LANCASTER, PA — Armstrong World Industries, Inc. (NYSE: AWI) has announced record-breaking financial results for the fourth quarter and full year of 2024, highlighting robust growth across net sales, operating income, and earnings per share. The company reported full-year net sales of $1.4 billion, a 12% increase compared to the previous year, with fourth-quarter net sales soaring to $368 million, up 18%.
“These strong fourth-quarter results capped off another year of significant growth for Armstrong with record-setting sales and earnings, strong free cash flow generation, and two meaningful acquisitions to grow our Architectural Specialties capabilities,” said Vic Grizzle, Armstrong’s President and CEO.
Fourth-Quarter Highlights
- Net sales of $368 million, up 18% year-over-year, driven by higher sales volumes and favorable pricing.
- Operating income increased by 24%.
- Diluted net earnings per share rose by 34%, with adjusted EBITDA increasing 14%.
- The Architectural Specialties segment delivered a 41% net sales increase, fueled by acquisitions and custom project growth.
The company completed its acquisition of A. Zahner Company during the quarter, adding to its Architectural Specialties portfolio alongside earlier acquisitions of 3form, LLC, and BOK Modern, LLC. These moves are part of Armstrong’s strategy to expand its footprint in high-value custom architectural projects.
Full-Year 2024 Achievements
- Total net sales climbed to a record $1.4 billion, a 12% increase year-over-year.
- Operating income rose 16%, while diluted net earnings per share increased by 21%.
- Adjusted EBITDA grew by 13%, reflecting improved performance across both the Mineral Fiber and Architectural Specialties segments.
Mineral Fiber sales improved due to favorable pricing and product mix, with a portion of the growth offset by slightly weaker volumes. The Architectural Specialties segment contributed significantly, with a $97 million increase in sales boosted by acquisitions and custom project gains.
Strategic Focus and 2025 Outlook
Armstrong remains committed to its long-term growth strategy, emphasizing innovation, digital transformation, and operational efficiencies. The company has outlined its 2025 guidance, anticipating continued growth across its key financial metrics.
“We delivered strong results across both segments in 2024, demonstrating the resilience of our growth model, despite challenging market conditions,” said Chris Calzaretta, Armstrong’s Senior Vice President and CFO. “Turning to 2025, our focus remains on delivering profitable growth and navigating a choppy operating environment to drive margin expansion in both our Mineral Fiber and Architectural Specialties businesses.”
With its acquisitions now integrated and operational improvements underway, Armstrong expects to sustain its growth trajectory in 2025, leveraging enhanced cash flow to fund strategic investments and shareholder returns.
“Our proven record of success gives us confidence we can sustain our consistent growth trajectory in 2025,” Grizzle added.
Armstrong World Industries continues to position itself as a leader in the construction and design solutions market, underpinned by its strong financial performance and commitment to innovation.
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