LANCASTER, PA - Wood flooring sales rose, while cabinet sales fell fourth quarter for construction supplies giant Armstrong World Industries, Inc. (NYSE: AWI).
Armstrong, which also makes building materials and resilient flooring, among other items, reported increased sales in Asia, flat sales in the Americas, and a drop in sales in Europe. Overall sales were $2.86 billion for the year ended December 31, 2011, up about 3 percent over 2010. But net income soared, to $112.4 million, up from $10 million as Armstrong took charges on closing plants and other write-downs.
Wood flooring sales rose 3.4 percent to $111.5 million. In 2010 armstrong recorded a $32 million loss in its wood flooring segment, a result of $5 million of fixed asset write downs and severance charges related to the closure of two manufacturing facilities, and $22 million of impairment charges for wood flooring trademarks.
|Armstrong Industries 2011 Earnings|
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