Armstrong Q2 2020 Earnings Report
Key Takeaways
Armstrong World Industries reported a decrease in net sales of 25% and a decrease in operating income of 28% compared to the prior year quarter. The company also announced the acquisition of Turf Design and an increase in the share repurchase program.
Net sales decreased by 25% compared to the prior year quarter.
Operating income decreased by 28% compared to the prior year quarter.
Acquired Turf Design, a manufacturer of felt ceilings, walls, and barrier solutions.
Board of Directors authorized an increase in the share repurchase program from $700 million to $1.2 billion and extended the term until 2023.
Armstrong
Armstrong
Forward Guidance
The company expects sales for the full year to be down 10%-18% and adjusted EBITDA margins to be greater than 35%. They also continue to expect to generate a free cash flow margin of 25%.