Armstrong World Q1 Profit Soars - Quick Facts

(RTTNews) - Armstrong World Industries, Inc. (AWI) posted a surge in first-quarter 2014 net income to $16.9 million, or $0.30 per share, from $3.2 million, or $0.05 per share, a year ago, benefiting from lower interest expense due to the write off of deferred financing costs during the first quarter of 2013 as a result of the refinancing transaction.

Both net profit and earnings per share were hurt by higher income tax expense as a result of increased sales and profitability when compared with last year. Comparable earnings per share also benefited from the firm's $260 million share repurchase in the third quarter of 2013.

On a non-GAAP basis, earnings per share were $0.42 during the latest quarter. On average, 15 analysts polled by Thomson Reuters expected earnings per share of $0.43 for the quarter. Analysts' estimates typically exclude one-time items.

Compared with last year, operating income climbed by 11.7% to $52.5 million, from $47.0 million, due to improvements in price and reduced manufacturing costs driven by productivity improvements, which more than offset increases in input costs driven primarily by rising lumber prices and increased SG&A expenses.

Driven by improved price and mix, which more than offset lower volumes, consolidated net sales for the quarter increased nearly 2% year-on-year to $634.4 million, from $622.3 million. Analysts estimated revenues of $640.05 million for the quarter. Volumes were up across all geographies in Building Products but were more than offset by lower volumes in North America Resilient and Wood Flooring, the company stated.