Armstrong Flooring (AFI) Tops Q2 EPS by 8c, Revenues Miss

Armstrong Flooring (NYSE: AFI) reported Q2 EPS of ($0.23), $0.08 better than the analyst estimate of ($0.31). Revenue for the quarter came in at $145.6 million versus the consensus estimate of $155.5 million.

Second Quarter 2020 Highlights

• Net Sales of $145.6 Million
• Net Loss of $6.3 Million and Adjusted Net Loss of $5.1 Million
• Adjusted EBITDA of $6.9 Million
• Amended the ABL credit facility and entered into a new $70 million term loan facility to further strengthen capital resources

Michel Vermette, President and Chief Executive Officer, commented, “Our second quarter results reflect the focused execution of our strategic plan during these challenging times. Since April, our top line performance improved month-over-month throughout the quarter as demand for our critical products began to recover. We are encouraged by improving end market trends and an overall positive response from our customers as we continue to streamline new product introductions and strengthen our service capabilities. As we look to the balance of 2020, our focus remains on expanding our reach within our addressable flooring market, simplifying our processes, and strengthening our competitive position while being mindful that extended shelter-in-place orders may continue to have an evolving impact on near term flooring demand. However, I am confident in our ability to continue improving our operations and with our recently enhanced liquidity position we are now better situated to execute our business transformation.”

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

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