LANCASTER, Pa. - Armstrong Flooring, Inc. (NYSE:AFI), North America’s largest producer of resilient and wood flooring, today reported financial results for its first quarter ended March 31, 2016. These results represent the last quarter prior to operating as an independent, publicly traded company upon the completion of the Company’s separation from Armstrong World Industries, Inc. on April 1, 2016.
“We are pleased to emerge as a stand-alone public company on firm footing to deliver our full year 2016 objectives,” said Don Maier, CEO. “Our first quarter results demonstrate continued progress as we implement our transformation to grow net sales, enhance profitability and generate shareholder value."
In Armstrong's wood flooring segment, net sales increased 17.4 percent to $120.5 million. Volume increases in the quarter reflect a recovery from production issues experienced in the first quarter of 2015, and from shipments to support inventory requirements in a key strategic account. Lower prices were primarily due to lower lumber costs.
Company wide, Armstrong Flooring net sales were $284.4 million, a 9.6 percent rise, though the company ended with a loss overall of $2.6 million. Partly that was attributable to investment in luxury vinyl flooring, which is on a tear, and Armstrong Flooring ramped up a luxury vinyl tile (LVT) plant in Lancaster, Pa. Armstrong predicts sales of $1.2 billion for its first year and expects to expend $50 to $60 million in capital expenditures.
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