In the 1Q 2019, Armstrong Flooring’s net sales decreased 13.8% to $141.7 million from $164.3 million in the 1Q 2018, including an adverse currency impact of 120 basis points. The decrease in net sales was primarily due to lower volumes and unfavorable mix, partly offset by overall higher selling prices in response to inflationary pressure, as the company said in the press release received by Lesprom Network.
Net loss in the 1Q 2019 was $16.7 million, or diluted loss per share of $0.63, as compared to a net loss of $10.4 million, or diluted loss per share of $0.40, in the prior year quarter.
Adjusted net loss was $13.1 million, or adjusted diluted loss per share of $0.49, as compared to an adjusted net loss of $3.5 million, or adjusted diluted loss per share of $0.13, in the prior year quarter.
Larry McWilliams, interim CEO of Armstrong Flooring, commented, “We acknowledge the headwinds affecting our 1Q results, but I am truly excited about the future of our business. We can capitalize on the opportunities before us by staying close and connected to our customer needs, focusing on execution and committing to innovation in all facets of our business. Our brand, products and most importantly the team we have assembled are well positioned to drive profitable growth in the business.”
Headquartered in Lancaster, Pennsylvania, Armstrong Flooring is North America’s largest producer of resilient flooring products.
