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Armstrong, Donegal Group report Q2 earnings

- Last modified: July 30, 2012 at 12:04 PM

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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.

Analysts had expected earnings of 78 cents per share, according to Yahoo Finance.

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.

Based in Manor Township, Armstrong is one of the world’s largest manufacturers of building products. Its shares trade on the New York Stock Exchange under the ticker symbol AWI.

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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.

Shares of the East Donegal Township-based insurance holding company are traded on the Nasdaq under the ticker symbols DGICA and DGICB.

 

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