Armstrong Flooring Reports Mixed Q2 Earnings

  • Armstrong Flooring Inc AFI reported second-quarter FY21 net sales growth of 15.5% year-over-year to $168.1 million, beating the analyst consensus of $155.5 million.
  • The company’s revenue growth was led by strong Residential and Commercial recoveries while facing a dynamic supply chain and inflationary environment.
  • Adjusted loss per share was $(0.79), versus a $(0.23) loss a year ago.
  • The gross margin declined by 435 bps to 12.6%.
  • The company reported an operating loss of $(18.3) million, compared to a $(5.6) million loss last year.
  • Adjusted EBITDA for the quarter was $(3.5) million, with an adjusted EBITDA margin of (2.1)%.
  • Net cash used for operating activities year-to-date was $31.7 million, and free cash flow was $22.6 million.
  • Total liquidity stood at ~$91.6 million, and net debt on June 30, 2021, was $44.7 million.
  • Price Action: AFI shares closed at $5.50 on Tuesday.
Posted In: BriefsEarningsNews