Armstrong Q1 2024 Earnings Report
Key Takeaways
Armstrong World Industries reported record first-quarter 2024 results with a 5% increase in net sales and significant growth in operating income and adjusted EBITDA. The company has raised its full-year 2024 guidance, expecting continued sales and earnings growth.
Net sales increased by 5% year-over-year, with growth in both Mineral Fiber and Architectural Specialties segments.
Operating income rose by 23% compared to the prior-year period.
Adjusted EBITDA increased by 16% year-over-year.
The company announced the acquisition of 3form, LLC to expand its Architectural Specialties portfolio.
Armstrong
Armstrong
Forward Guidance
Armstrong World Industries raised its full-year 2024 guidance, anticipating profitable growth and adjusted EBITDA margin expansion despite macroeconomic uncertainty.
Positive Outlook
- Net sales are projected to increase by 8% to 11%.
- Adjusted EBITDA is expected to grow by 8% to 13%.
- Adjusted diluted net earnings per share are anticipated to increase by 9% to 14%.
- Adjusted free cash flow is forecasted to rise by 8% to 14%.
- The acquisition of 3form is expected to contribute to growth.
Challenges Ahead
- Lingering macroeconomic uncertainty in the back-half of the year.
- Potential impacts from market conditions.
- Uncertainties related to broader economic conditions.
- Risks associated with forward-looking statements.
- Factors that could cause actual results to differ materially.