Armstrong World Industries (Lancaster, Pa.) increased net sales 4.6 percent during the third quarter to $773.6 million from $739.8 million during the third quarter of 2010, according to its earnings report released today. Cost reduction steps taken in 2010 resulted in better net income, which increased 46.9 percent to $52.5 million from $24.6 million during the same period in 2010.
The company's wood flooring net sales also improved, increasing 6.2 percent to $127.2 million from $119.8 million during the same period last year. This improvement resulted in operating income of $17.4 million, a big improvement from the third quarter of 2010, when that sector lost $13.3 million. In its earnings statement, the company said "higher [wood flooring] volumes were partially offset by unfavorable price and mix. Operating income increased as a result of reduced manufacturing and SG&A costs, favorable input costs when compared to the prior year, and volume gains."
In addition, Armstrong pegged its 2011 expected net sales in the range of $2.85 billion to $2.9 billion.
