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 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.
Armstrong and Repsol, S.A. Restructure Agreement to Strategically Re-Align in Alaska Project
Oct 13 15
Repsol and Armstrong have reached an agreement to strategically re-align their interests in their Alaska North Slope exploration and development venture. The confidential agreement includes a combination of cash, operational control, drilling commitments and contractual adjustments for monetary considerations in excess of $800 million. Per the restructured agreement, Armstrong has acquired a 15% working interest in the initial development area near the Colville River Delta where the majority of exploratory and appraisal drilling activities have been carried out. In addition, Armstrong has the option of acquiring an additional 6% and assuming operatorship in the development area. Armstrong also acquired a 45% working interest and operatorship in the jointly-owned exploratory lands 750,000+ acres. It is anticipated that Armstrong, after exercising its 6% option, will own 51% and Repsol 49% in the development area, and Armstrong 75% and Repsol 25% in the exploration area. As part of this agreement, the previously planned 2015-16 winter appraisal drilling campaign has been deferred.
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