Armstrong World Industries' (Lancaster, Pa.) posted a $21 million loss last quarter, according to Armstrong's fourth quarter earnings report; in the final quarter of 2009, Armstrong lost $3.8 million. Overall, the company posted $642.9 million in net sales during the fourth quarter, down 2% from $653 million in the final quarter of 2009.
Armstrong World Industries' (Lancaster, Pa.) posted a $21 million loss last quarter, according to Armstrong's fourth quarter earnings report; in the final quarter of 2009, Armstrong lost $3.8 million. Overall, the company posted $642.9 million in net sales during the fourth quarter, down 2% from $653 million in the final quarter of 2009.
The company's wood flooring segment sales fell 11% during the fourth quarter to $107.8 million from $120.7 million in the prior year's quarter. The decrease was attributed to year-over-year remodeling and new home building declines in North America. The wood flooring segment reported an operating loss of $32 million in the fourth quarter, more than three times the loss of $10.2 million during the fourth quarter of 2009.
For the year, Armstrong had net earnings of $11 million on net sales of $2.8 billion. In 2009 the company had net sales of $2.8 billion but posted net earnings of $78 million. Its wood flooring segment had an operating loss of $45.8 million in 2010 on $479.1 million in net sales. In 2009 that segment posted an operating loss of $5.9 million on $510.4 million in net sales.
In 2011, Armstrong expects its developed markets to be relatively flat, while emerging markets should see growth in the high single-digit range. It predicts 2011 sales between $2.8 billion and $3 billion.
