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Mar 31, 2021
Armstrong Q1 2021 Earnings Report
Armstrong's first quarter results were reported with a slight increase in net sales but a decrease in operating income and adjusted EBITDA compared to the prior year.
Key Takeaways
Armstrong World Industries reported a 1.3% increase in net sales for Q1 2021 compared to Q1 2020, driven by favorable Average Unit Value, but operating income decreased by 28.8% and Adjusted EBITDA decreased by 12.0%. The company maintains its 2021 guidance for net sales and adjusted EBITDA growth.
Net sales increased by 1% compared to the same quarter last year.
Operating income decreased by 29% compared to the prior year quarter.
Adjusted EBITDA decreased by 12% compared to the prior year quarter.
The company is maintaining its 2021 guidance for net sales and adjusted EBITDA.
Armstrong
Armstrong
Forward Guidance
Armstrong is maintaining its 2021 guidance and expects to grow sales 10% to 13%, adjusted EBITDA 9% to 13%, to drive a free cash flow margin of 19% for the full fiscal year.
Positive Outlook
- Market conditions steadily improve.
- Vaccination rollout across the US allows more businesses to open.
- Growth initiatives, including Healthy Spaces and kanopi.
- Year-on-year benefit of 2020 acquisitions.
- Expect to grow sales 10% to 13%.