Armstrong World Q3 Profit Down; Updates FY13 Sales View - Quick Facts

(RTTNews) - Armstrong World Industries, Inc. (AWI) Monday posted a lower third-quarter profit, as higher revenues were offset by increase in expenses. The company also provided outlook for the fourth quarter and updated its forecast for the year 2013.

Earnings from continuing operations was $55.9 million or $0.94 per share, compared with $74 million or $1.24 per share last year. Including discontinued operations, net earnings were $50.4 million or $0.85 per share, compared with $62.9 million or $1.05 per share a year ago.

On an adjusted basis, earnings from continuing operations were $51 million or $0.87 per share for the quarter. On average, sixteen analysts polled by Thomson Reuters expected the company to report earnings per share of $0.86 the quarter. Analysts' estimates typically exclude one-time items.

Net sales increased to $729.7 million from prior year's $694.7 million. Analysts expected the company to generate revenues of $744.17 million for the three-month period.

For the fourth quarter, sales are expected to be in the range of $645 million to $685 million and adjusted EBITDA to be in the range of $70 million to $90 million. Analysts expect the company to report revenues of $656.40 million for the fourth quarter.

For the full-year, the company said it is reducing the top end of its sales and adjusted EBITDA guidance, as the commercial construction activity flattened out in the US and Europe from the low-to-mid single digit growth. The company now expects full-year sales in the range of $2.70 billion to $2.74 billion. Adjusted earnings per share is expected to be between $2.00 and $2.20. Analysts expect the company to report earnings of $2.19 per share, on revenues of $2.73 billion.