Armstrong World Industries: Q1 Earnings Snapshot
LANCASTER, Pa. (AP) _ Armstrong World Industries Inc. (AWI) on Tuesday reported first-quarter net income of $44.4 million.
The Lancaster, Pennsylvania-based company said it had profit of 94 cents per share. Earnings, adjusted for one-time gains and costs, were $1.02 per share.
The results fell short of Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of $1.13 per share.
The ceiling and wall systems manufacturer posted revenue of $282.6 million in the period, which also did not meet Street forecasts. Three analysts surveyed by Zacks expected $287.7 million.
Armstrong World Industries expects full-year earnings in the range of $5 to $5.20 per share, with revenue in the range of $1.22 billion to $1.25 billion.
Armstrong World Industries shares have decreased 20% since the beginning of the year. The stock has decreased roughly 7% in the last 12 months.