Lower Demand Affects Armstrong Sales

Armstrong World Industries, Inc. had net sales of $238.7 million for the fourth quarter of 2020, a decrease of 3.3 per cent compared to net sales of $246.9 million in the fourth quarter of 2019. Operating income was $44.1 million, down 29.1 per cent compared to $62.2 million last year. Earnings from continuing operations for the quarter were $34.8 million, down 32.4 per cent versus $51.5 million. The company says the decrease is due to lower market demand due to COVID-19 and unfavourable mineral fibre average unit value. Sales for the mineral fibre segment decreased 7.2 per cent while sales for the architectural specialties segment increased 11.9 per cent.