Published on 2 May 2024 on Zacks via Yahoo Finance

Armstrong World (AWI) Q1 Earnings & Net Sales Top, '24 View Up

Armstrong World Industries, Inc. AWI reported splendid results for first-quarter 2024, wherein earnings and net sales topped the Zacks Consensus Estimate and increased on a year-over-year basis.The company’s growth trend was backed by solid contributions from the Mineral Fiber as well as Architectural Specialties segments. The growth was attributable to the increase in average unit value (AUV), driven by favorable pricing and mix. Also, contributions from recent acquisitions aided the uptrend. This was reflected in record-setting sales and adjusted EBITDA growth along with adjusted EBITDA margin expansion.Furthermore, the company is optimistic about its recently announced acquisition of 3form, LLC, which is expected to expand the portfolio of its Architectural Specialties segment and enhance its relationships with architects and designers. Thanks to its consistent operational excellence and the improving business trend, Armstrong World updated its 2024 outlook despite an uncertain economic backdrop.Following the results, shares of this international designer and manufacturer of wall and ceiling building materials dwindled 3.3% during the trading hours on Apr 30.

Inside the Headlines

Armstrong World reported adjusted earnings of $1.38 per share, which topped the Zacks Consensus Estimate of $1.21 by 14.1%. The metric also grew 23.2% year over year from earnings of $1.12 per share.