Armstrong World Industries, Inc. (AWI: Quote) Tuesday reported a 6 percent drop in profit for the fourth quarter, hurt mainly by lower revenues. The company also provided a full-year outlook, which is currently below analysts' expectations.
Net income attributable to the company totaled $8.4 million, down from $8.5 million last year. On a per share basis, earnings were $0.14 per share, flat with last year.
Net income from continuing operations declined to $9.2 million or $0.15 per share from $9.8 million or $0.16 per share in the comparable quarter last year.
Adjusted earnings for the quarter totaled $20 million or $0.34 per share. On average, 15 analysts polled by Thomson Reuters expected the company to earn $0.32 per share for the quarter. Analysts' estimates typically exclude special items.
Revenues totaled $612.8 million, down 1.6 percent from $623.0 million last year. Analysts expected revenues of $610.32 million.
Looking ahead to the fiscal year 2013, the company has forecast earnings in a range of $2.30 to $2.60 per share, and revenues in the order of $2.7 billion to $2.8 billion. Analysts currently expect the company to report full-year earnings of $2.89 per share on revenues of $2.72 billion.
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by RTT Staff Writer
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