Armstrong World Industries (NYSE:AWI) Announces Earnings Results

Armstrong World Industries (NYSE:AWI) released its earnings results on Tuesday. The construction company reported $1.81 earnings per share for the quarter, topping the consensus estimate of $1.75 by $0.06, Briefing.com reports. The business had revenue of $386.60 million during the quarter, compared to the consensus estimate of $386.69 million. Armstrong World Industries had a return on equity of 41.53% and a net margin of 17.92%. The business’s revenue for the quarter was up 11.3% compared to the same quarter last year. During the same period last year, the company earned $1.60 earnings per share. 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 AWI stock opened at $140.33 on Thursday. The stock’s 50-day moving average is $131.30 and its 200 day moving average is $122.40. Armstrong World Industries has a 1-year low of $74.37 and a 1-year high of $143.07. The company has a debt-to-equity ratio of 0.97, a current ratio of 1.76 and a quick ratio of 1.19. The company has a market cap of $6.14 billion, a P/E ratio of 26.38, a PEG ratio of 1.92 and a beta of 1.14.

Armstrong World Industries Increases Dividend

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

Wall Street Analysts Forecast Growth

AWI has been the subject of a number of research analyst reports. Evercore ISI lifted their price objective on shares of Armstrong World Industries from $127.00 to $140.00 and gave the company an “in-line” rating in a report on Wednesday. Loop Capital boosted their price target on Armstrong World Industries from $135.00 to $145.00 and gave the company a “hold” rating in a report on Wednesday. Truist Financial raised their price objective on Armstrong World Industries from $148.00 to $162.00 and gave the stock a “buy” rating in a report on Wednesday. UBS Group upped their target price on Armstrong World Industries from $136.00 to $144.00 and gave the stock a “neutral” rating in a report on Wednesday. Finally, StockNews.com upgraded Armstrong World Industries from a “hold” rating to a “buy” rating in a research note on Tuesday, August 20th. Four investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target 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.