In the third quarter of 2013, Armstrong World Industries (Lancaster, Pa.) saw net sales of $729.7 million, a 5 percent increase from the same quarter a year before. However, operating income fell 13.8 percent to $93.6 million and net income fell 24.5 percent to $55.9 million.
In the third quarter of 2013, Armstrong World Industries (Lancaster, Pa.) saw net sales of $729.7 million, a 5 percent increase from the same quarter a year before. However, operating income fell 13.8 percent to $93.6 million and net income fell 24.5 percent to $55.9 million.
The company says the increase in sales was driven by higher volumes in residential business, primarily wood flooring. Armstrong cited increased manufacturing and lumber costs for the decline in income. The company also added crews at several solid wood plants to respond to increased demand, which resulted in increased labor costs.
In its wood flooring sector, Armstrong saw a 20.9 percent increase in sales to $148 million; however, operating income fell 80.7 percent to $2.6 million.
Looking forward, management expects sales in the $2.70 to $2.74 billion range for the full year, and for the fourth quarter of 2013, sales are expected to be in the range of $645 to $685 million.
The full third-quarter results can be seen here.
