Armstrong World Industries (AWI) Reports Mixed Q4 Earnings; to Cut 5-10% of Workforce in '09
More News related to AWI
- Armstrong World Industries (AWI) Reports Strong Q3 Results; Guides FY09
- Armstrong World Industries Reports Third Quarter 2009 Results
- Trading Radar for 10/27: Visa (V), Baidu.com (BIDU), WYNN Resorts (WYNN), RF Micro (RFMD), BP (BP) Report
- Armstrong World Industries to Report 2009 Third-Quarter Results After Market Close on October 27
- Armor TPG Holdings Updates Tender Offer Results for Shares of Armstrong World Industries, Inc.
Armstrong World Industries, Inc. (NYSE: AWI) reports Q4 EPS of $0.20, ex-items, 5 cents better than the analyst estimate of $0.15. Revenues for the quarter were $708.4 million, versus the consensus of $771.46 million.
In response to pervasive and significant market declines, management has initiated cost reduction actions to partially offset volume declines and inflation. In 2009, discrete manufacturing actions are expected to deliver savings of approximately $20 million. An additional $35 million in benefits from ongoing manufacturing and SG&A productivity initiatives is also anticipated. Further reductions are planned, which will reduce SG&A costs by an incremental $10 million to $15 million. We reduced our global workforce 10 percent from year-end 2006 and anticipate additional reductions of 5 percent to 10 percent in 2009.
Related Categories
EarningsStocks Mentioned
+0.00Related Entities
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
