(Updated - April 25, 2023 6:16 AM EDT)

Armstrong World (NYSE: AWI) reported Q1 EPS of $1.12, $0.03 better than the analyst estimate of $1.09. Revenue for the quarter came in at $310.2 million versus the consensus estimate of $310.87 million.

AWI sees FY net sales between $1.26 billion and $1.31 billion and FY EPS of $4.80-5.05 vs the consensus of $1.28 billion and $4.83, respectively.

"While we are encouraged by our first-quarter results, including adjusted free cash flow growth versus prior year, we acknowledge the challenging macroeconomic environment and expect weaker market conditions ahead for the rest of the year,” said Chris Calzaretta, AWI CFO. “We are confident in the financial strength of our business and are maintaining our full-year 2023 outlook. We continue to be focused on executing our strategy, delivering manufacturing productivity, managing costs across the business and growing adjusted free cash flow. Our capital allocation strategy is unchanged, as we expect to continue to create long-term value for shareholders through reinvestment in our business, strategic partnerships and acquisitions, and returning excess cash to shareholders.”

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