In the 4Q 2018, Armstrong Flooring’s net sales decreased 3.5% to $153.8 million as compared to $159.4 million in the 4Q 2017, or 2.4% excluding the impact of currency, as the company said in the press release received by Lesprom Network.
4Q 2018 net loss was $171 million, or diluted loss per share of $6.57, as compared to net loss of $20.7 million, or diluted loss per share of $0.80, in the prior year quarter. Current year loss included $156.1 million related to the wood flooring business, which is now classified as a discontinued operation.
4Q 2018 adjusted EBITDA was $1.8 million, as compared to $4.9 million in the prior year quarter. The decrease in adjusted EBITDA was primarily driven by lower net sales and increased input cost inflation pressure, partially offset by improved productivity and lower SG&A spending.
For the full year 2018, net sales increased 3.4% to $728.2 million as compared to $704.1 million in 2017. The improvement in net sales was primarily driven by favorable mix and overall higher selling prices in response to inflationary pressure, partly offset by lower volumes.
Full year 2018 net loss was $163 million, or diluted loss per share of $6.27, as compared to net loss of $41.8 million, or diluted loss per share of $1.54, in the prior year.
Full year 2018 adjusted EBITDA was $57.5 million, as compared to $55.7 million in the prior year.
Don Maier, CEO, commented, “During 2018, we grew sales on strong volume growth in Luxury Vinyl Tile (“LVT”) as well as higher selling prices across many product categories. Our full year Adjusted EBITDA from continuing operations improved by 3.3% helped by productivity gains and cost saving actions in the face of strong inflationary pressure. 4Q 2018 results were impacted by soft end market demand, along with the timing of customer purchases in response to delayed U.S. tariff increases.”
Armstrong Flooring, Inc. is a global leader in the design and manufacture of innovative flooring solutions.
