An analyst with RBC Capital Markets raised his rating of Amrstrong World Industries (Lancaster, Pa.) on Monday, saying the new arrival of top executives can improve the company's financial performance, according to Bloomberg Businessweek.
Analyst Robert Wetenhall Jr. said the company's management is "highly competent," and that he expects the company will "achieve both its international growth objectives and cost-reduction targets." Specifically, Wetenhall said the flooring manufacturer is on track to improve its profit margin by 4 percentage points through cutting $115 million in operational costs over the next two years. On that news, the company's stock rose $1.69, or 3.9 percent, to $45.46 in morning trading on Monday. On Tuesday morning, the stock was at $44.83.
Since early 2010, the company has made the following additions to its upper management:
- On Jan. 8, 2010, the company announced it appointed Thomas Mangas senior vice president and CFO.
- On June 25, 2010, Armstrong appointed Matt Espe CEO and president.
- On Jan. 10, 2011, the company named Vic Grizzle executive vice president.
