AWI - Why Shares of Armstrong World Industries Are Down Today
Shares of Armstrong World Industries (NYSE: AWI) traded down 11% on Wednesday afternoon after the construction materials supplier reported worse-than-expected quarterly results. The COVID-19 pandemic has caused delays in construction projects, leading to sluggish demand for the products Armstrong manufactures.
On Tuesday morning Armstrong reported adjusted second-quarter earnings of $0.75 per share on revenue of $203.2 million, falling short of analyst expectations for $0.92 per share in earnings on revenue of $223 million. Total sales fell 25% year over year and operating income was down 28%, due largely to weakness in major metropolitan areas that were impacted by COVID-19.
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