Armstrong World Industries, Inc. (AWI) shares surged 5.45% in pre-market trading on Tuesday after the company reported better-than-expected results for the fourth quarter of 2024.
The Lancaster, Pennsylvania-based ceiling and wall systems manufacturer reported adjusted earnings of $1.50 per share for the quarter ended December 31, 2024, surpassing analysts' estimates of $1.38 per share. The company's earnings per share increased by 23% year-over-year, driven by higher sales volumes and improved average unit value (AUV).
Armstrong World Industries' net sales for the quarter rose 17.7% year-over-year to $367.7 million, outpacing analysts' expectations of $352.1 million. The company's net sales growth was fueled by strong demand across both its Mineral Fiber and Architectural Specialties segments, as well as favorable pricing and product mix.
The company's operating income increased 23.5% to $81.9 million in the fourth quarter, while adjusted EBITDA grew 14% to $112 million, reflecting the benefits of higher sales volumes, improved AUV, and contributions from recent acquisitions.
For the full year 2024, Armstrong World Industries reported record-setting net sales of $1.45 billion, up 11.6% from the previous year, and adjusted diluted earnings per share of $6.31, an increase of 18.6% year-over-year.
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