Armstrong Flooring's 1Q net sales decreased by 2.1% to $138.7 million
Armstrong Flooring,net sales,1Q 2020
In the 1Q 2020, Armstrong Flooring's net sales decreased 2.1% to $138.7 million from $141.7 million in the 1Q 2019, including an adverse currency impact of 30 basis points. The decrease in net sales was primarily due to a decline in China net sales of approximately $5 million, attributable to the early outbreak of the COVID-19 virus in that region.
The net loss in the 1Q 2020 was $13.2 million, or diluted loss per share of $0.60, as compared to a net loss of $16.7 million, or diluted loss per share of $0.63, in the prior year quarter. Adjusted net loss was $12.7 million, or adjusted diluted loss per share of $0.58, as compared to an adjusted net loss of $13.1 million, or adjusted diluted loss per share of $0.49, in the prior year quarter.
1Q 2020 adjusted EBITDA was $1.6 million, as compared to break even in the prior year quarter. The decrease in adjusted EBITDA was primarily attributable to lower net sales and higher SG&A expense, partially offset by reduced input costs.
Michel Vermette, President and CEO, commented, “As the COVID-19 crisis continues to rapidly evolve, our top priority is the health and safety of our employees and our communities to help limit the spread of the virus. We have implemented measures in all facilities to ensure safe operations and continuity to serve our customers, most of whom operate in essential industries. All of our production facilities are currently operational and we are applying our acquired knowledge from our experiences in China to appropriately adapt our U.S. operations to manage through this unprecedented situation.”
Armstrong Flooring, Inc. is a global leader in the design and manufacture of innovative flooring solutions.