Armstrong, Donegal Group report Q2 earnings
Two Lancaster County companies recently reported earnings for the second quarter of 2012.
Armstrong World Industries Inc. reported net income of $41.8 million, or 70 cents per share, compared with $37.9 million, or 64 cents per share, for the second quarter of 2011.
Citing worsening economic conditions in the U.S. and Europe, the company cut its earnings forecast from $2.75-$3.15 per share to $2.40-$2.70 per share and raised its goals for cost-cutting in 2012 from $35 million to $50 million.
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Donegal Group Inc. reported net income of $2 million, or 8 cents per diluted Class A share, compared with a loss of $1.7 million, or 7 cents per diluted Class A share, for the second quarter of 2011.
Analysts had expected earnings of 13 cents per share, according to Yahoo Finance.
The company reported an underwriting loss of $11.3 million for the quarter, including $3 million due to severe thunderstorms, but it was lower than the $20.5 million loss incurred in the second quarter of 2011, which included record-breaking claims due to tornado and wind-storm damage, CEO Donald Nikolaus said in a statement.