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Armstrong World reports nearly 20% sales gain in Q3
Paula Wolf / Contributing Writer//October 28, 2021
Armstrong World reports nearly 20% sales gain in Q3
Paula Wolf / Contributing Writer//October 28, 2021
Armstrong World Industries Inc. reported that third quarter net sales were up 18.6% over last year.
The jump from $246.3 million to $292.2 million accompanied an 8% increase in adjusted EBITDA (earnings before interest, taxes, depreciation and amortization).
Year-over-year operating income, however, was flat last quarter, going from $72.3 million to $72.1 million. Higher costs from project delays were a factor.
“The company’s ability to manage inflationary and supply chain challenges helped offset uneven market conditions,” a release noted.
Based in Lancaster, Armstrong World Industries is a designer and manufacturer of commercial and residential ceiling, wall and suspension system solutions.
“As the market continued to recover throughout the third quarter, we delivered solid sales growth driven by strong price realization and the sales benefits of the 2020 acquisitions we made to expand our Architectural Specialties business,” Vic Grizzle, president and CEO, said in the release. “… Additionally, in the quarter we continued to advance our Healthy Spaces and digital growth initiatives, which positions us to deliver further growth as the pace of the nonresidential construction market recovery accelerates in 2022.”
Armstrong World Industries’ chief financial officer, Brian MacNeal, said in the release that, compared with 2020, the company now expects a net sales increase of 17% to 18% and a rise in adjusted EBITDA of 13% to 15% for the full year.
