Armstrong World Industries reports record-breaking Q2 earnings, exceeding estimates, raising Q3 guidance.

From Investing.com: 2024-07-30 06:42:39

Armstrong World Industries (NYSE:AWI) reported a record-breaking Q2 in 2024, exceeding analyst expectations. Adjusted EPS was $1.62, surpassing estimates by $0.08. Revenue reached $365.1 million, beating estimates of $359.43 million. Net sales rose by 12%, operating income by 9%, diluted net earnings per share by 12%, adjusted EBITDA by 13%, and adjusted diluted net earnings per share by 17%.

President and CEO Vic Grizzle credited strong results to the company’s business model and growth initiatives. Q3 guidance raised with EPS expected between $6.00 and $6.15, higher than estimates of $5.93. Forecasted Q3 revenue of $1.415 to $1.44 billion exceeds estimates of $1.413 billion. Q2 performance boosted by increased volumes and AUV, particularly in Architectural Specialties and Mineral Fiber segments.

Increased operating income due to higher sales volumes and favorable AUV in Q2, offset by higher SG&A expenses. CFO Chris Calzaretta confident in company outlook, aiming to expand adjusted EBITDA margin and create shareholder value. Armstong World Industries is optimistic about future growth and financial performance.



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