Armstrong World Industries narrows 4th-qtr loss
Armstrong World Industries Inc. said Monday that its fourth-quarter loss decreased as it cut expenses. But its adjusted profit rose.
The flooring and building products manufacturer lost $3.8 million, or 7 cents per share, for the three-month period that ended Dec. 31. That compares with a loss of $25.5 million, or 46 cents per share, during the same period last year.
The company said its adjusted profit amounted to $12.8 million, or 22 cents per share. Up from an adjusted profit of $9.8 million, or 17 cents per share, during the same period last year.
Sales for the quarter slipped 7.8 percent to $653 million, down from $708.4 million.
Analysts surveyed by Thomson Reuters expected Armstrong to earn 27 cents per share on revenue of $639.5 million. Those estimates typically exclude one-time items.
For the full-year, Armstrong earned $77.7 million, or $1.36 per share. That compares to a profit of $81 million, or $1.41 per share, during the same period last year.
Full year sales fell 18 percent to $2.78 billion, down from $3.39 billion.
Armstrong shares fell $2.50, or 6.8 percent to $34.32 in midday trading Monday.