Armstrong Flooring (Lancaster, Pa.) increased its net income 92 percent in the second quarter of 2018, surging to $10.5 million in profit compared with $5.4 million during the same period in 2017.
Net sales jumped 2.9 percent during the quarter, growing to $306.0 million, compared with the second quarter of 2017’s net sales of $297.3 million.
“I am very proud of the Armstrong Flooring team as we delivered both top and bottom line growth in the second quarter,” stated Armstrong CEO Don Maier, who credited the sales bump to volume growth in LVT and higher selling prices across most of the company’s product categories.
Armstrong’s wood flooring segment saw a 3.1 percent decline in net sales, falling from $109.5 million to $106.1 million. The company attributed the drop to lower volumes in engineered wood.
“Higher selling prices in both solid and engineered wood provided a partial offset to lower volumes,” Armstrong stated.
The second quarter report follows a 10 percent sales decline in the first quarter of 2018, during which Armstrong had a net income loss of $10.4 million. Armstrong initiated a series of price increases for its products in the spring following the decline. It also gave its distributors more responsibility in marketing, merchandising and sales of products in an effort to eliminate expenses. As a result of the restructuring, the company eliminated 70 jobs during the first quarter of 2018, according to a Securities and Exchange Commission filing by the company.
