Armstrong results return to normality after tax boost

LANCASTER, Pa. — Armstrong World Industries reported that consolidated net sales in Q4 increased by 11.4% from the prior year to $238.9 million, driven largely by higher volumes in the architectural specialties segment. Operating income surged by 21% to $52.5 million. In 2017, Q4 earnings from continuing operations and diluted earnings per share benefitted from an $83 million revaluation of deferred taxes as a result of federal tax reform. This did not reoccur in 2018, so that earnings from continuing operations fell by 65% to $36.6 million and diluted EPS by 61% to $0.74.