UPDATE: Armstrong World Posts Upbeat Q4 Profit, Issues Weak 2013 Profit Forecast
Armstrong World Industries (NYSE: AWI) reported a 1.2% drop in its fourth-quarter earnings.
For 2013, Armstrong expects earnings of $2.30 to $2.60 per share on revenue of $2.7 billion to $2.8 billion. However, analysts projected earnings of $2.89 per share on revenue of $2.72 billion.
For the first quarter, it expects revenue of $600 million to $650 million, versus estimates of $642 million. Armstrong's quarterly profit fell to $8.4 million, or $0.14 per share, from $8.5 million, or $0.14 per share, in the year-ago period. Excluding one-time items, it earned $0.34 per share, versus analysts' estimates of $0.32 per share.
Its revenue declined 1.6% to $612.8 million. The company had earlier projected revenue of $585 million to $635 million.
Its gross margin rose to 22.1% from 20.2%.
Armstrong shares closed at $56.23 on Friday.
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