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Dec 31, 2022
Armstrong Q4 2022 Earnings Report
Armstrong's Q4 2022 earnings reflected sales growth across both Mineral Fiber and Architectural Specialties segments, despite challenging market conditions.
Key Takeaways
Armstrong World Industries reported an 8% increase in net sales for Q4 2022 compared to the prior-year quarter. Operating income increased by 27%, and diluted earnings per share from continuing operations rose by 22%. Adjusted EBITDA was up by 5%, while adjusted diluted earnings per share decreased by 1%.
Net sales increased by 8% compared to the prior-year quarter.
Mineral Fiber segment sales were up 4%, and Architectural Specialties segment sales increased by 18%.
Operating income rose by 27% and diluted earnings per share from continuing operations increased by 22% compared to the prior-year quarter.
Adjusted EBITDA increased by 5%, while adjusted diluted earnings per share decreased by 1% compared to the prior-year quarter.
Armstrong
Armstrong
Forward Guidance
Armstrong World Industries issued 2023 guidance, projecting net sales growth of 2% to 6% and adjusted EBITDA growth of 3% to 9% versus the prior year.
Positive Outlook
- Net Sales growth of 2% to 6%
- Adjusted EBITDA growth of 3% to 9%
- Adjusted diluted earnings per share growth of 1% to 7%
- Adjusted free cash flow growth of 4% to 13%
- Benefits from growth initiatives
Challenges Ahead
- Weaker economic conditions
- Inflationary headwinds
- Cost reduction actions
- Weakening market demand in the second half of the year
- Challenging market conditions