Armstrong Flooring’s 3Q net sales decreased by 20.7% to $165.6 million
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In 3Q 2019, Armstrong Flooring’s net sales declined 20.7% to $165.6 million from $208.9 million in the 3Q 2018, this includes a negative currency impact of 90 basis points. The decrease in net sales was primarily due to unfavourable volumes and mix, according to the company’s press release.
Net loss in the 3Q 2019 was $31.4 million, or diluted loss per share of $1.44, as compared to a net income of $7.9 million, or diluted income per share of $0.30, in the prior year quarter.
Adjusted net loss was $11.1 million, as compared to an adjusted net income of $10.5 million, in the prior year quarter. 3Q 2019 adjusted EBITDA was $8.8 million, as compared to $24.4 million in the prior year quarter.
Michel Vermette, President and CEO, commented, “Since joining the company in September, I have spent time assessing the business, and it is clear that the current performance does not reflect the company’s potential. I have begun working with the teams to initiate a comprehensive review of all aspects of the business to allow us to address operational challenges, optimise our product portfolio, expand our customer reach, streamline processes and implement numerous best practices to better capitalise on market opportunities. As we begin the effort needed to overhaul and modernise the business, I am confident that the long-term upside for our company will be significant.”
Headquartered in Lancaster, Pennsylvania, Armstrong Flooring is North America’s largest producer of resilient flooring products.