In the 2Q 2017, Armstrong Flooring's net sales were $297.3 million as compared to $323.7 million in the 2Q 2016, a result of a decline in net sales in both the Wood Flooring and Resilient Flooring segments, as the company said in the press release received by Lesprom Network.
2Q 2017 net income was $5.4 million, as compared to $7 million in the prior year quarter. Adjusted net income was $7.2 million, as compared to $13 million in the prior year quarter.
2Q 2017 adjusted EBITDA was $25.1 million, as compared to $32.6 million in the prior year quarter, with the decline attributable to the impact of lower net sales which more than offset lower selling, general, and administrative costs as well as lower manufacturing costs.
Don Maier, CEO, commented: “2Q 2017 results were disappointing to us and fell short of our expectations, with the main driver soft demand in our legacy categories, primarily residential sheet and wood flooring. Our LVT sales continued to grow at a double-digit rate, although they did not fully offset the declines in other areas. In response to the challenging results, which we expect to continue through year end, we are taking active steps to transition our Company to deliver our medium term financial goals.”
Armstrong Flooring, Inc. is North America’s largest producer of resilient and wood flooring products.
