Armstrong World Industries (Lancaster, Pa.) reported a $3.8 million profit in the first quarter of 2015, a 79 percent decrease from the $18.1 million reported for the first quarter of 2014, according to the company’s financial filings.
Net sales also showed a decrease during the same period, from $590 million in 2014 to $551.4 million in 2015. Operational income decreased 33.5 percent in as much time, falling from $53.8 million to $35.8 million.
Armstrong’s wood flooring segment reported $102.6 million in sales in the first quarter of 2015, a 13.1 percent decline compared with 2014. Operating income for the segment was a loss of $1.2 million, compared with a positive $5.1 million in 2014.
The company’s profits were impacted by higher non-cash pension expenses and separation costs related to the company’s decision, announced in February, to split its flooring business from its ceilings business and create two independent companies.
Larry McWilliams will serve as the chairman of Armstrong Flooring once the separation is complete, Matt Espe, CEO, told analysts during a conference call discussing the company’s financials last week.
