LANCASTER, PA -- Armstrong World Industries Inc. (NYSE: AWI), a designer and manufacturer of floors, ceilings and cabinets reported net income of $52.5 million for its third quarter, more than double that of the same period one year ago.
Armstrong World Industries' net sales for Q3 2011 were $773.6 million, a 4.6% increase over Q3 2010.
Matt Espe, president and CEO. said, "The economic climate continues to be a challenge and, as a result, we saw lower volumes across most of our businesses. We achieved increased profitability through the execution of our cost savings plans, pricing ability, mix gains from new products and leverage of Lean investments. We continue to focus on running the businesses and managing factors within our control and, in the third quarter, we were encouraged to see our Wood Flooring business, in particular, have another strong earnings quarter following their impressive Q2 results."
Armstrong's Wood Flooring division recorded Q3 sales of $127.2 million, up 6.2% from last year. Operating income for Wood Flooring swung from a loss of $13.3 million to a profit of $17.4 million.
Cabinet sales for Q3 increased 13.2% to $39.5 million with operating income in the black at $1.7 million versus a loss of $1.2 million last year.
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