LANCASTER, PA — Armstrong World Industries announced it posted an 18% rise in 2nd quarter operating profits, growing from $79.2 million in the 2nd quarter of 2006 to $93.8 million in the same period 2007. Sales for the maker of floors, ceilings and cabinets rose 4% to $920.6 million from $884.1 million. Three of Armstrong’s four business segments showed improved bottom lines in the period, with flooring up 76% to $18.7 million, building products (including ceilings) up 19% and cabinet profits up 9%, while wood flooring fell 18%.
The profit figures have been adjusted to exclude “fresh start” accounting, resulting from Armstrong’s emergence from bankruptcy last Oct. The profit figures also exclude restructuring charges, other gains and losses, and tax and interest expense, but do include lower manufacturing expenses and reduced selling, as well as, general and administrative expenses in some areas. Read more.
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