Armstrong World Industries Inc. (Lancaster, Pa.) released its results from quarter one 2014, and saw its profits jump despite the harsh winter.
The company saw increases in net income, net sales, operating income, and diluted earnings per share, all adjusted, despite weather conditions CEO Matt Espe described as "formidable."
Net income rose from $3.2 million to $16.9 million, an increase of TK percent, while net sales increased 1.9 percent from $622.3 million to $634.4 million. Operating income increased from $47 million to $52.5 million; and diluted earnings per share from $0.05 to $0.30.
Net sales for wood flooring increased 3 percent, from $114.7 million in 2013 to $118.1 million this year.
"I'm pleased that, despite challenging weather conditions, first quarter sales were up 2 percent versus prior year," he said in a statement. "In spite of this headwind, we delivered adjusted EBIDTA of $83 million, up 7 percent from the prior year, through the dedication by our teams around the world to drive price to cover continued inflation in raw material costs and enhance productivity across our manufacturing plant network."
Wood flooring EBITDA saw the largest increase among Armstrong's industry segments, going from $3 million in the first quarter of 2013 to $8 million this year.
The company said in its first-quarter 2014 results that the wood flooring net sales increase was driven by improved price and mix which "more than offset the impact of lower volumes."
Armstrong has upped the price of its solid or engineered wood products four times since March 2013, and another price increase is scheduled to take effect on June 9.
The company expects second-quarter net sales to be between $710 million and $750 million and adjusted EBITDA in the range of $90 million to $110 million.
