Company Overview of Armstrong World Industries, Inc.
Armstrong World Industries, Inc. designs, manufactures, and sells flooring products and ceiling systems for use primarily in the construction and renovation of residential, commercial, and institutional buildings worldwide. The company’s Building Products segment produces suspended mineral fibers, soft fibers, and metal ceiling systems for use in commercial, institutional, and residential settings, as well as complementary ceiling products; and sells suspension system products. This segment sells its commercial ceiling materials and accessories to resale distributors and ceiling system contractors; and residential ceiling products to wholesalers and retailers, including large home centers. I...
2500 Columbia Avenue
PO Box 3001
Lancaster, PA 17603
Founded in 2000
Key Executives for Armstrong World Industries, Inc.
Chief Executive Officer, President and Director
Total Annual Compensation: $1.0M
Chief Financial Officer and Senior Vice President
Total Annual Compensation: $435.4K
Executive Vice President and Chief Executive Officer of Armstrong Building Products
Total Annual Compensation: $479.8K
Chief Executive Officer of Armstrong Flooring Products
Total Annual Compensation: $497.2K
Chief Compliance Officer, Senior Vice President and General Counsel
Total Annual Compensation: $429.5K
Compensation as of Fiscal Year 2014.
Armstrong World Industries, Inc. Key Developments
Armstrong World Industries Proposes Refinancing Existing Credit Agreement
Feb 3 16
Armstrong World Industries, Inc. announced plans to refinance its existing credit agreement in conjunction with and subject to the completion of the planned separation of the company's flooring business. Subject to final terms and conditions, the company anticipates achieving lower interest expense, longer maturities and several minor technical improvements and would intend to use cash on hand, as well as $50 million from a dividend from Armstrong Flooring Inc. anticipated in connection with the separation, to reduce total debt outstanding. The new credit agreement is expected to be for $1.05 billion and includes $200 million from an undrawn revolving credit facility. The company anticipates concluding the refinancing transaction contemporaneously with the completion of the separation transaction. Completion of the company's proposed refinancing is subject to a number of factors, including market conditions and the company's financial condition and results of operations.
Armstrong Ceiling Systems Introduces Total Acoustics Ceiling Panels
Oct 29 15
Armstrong Ceiling Systems has introduced Total Acoustics ceiling panels, a new generation of ceiling panels that feature the ideal combination of both sound absorption and sound blocking in one ceiling panel. By providing the ability to both absorb unwanted sound and block noise from traveling into adjacent areas, Total Acoustics ceiling panels are an ideal choice for the present flexible workspaces where a mix of private offices, quiet concentration areas, and collaborative teaming areas often share the same floor space. By meeting the acoustical needs of each type of workspace in a single panel, Total Acoustics ceilings also provide the ability to reconfigure the workspaces without changing the ceiling while still meeting the acoustical requirements of each space. Ceiling panels featuring new Total Acoustics performance are offered in a variety of Armstrong product lines, including Ultima®, Calla™, Lyra™, Cirrus®, Fine Fissured™, Mesa™, Canyon™, and School Zone®.
Armstrong World Industries, Inc. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2015; Provides Earnings Guidance for the Full Year 2015
Oct 29 15
Armstrong World Industries, Inc. reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2015. For the quarter, the company reported net sales of $658.5 million compared to $678.9 million a year ago. Excluding the unfavorable impact from foreign exchange of $29 million, net sales increased 1.3%compared to the prior year period driven by higher volumes and favorable price and mix performance. Operating income was $79.7 million compared to $85.8 million a year ago. Operating income declined compared to the prior year period driven by increased SG&A expense to support go-to-market initiatives in the Americas Resilient business, costs associated with the previously announced separation project, higher non-cash U.S. pension expense, unfavorable price and mix and higher manufacturing costs; which were only partially offset by lower input costs and the margin impact of higher volumes. Earnings from continuing operations before income taxes were $55.2 million compared to $73 million a year ago. Earnings from continuing operations were $30.3 million or $0.54 per basic and diluted share compared to $46.7 million or $0.84 per basic and diluted share a year ago. Net earnings were $31.8 million or $0.57 per basic and diluted share compared to $31.6 million or $0.57 per basic and diluted share a year ago. Net income was negatively impacted compared to the prior year by foreign exchange rate losses on the translation of unhedged cross-currency intercompany loans denominated in Russian Rubles used to fund construction of a mineral fiber ceilings plant that was completed in the first quarter of 2015 and by R&D tax credits that had an outsized benefit in the prior year that did not repeat. Adjusted EBITDA was $128 million compared to $122 million a year ago.
For the nine months, the company reported net sales of $1,842.6 million compared to $1,928 million a year ago. Operating income was $178.6 million compared to $203.2 million a year ago. Earnings from continuing operations before income taxes were $134.2 million compared to $161.6 million a year ago. Earnings from continuing operations were $64 million or $1.14 per diluted share compared to $91.4 million or $1.64 per diluted share a year ago. Net earnings were $108 million or $1.92 per diluted share compared to $67.4 million or $1.21 per diluted share a year ago. Net cash provided by operating activities was $144 million compared to $111.1 million a year ago. Adjusted EBITDA was $315 million compared to $309 million a year ago.
The company now expects full year sales to be in the $2.4 to $2.45 billion range, adjusted EBITDA to be in the $370 to $390 million range and adjusted EPS to be in the range of $2.15 to $2.35 per diluted share.
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