Armstrong Flooring, Inc. reported financial results for the 2Q ended June 30, 2019. In the 2Q 2019, net sales decreased 11.7% to $177.7 million from $201.2 million in the 2Q 2018, including an adverse currency impact of 110 basis points. The decrease in net sales was primarily due to lower volumes and mix, marginally offset by modest price realization in response to tariff related inflationary pressures.
Net income in the second quarter of 2019 was $14.7 million, or diluted income per share of $0.56, as compared to a net income of $10.5 million, or diluted income per share of $0.40, in the prior year quarter.
Adjusted net income was $9.4 million, or adjusted diluted income per share of $0.36, as compared to an adjusted net income of $7.8 million, or adjusted diluted income per share of $0.30, in the prior year quarter.
Second quarter 2019 adjusted EBITDA was $20.0 million, as compared to $20.7 million in the prior year quarter.
For the full year 2019, the Company has moderated its expectation for adjusted EBITDA, which it now anticipates to be in the range of $46 million to $54 million, primarily attributable to a continuation of soft end-market conditions.
Larry McWilliams, Chairman and Interim CEO, commented, “Adjusted EBITDA margin improved in the quarter despite challenging end market demand across our industry, including the winding down of elevated channel inventory levels. We remain committed to investing in our products, people and operations to improve our position with customers. The strength of our balance sheet provides us with the flexibility to continue executing against that objective while capitalizing on value enhancing opportunities.”
Armstrong Flooring, Inc. is a global leader in the design and manufacture of innovative flooring solutions.
