Posted März 8, 2018
Armstrong Flooring, Inc. reported financial results for the 4Q and full year ended December 31, 2017. In the 4Q 2017, net sales were $262.7 million as compared to $271.7 million in the 4Q 2016, primarily as a result of a decline in net sales in the Wood Flooring segment.
4Q 2017 net loss was $20.7 million, or a loss per diluted share of $0.80, as compared to a net loss of $6.3 million, or loss per diluted share of $0.23, in the prior year quarter.
4Q 2017 adjusted EBITDA was $5.7 million, as compared to $5.5 million in the prior year quarter, with the increase primarily attributable to lower manufacturing costs and SG&A, including lower incentive-based employee compensation, partly offset by the impact of lower Wood Flooring segment net sales and increased raw material input cost inflation.
Don Maier, CEO, commented, “Improved 4Q 2017 Adjusted EBITDA and margin reflect our commitment to targeted productivity and cost control initiatives. For the full year 2017, manufacturing cost and SG&A efficiencies offset more than two-thirds of the combined Adjusted EBITDA impact from legacy portfolio market pressures and higher than expected input costs. While market challenges in resilient sheet and wood are unabating, we continue to make strong progress on our innovation-based growth objectives.”
Armstrong Flooring, Inc. is North America’s largest producer of resilient and wood flooring products.