Armstrong World Industries (NYSE:AWI) Announces Quarterly Earnings Results, Beats Expectations By $0.06 EPS

Armstrong World Industries (NYSE:AWI) posted its quarterly earnings data on Tuesday. The construction company reported $1.81 EPS for the quarter, topping the consensus estimate of $1.75 by $0.06, Briefing.com reports. Armstrong World Industries had a net margin of 17.92% and a return on equity of 41.53%. The business had revenue of $386.60 million for the quarter, compared to analyst estimates of $386.69 million. During the same quarter in the previous year, the firm posted $1.60 earnings per share. Armstrong World Industries’s quarterly revenue was up 11.3% on a year-over-year basis. Armstrong World Industries updated its FY24 guidance to $6.15-6.25 EPS and its FY 2024 guidance to 6.150-6.250 EPS.

Armstrong World Industries Price Performance

Shares of NYSE:AWI traded down $0.82 during midday trading on Thursday, reaching $139.55. 180,222 shares of the company were exchanged, compared to its average volume of 311,228. The company has a current ratio of 1.76, a quick ratio of 1.19 and a debt-to-equity ratio of 0.97. The business’s fifty day moving average is $131.62 and its two-hundred day moving average is $122.52. Armstrong World Industries has a one year low of $74.37 and a one year high of $143.07. The stock has a market cap of $6.11 billion, a PE ratio of 26.23, a price-to-earnings-growth ratio of 1.92 and a beta of 1.14.

Armstrong World Industries Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, November 21st. Investors of record on Thursday, November 7th will be given a dividend of $0.308 per share. This is a positive change from Armstrong World Industries’s previous quarterly dividend of $0.28. The ex-dividend date is Thursday, November 7th. This represents a $1.23 dividend on an annualized basis and a dividend yield of 0.88%. Armstrong World Industries’s dividend payout ratio is currently 23.12%.

Analyst Ratings Changes

Several research analysts have recently issued reports on the stock. UBS Group upped their target price on shares of Armstrong World Industries from $136.00 to $144.00 and gave the stock a “neutral” rating in a research note on Wednesday. Evercore ISI upped their target price on shares of Armstrong World Industries from $127.00 to $140.00 and gave the stock an “in-line” rating in a research note on Wednesday. Truist Financial upped their target price on shares of Armstrong World Industries from $148.00 to $162.00 and gave the stock a “buy” rating in a research note on Wednesday. Jefferies Financial Group upped their target price on shares of Armstrong World Industries from $121.00 to $122.00 and gave the stock a “hold” rating in a research note on Wednesday, October 9th. Finally, Loop Capital upped their target price on shares of Armstrong World Industries from $135.00 to $145.00 and gave the stock a “hold” rating in a research note on Wednesday. Four research analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $140.83.

About Armstrong World Industries

Armstrong World Industries, Inc, together with its subsidiaries, engages in the design, manufacture, and sale of ceiling and wall solutions in the Americas. It operates through Mineral Fiber and Architectural Specialties segments. The company offers mineral fiber, fiberglass wool, metal, wood, felt, wood fiber, and glass-reinforced-gypsum; ceiling component products, such as ceiling perimeters and trims, as well as grid products that support drywall ceiling systems; ceilings, walls, and facades for use in commercial settings; and manufactures ceiling suspension system (grid) products.