edwin Kiker as its newest SVP and CFO, effective May 1, 2014. He is replacing Hans Vanden Noort, who has occupied the role since 2007 and is retiring on April 30.
Kiker has held various senior roles with the company over the past 12 years, including controller of its Real Estate business, VP internal audit and, most recently, VP investor relations.
His resume also includes audit roles with Great Lakes Chemical and PricewaterhouseCoopers.
Kiker will report to the company’s new CEO once the planned separation of its performance fibers business from its forest resources and real estate businesses is completed. The newly formed company (with the Performance Fibers segment) will go by the name of Rayonier Advanced Materials Inc., trading on the NYSE under the symbol "RYAM."