Lancaster, Pa. — Armstrong World Industries reported fourth quarter net income of $10.8 million compared with $9.2 million in the fourth quartwer of 2012 ending Dec. 31.
Sales were up 7.9 percent to $661.3 million. Increases in both volumes and price within hardwood flooring were the primary drivers of the increase in sales, the company reported. Helping the bottom line in the fourth quarter was a sharp drop in income-tax expense, to $7.5 million from $20.5 million.
For the year, net profits fell 28.3 percent to $94.1 million, down from $131.3 million in 2012. Sales improved 3.8 percent to $2.72 billion.
The 2013 bottom line was hurt by higher selling, general and administrative expenses and higher interest expense.
Sales were negatively impacted by approximately $26 million due to the sale of the Patriot wood flooring distribution business in the third quarter of 2012, Armstrong said.