Armstrong World Industries Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Armstrong World Industries Inc. filed its quarterly report (10-Q) for the period ending March 31, 2024, detailing financial performance and disclosures.</b>

AI Summary

ARMSTRONG WORLD INDUSTRIES INC (AWI) filed a Quarterly Report (10-Q) with the SEC on April 30, 2024. Armstrong World Industries Inc. filed a 10-Q report for the period ending March 31, 2024. The filing includes data related to various financial statement line items and disclosures. Specific dates mentioned include 2024-03-31, 2023-12-31, and 2022-12-31. Key financial elements such as Retained Earnings, Common Stock, and Treasury Stock are detailed. The report references specific business segments like Mineral Fiber and Architectural Specialties.

Why It Matters

For investors and stakeholders tracking ARMSTRONG WORLD INDUSTRIES INC, this filing contains several important signals. This 10-Q filing provides an updated snapshot of Armstrong World Industries' financial position and performance for the first quarter of 2024. Investors and analysts can use this report to assess the company's financial health, track changes in key accounts, and understand segment performance.

Risk Assessment

Risk Level: medium — ARMSTRONG WORLD INDUSTRIES INC shows moderate risk based on this filing. The filing is a standard 10-Q, which is a routine disclosure for public companies. The risk is medium due to the inherent uncertainties in financial reporting and market conditions, but no specific red flags are immediately apparent from the header information.

Analyst Insight

Review the detailed financial statements and segment performance within the 10-Q to understand the company's operational and financial trends for Q1 2024.

Revenue Breakdown

Key Numbers

• 2024-03-31 — Period End Date (CONFORMED PERIOD OF REPORT)
• 2024-04-30 — Filing Date (FILED AS OF DATE)
• 0000007431 — Central Index Key (FILER)
• 2023-12-31 — Previous Year End Date (Reference Date)
• 2022-12-31 — Prior Year End Date (Reference Date)

Key Players & Entities

• ARMSTRONG WORLD INDUSTRIES INC (company) — FILER
• 2024-03-31 (date) — CONFORMED PERIOD OF REPORT
• 2024-04-30 (date) — FILED AS OF DATE
• 0000007431 (company) — CENTRAL INDEX KEY
• PA (location) — STATE OF INCORPORATION
• 1231 (date) — FISCAL YEAR END
• LANCASTER (location) — CITY
• 17603 (postal_code) — ZIP

FAQ

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-04-30: Filing Date — Date the 10-Q was officially filed with the SEC.
• 2023-12-31: Previous Fiscal Year End — Reference point for comparative financial data.

Key Financial Figures

• $0.01 — nge on which registered Common Stock, $0.01 par value per share AWI New York St

Filing Documents

• awi-20240331.htm (10-Q) — 1671KB
• awi-ex10_1.htm (EX-10.1) — 41KB
• awi-ex31_1.htm (EX-31.1) — 15KB
• awi-ex31_2.htm (EX-31.2) — 16KB
• awi-ex32_1.htm (EX-32.1) — 6KB
• awi-ex32_2.htm (EX-32.2) — 5KB
• img188311633_0.jpg (GRAPHIC) — 9KB
• 0000950170-24-050195.txt (&nbsp;) — 8762KB
• awi-20240331.xsd (EX-101.SCH) — 1325KB
• awi-20240331_htm.xml (XML) — 1662KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements 5 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 22 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 28 Item 4.

Controls and Procedures

Controls and Procedures 28

- OTHER INFORMATION

PART II - OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 29 Item 1A.

Risk Factors

Risk Factors 29 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 29 Item 3. Defaults Upon Senior Securities 29 Item 4. Mine Safety Disclosures 29 Item 5. Other Information 29 Item 6. Exhibits 30

Signatures

Signatures 31 2 When we refer to "AWI," the "Company," "we," "our" or "us," we are referring to Armstrong World Industries, Inc. and its subsidiaries. CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS Certain statements in this Quarterly Report on Form 10-Q and the documents incorporated by reference herein may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Those forward-looking statements are subject to various risks and uncertainties and include all statements that are not historical statements of fact and those regarding our intent, belief or expectations, including, but not limited to, our expectations concerning our markets, broader economic conditions and their effect on our operating results; our expectations regarding the payment of dividends; and our ability to increase revenues, earnings and earnings before interest, taxes, depreciation and amortization. Words such as "anticipate," "estimate," "expect," "project," "intend," "plan," "believe," "outlook," "target," "predict," "may," "will," "would," "could," "should," "seek," and similar expressions are intended to identify such forward-looking statements. These statements are based on management's current expectations and beliefs and are subject to a number of factors that could lead to actual results materially different from those described in the forward-looking statements. Although we believe that the assumptions underlying the forward-looking statements are reasonable, we can give no assurance that our expectations will be attained. Factors that could have a material adverse effect on our financial condition, liquidity, results of operations or future prospects or which could cause actual results to differ materially from our expectations include, but are not limited to: Risks Related to Our Operations changes in key customer relationships; availability and costs of manufacturing inputs or sourced products; financia

- FINANC IAL INFORMATION

PART I - FINANC IAL INFORMATION

FINANC IAL STATEMENTS

ITEM 1. FINANC IAL STATEMENTS Armstrong World Industries, Inc., and Subsidiaries Condensed Consolidated Statements of Earnings and Comprehensive Income (amounts in millions, except per share data) Unaudited Three Months Ended March 31, 2024 2023 Net sales $ 326.3 $ 310.2 Cost of goods sold 202.0 198.1 Gross profit 124.3 112.1 Selling, general and administrative expenses 65.7 62.7 (Gain) related to change in fair value of contingent consideration ( 0.3 ) - Equity (earnings) from unconsolidated affiliates, net ( 27.2 ) ( 20.8 ) Operating income 86.1 70.2 Interest expense 9.0 8.7 Other non-operating (income), net ( 3.1 ) ( 2.4 ) Earnings before income taxes 80.2 63.9 Income tax expense 20.3 16.6 Net earnings $ 59.9 $ 47.3 Other comprehensive (loss), net of tax: Foreign currency translation adjustments ( 0.8 ) ( 0.1 ) Derivative gain (loss), net 0.5 ( 2.2 ) Pension and postretirement adjustments ( 0.6 ) 0.2 Total other comprehensive (loss) ( 0.9 ) ( 2.1 ) Total comprehensive income $ 59.0 $ 45.2 Net earnings per share of common stock: Basic $ 1.37 $ 1.04 Diluted $ 1.36 $ 1.04 Average number of common shares outstanding: Basic 43.8 45.4 Diluted 44.1 45.5 See accompanying notes to Condensed Consolidated Financial Statements beginning on page 9. 5 Armstrong World Industries, Inc., and Subsidiaries Condensed Consolidated Balance Sheets (amounts in millions, except share and per share data) Unaudited March 31, 2024 December 31, 2023 Assets Current assets: Cash and cash equivalents $ 69.6 $ 70.8 Accounts and notes receivable, net 125.4 111.0 Inventories, net 106.4 104.0 Income taxes receivable 0.4 0.8 Other current assets 28.9 26.4 Total current assets 330.7 313.0 Property, plant, and equipment, less accumulated depreciation and

View Full Filing

View this 10-Q filing on SEC EDGAR