Armstrong World Industries Inc. said Tuesday that its fourth-quarter net income declined slightly, due to a higher tax rate and some charges. Armstrong World Industries Inc. said Tuesday that its fourth-quarter net income declined slightly, due to a higher tax rate and some charges. Its adjusted results and revenue topped Wall Street's expectations.
For the three months ended Dec. 31, the floors and ceiling manufacturer earned $8.4 million, or 14 cents per share. That compares with earnings of $8.5 million, or 14 cents per share, in the 2011 fourth quarter.
Taking out restructuring charges and other items, the company said it earned 34 cents per share.
Analysts, on average, expected earnings of 32 cents per share, according to FactSet.
Revenue dipped 2 percent to $612.8 million from $623 million, hampered by unfavorable foreign currency exchange rates and absent a contribution from the Patriot wood flooring distribution business — which was sold during the third quarter. See the full story at www.businessweek.com.