In the 3Q 2019, Armstrong Flooring’s net sales decreased 20.7% to $165.6 million from $208.9 million in the 3Q 2018, including an adverse currency impact of 90 basis points. The decrease in net sales was primarily due to unfavorable volumes and mix, as the company said in the press release received by Lesprom Network.
The net loss in the 3Q 2019 was $31.4 million, or diluted loss per share of $1.44, as compared to a net income of $7.9 million, or diluted income per share of $0.30, in the prior year quarter.
Adjusted net loss was $11.1 million, or adjusted diluted loss per share of $0.51, as compared to an adjusted net income of $10.5 million, or adjusted diluted income per share of $0.40, in the prior year quarter. 3Q 2019 adjusted EBITDA was $8.8 million, as compared to $24.4 million in the prior year quarter.
Michel Vermette, President and CEO, commented, “Since joining the Company in September I have spent time assessing the business, and it is clear that the current performance does not reflect the company’s potential. I have begun working with the teams to initiate a comprehensive review of all aspects of the business to allow us to address operational challenges, optimize our product portfolio, expand our customer reach, streamline processes and implement numerous best practices to better capitalize on market opportunities. As we begin the effort needed to overhaul and modernize the business, I am confident that the long-term upside for our company will be significant.”
Headquartered in Lancaster, Pennsylvania, Armstrong Flooring is North America’s largest producer of resilient flooring products.