Armstrong World Industries (AWI) Reports Mixed Q4 Earnings; to Cut 5-10% of Workforce in '09
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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.
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