Net income at Armstrong World Industries (Lancaster, Pa.) fell 5 percent in the second quarter to $26.8 million, or 46 cents per share, from last year's second quarter mark of $28.3 million, or 50 cents per share. The company's net sales were up 3 percent to $724.8 million in the quarter from $705.7 million during the same period in 2009. The company says operating cost reductions more than offset the impact of inflation of lumber and oil-based raw materials, and that international volume growth offset domestic declines; its improved cost performance was driven by cutting manufacturing and SG&A costs. Armstrong expects 2010 overall sales between $2.7 billion and $2.9 billion.
Net income at Armstrong World Industries (Lancaster, Pa.) fell 5 percent in the second quarter to $26.8 million, or 46 cents per share, from last year's second quarter mark of $28.3 million, or 50 cents per share. The company's net sales were up 3 percent to $724.8 million in the quarter from $705.7 million during the same period in 2009. The company says operating cost reductions more than offset the impact of inflation of lumber and oil-based raw materials, and that international volume growth offset domestic declines; its improved cost performance was driven by cutting manufacturing and SG&A costs. Armstrong expects 2010 overall sales between $2.7 billion and $2.9 billion.
Armstrong's wood flooring net sales of $127.2 million in the second quarter of 2010 were flat compared with $127.8 million in the same quarter in 2009. The wood flooring operating income of $1.1 million in the second quarter was slightly higher than $0.9 million reported in 2009 during the same period. The full release can be read here.
