Armstrong Q3 2020 Earnings Report
Key Takeaways
Armstrong World Industries reported net sales of $246.3 million, a decrease of 11% compared to the prior year quarter. Operating income was $72.3 million, down 36% year-over-year. The company acquired Turf Design and Moz Designs during the quarter and provided 2020 guidance for net sales, EBITDA, and adjusted free cash flow.
Net sales decreased by 11% compared to the prior year quarter, totaling $246.3 million.
Operating income declined by 36% year-over-year, reaching $72.3 million.
Adjusted EBITDA was down 19% compared to the same quarter last year.
The company completed the acquisitions of Turf Design and Moz Designs during the quarter.
Armstrong
Armstrong
Forward Guidance
Assuming continued sequential market improvement and no second wave of construction site shutdowns, Armstrong expects sales for the full year in the range of $920-$935 million, adjusted EBITDA in the range of $320-$330 million, and adjusted free cash flow of $200-$210 million.