Lancaster County-based Armstrong World Industries Inc. today reported that its third-quarter earnings were $50.4 million, a 20 percent drop from the year-ago quarter, as the company readies to bring some manufacturing back to the U.S.
The earnings drop is about 1 percent greater when other comprehensive income and losses -- foreign currency translation, derivatives losses, and pension and postretirement adjustments -- are calculated, according to Armstrong.
Comprehensive income was $57.8 million, down from $73.1 a year ago.
Earnings per diluted share were 94 cents, down from $1.24 in the year-ago quarter, according to Armstrong. However, its third-quarter EPS beat analyst estimates of 86 cents a share, according to Yahoo Finance. The company's adjusted EPS of 87 cents was on target with estimates.
Armstrong said in July it intended to bring production of its luxury flooring tile back to the U.S., and on Oct. 10 announced it would reshore that production at its Lancaster factory with the help of a $350,000 Pennsylvania First grant from the state Department of Community and Economic Development.
The company is modifying a section of its existing 600,000-square-foot factory at 1067 Dillerville Road for the new production line expected to add 57 Lancaster jobs in mid-2015.
Editor's note: This story has been modified to correct the exchange on which Armstrong trades its shares.