Armstrong Q3 2022 Earnings Report
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.