Armstrong World Industries Inc. (AWI) reported that its first-quarter net income from continuing operations decreased to $3.2 million or $0.05 per share from $19.0 million or $0.32 per share last year. Net profit per share was $0.05, compared to $0.31 prior year. Adjusted net income was $13 million or $0.22 per share for the quarter.
Net sales decreased to $622.3 million from $636.0 million prior year. Sales were negatively impacted by approximately $9 million due to the sale of the Patriot wood flooring distribution business, which occurred in the third quarter of 2012. The sales decline was also driven by lower commercial volumes which more than offset gains in new residential construction that resulted in volume growth in the Wood Flooring business.
On average, 14 analysts polled by Thomson Reuters expected the company to report profit of $0.39 per share for the quarter. Analysts' estimates typically exclude special items. Analysts expected revenue of $633.24 million for the quarter.
The company said its operating income increased in spite of lower sales volumes, primarily due to lower restructuring and cost reduction charges. Net income and profit per share were impacted by a higher effective tax rate in the first quarter of 2013, due to increased unbenefitted foreign losses and the expensing of previously capitalized financing costs associated with the prior credit facility as a result of the refinancing transaction completed in the first quarter of 2013.
Armstrong reaffirmed its full year guidance metrics, with the exception of profit per share. The company continues to expect sales in the $2.7 billion to $2.8 billion range. The company now expects full year adjusted profit per share to be in the range of $2.15 to $2.45. For the second quarter, the company expects sales to be in the range of $680 million to $730 million.
Analysts expect the company to report fiscal 2013 profit per share of $2.49 on revenue of $2.71 billion. Analysts expect the company to report second-quarter revenue of $697.20 million.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.