Armstrong Sees Profits Increase 56 Percent in Q2

After its profits plunged 79 percent in the first quarter of 2015, Armstrong World Industries (Lancaster, Pa.) reported a second quarter profit that surged upward 56.6 percent.

The company made $29.6 million in the second quarter compared with $18.9 million during the same period in 2014. Armstrong’s profits in the second quarter of 2014 were affected by the decisions to discontinue its cabinet and German flooring businesses. Excluding the loss from those factors, the company’s year-over-year profit in the second quarter of 2015 grew 12.4 percent.

Sales in the second quarter were $632.7 million, down 4 percent from the $659.1 million in sales reported in the same period last year. Operating income also decreased 0.8 percent to $63.1 million.

Wood flooring sales dropped 9.1 percent in the second quarter to $126.7 million, compared with 2014’s $139.4 million in sales.

Armstrong’s wood flooring business in the second quarter was impacted by $4 million of expenses that resulted from new antidumping rates for importers of multilayered hardwood flooring from China.

The full report is available on Armstrong’s website.