Armstrong sales decline in Q3
The company reported net sales of $804.7 million from continuing operations that were 6.9% lower than in the third quarter of 2000. Excluding the unfavorable effects of foreign exchange rates and the impact of the third quarter 2000 Installation Products Group ("IPG") divestiture, net sales decreased 5.7%.
Third quarter 2001 after-tax earnings from continuing operations were $14.3 million or $0.35 per share.
The company said economic conditions continued to weaken in the third quarter, particularly in September, resulting in pricing pressure and lower sales volume. Increased investments in product development and marketing, coupled with these economic pressures, resulted in lower earnings as compared to the third quarter of 2000.
The company anticipates economic conditions will continue to pressure pricing and sales volume in the fourth quarter.
Floor covering net sales of $303.3 million decreased 13.1% versus prior year due to lower sales volume in laminate and commercial tile products, and the third quarter 2000 IPG divestiture.
Building products net sales decreased 4.7% to $215.1 million in 2001 due primarily to lower sales in the commercial construction market.
Textile and sports flooring net sales in the third quarter of 2001 increased 4.6% over the prior year to $72.1 million.
Third-quarter 2001 net sales of $804.7 million were 6.9% lower than in the third quarter of 2000.