Armstrong Flooring (Lancaster, Pa.) had a net income of $7.9 million during the third quarter of 2018, an improvement compared with a net loss of $18.7 million during the same period last year.
The company’s net sales inched upward 0.4 percent to $309.7 million compared with the third quarter of 2017. Its earnings per share jumped to 30 cents compared with a diluted loss per share of 70 cents in the same period last year.
While its resilient flooring segment had a 7 percent growth, sales in Armstrong’s wood flooring segment fell 11 percent compared with the third quarter of 2017, dropping to $101.6 million.
The company has had a year of adjustments since ending 2017 with a net loss of $41.8 million, announcing in February it would begin shifting more marketing and sales responsibilities to distributors, a reorganization that resulted in the elimination of 70 company positions in the first quarter of 2018. Armstrong also raised prices on all of its products in May and enacted another price increase Oct. 1 in response to 10 percent tariffs on Chinese flooring.
