Armstrong closes first quarter strong

Home News Armstrong closes first quarter strong

Lancaster, Pa.—Armstrong World Industries posted a better-than-expected quarterly profit, helped by lower costs and a 15% rise in building product sales.

Company executives said oil prices continuing at the current levels or rising further could trigger additional pricing actions.

The company based here, which largely maintained its 2011 outlook, said higher raw material prices continue to be the primary risk to the forecast.

For the first quarter, the net income was $13.5 million, or $.23  per share, compared with a net loss of $19.4 million, or $.34 per share a year ago.

Revenue rose 4% to $685.2 million. Building products revenue rose 15% to $306.9 million. Expenses fell 16% to $120 million.

Excluding items, the company earned $.51 per share.

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