Armstrong Flooring (AFI) Misses Q1 EPS by 1c

Armstrong Flooring (NYSE: AFI) reported Q1 EPS of ($0.13), $0.01 worse than the analyst estimate of ($0.12). Revenue for the quarter came in at $265.2 million versus the consensus estimate of $273.04 million.

Don Maier, Chief Executive Officer, commented: “First quarter 2017 results were below prior year as expected as net sales and adjusted EBITDA largely reflected the timing of load-in and promotional activity in the prior year quarter. We made additional progress with our innovation-based growth initiatives which helped produce double-digit sales gains in LVT; additionally, we experienced better performance in our commercial business. We are excited by the planned acquisition of Mannington’s VCT assets, which will enable us to increase sales in this attractive category while improving our manufacturing capacity utilization. We remain committed to driving product innovation across our portfolio, targeting productivity initiatives and evaluating additional M&A opportunities to grow adjusted EBITDA. The execution of our previously announced organizational realignment is on track and aligns our structure with customers while creating SG&A efficiencies. Overall, we are confident in our ability to achieve our strategic priorities and deliver our financial goals.”

For earnings history and earnings-related data on Armstrong Flooring (AFI) click here.

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