In the 3Q 2016, Armstrong Flooring's net sales were $313.4 million compared to $322.6 million in the 3Q 2015, mainly reflecting lower Wood segment net sales, as the company said in the press release received by Lesprom Network.
Net income was $8.3 million, as compared to $8.9 million in the prior year quarter. Adjusted net income was $11.2 million, as compared to $10.7 million in the prior year quarter. The increase in adjusted net income primarily reflected better operating results in 2016.
Adjusted EBITDA grew to $30.4 million compared to $24.3 million in the prior year quarter. Adjusted EBITDA margin expanded to 9.7% from 7.5% for the comparable prior year period, largely due to lower manufacturing and input costs as well as lower SG&A spending.
“Our operational enhancements were evident during the quarter with adjusted EBITDA growth of 25% to $30.4 million and adjusted EBITDA margin of 9.7%,” said Don Maier, CEO. “We are steadily strengthening our balance sheet position and generating meaningful cash flow to deliver positive free cash flow for 2016. Our Luxury Vinyl Tile (“LVT”) business continued to outpace the broader market with double digit growth, particularly in residential end markets. That said, overall end markets were soft, creating heightened competitive dynamics and pricing pressure. Amid that backdrop, we are encouraged by our ability to deliver another quarter of adjusted EBITDA gains which reflects dedicated efforts to build value through our strategic priorities to achieve our medium term goals.”
Armstrong Flooring, Inc. is North America’s largest producer of resilient and wood flooring products.
