Armstrong (AWI) Q3 2024 Earnings Call Transcript

Motley Fool Transcribing, The Motley Fool

Tue, April 14, 2026 astatine 10:52 AM CDT 43 min read

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Tuesday, October 29, 2024 astatine 10:00 a.m. ET

• President and Chief Executive Officer — Vic Grizzle

• Senior Vice President and Chief Financial Officer — Chris Calzaretta

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Vic Grizzle: Thank you, Theresa, and bully morning, everyone, and convey you for joining our call. As we reported today, Armstrong delivered different 4th of beardown results with grounds mounting 3rd 4th income and beardown net growth, enabling america to erstwhile again rise our net guidance for full-year 2024. Similar to past quarter, our teams executed good connected each fronts, portion inactive facing muted marketplace conditions, arsenic good arsenic managing done 2 impactful hurricanes. Now to our customers and the communities impacted by Hurricanes, Helene and Milton, we widen our sincerest anticipation for a speedy betterment from the carnal and economical harm from these storms.

And to our teams astatine our Pensacola, Florida and Macon, Georgia facilities and our full proviso concatenation group, acknowledgment to you for successfully managing done these storms with minimal interruption to our operations and to our customers. This is simply a wide illustration of our agility and dedication to lawsuit work and operational excellence. And I'm arrogant of this effort and the enactment of our 3,500 employees, who exemplify this committedness to serving our customers each day. Now taking a person look astatine our 3rd 4th results, full institution income and adjusted EBITDA were astatine grounds mounting levels, each accrued 11% from anterior twelvemonth results, portion adjusted diluted net per stock accrued 13%.

These beardown results were driven by contributions from our caller Architectural Specialty acquisitions of 3form and BOK Modern, some of which are performing precise well, on with coagulated AUV show and specifically like-for-like terms realization successful our Mineral Fiber segment. Strong manufacturing productivity gains and coagulated contributions from our WAVE associated task besides contributed nicely successful the quarter. This corporate show was besides modestly amended than we had expected and contributed to the summation successful our full-year 2024 outlook, which Chris volition speech much astir present shortly. Our Mineral Fiber conception continued to execute good this quarter, adjacent arsenic marketplace conditions stay mixed crossed our cardinal verticals.

Mineral Fiber nett income accrued 3% connected coagulated AUV performance, much than offsetting a humble diminution successful income volumes. Our commercialized teams executed good successful the quarter, achieving beardown like-for-like price, on with immoderate stock summation successful our retail channel. Together with this beardown execution and contributions from our integer maturation initiatives, Canopy and Project Works, we were capable to mostly offset wide marketplace softness. Mineral Fiber adjusted EBITDA roseate 8% successful the 4th and adjusted EBITDA borderline reached astir 44%, marking the seventh consecutive 4th of year-over-year adjusted EBITDA borderline expansion. And this effect besides is the strongest 3rd 4th borderline show reported since 2019.