Armstrong World (AWI) Misses Q2 EPS by 17c

Armstrong World (NYSE: AWI) reported Q2 EPS of $0.75, $0.17 worse than the analyst estimate of $0.92. Revenue for the quarter came in at $203.2 million versus the consensus estimate of $223.03 million.

Market and 2020 Outlook:

“Market conditions have been improving since April as more cities and states reopen construction sites. However, we continue to see variability in regional demand and, accordingly, have decided not to reinitiate our customary financial guidance for 2020 at this time. As we currently outlook the remainder of the year, assuming sequential market improvement and no second wave of market shutdowns, we expect sales for the full year to be down 10%-18% and adjusted EBITDA margins to be greater than 35%. We also continue to expect to generate a free cash flow margin of 25%,” said Brian MacNeal, CFO of AWI. “Our balance sheet, liquidity, and ability to generate cash remain strong, and we are keeping a close eye on key economic indicators to help gauge the duration and severity of COVID-19’s impact on the economy.”

For earnings history and earnings-related data on Armstrong World (AWI) click here.

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