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Sep 30, 2022
Armstrong Q3 2022 Earnings Report
Armstrong's Q3 2022 earnings reflected solid sales growth in both Mineral Fiber and Architectural Specialties, tempered by economic uncertainty and project delays.
Key Takeaways
Armstrong World Industries reported an 11% increase in net sales compared to the prior-year quarter. Operating income increased by 2%, and diluted earnings per share from continuing operations increased by 11%. The company is revising its 2022 guidance to reflect net sales growth of 10% to 12% and adjusted EBITDA growth of 4% to 6% versus the prior year.
Net sales increased by 11% compared to the prior-year quarter.
Operating income increased by 2% year-over-year.
Adjusted EBITDA increased by 5% year-over-year.
Revised 2022 guidance includes net sales growth of 10% to 12% and adjusted EBITDA growth of 4% to 6%.
Armstrong
Armstrong
Forward Guidance
The company expects Mineral Fiber volumes to remain challenged into the fourth quarter and is lowering its full-year 2022 financial outlook due to third-quarter results and overall increased economic uncertainty.
Challenges Ahead
- Mineral Fiber volumes are expected to remain challenged into the fourth quarter.
- Full-year 2022 financial outlook is being lowered.
- Increased economic uncertainty is impacting the outlook.
- Cost control and adjustments will be implemented.
- Long-term growth strategy will still be supported.