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Posted on August 4, 2023
Armstrong World Industries Inc is blaming a net loss in the fourth quarter of last year on a decline in the flooring industry in North America. The company says that the rising cost of lumber, coupled with a fall in both the construction of new homes and the remodeling of old ones – including wood floor restoration projects – is the root cause of the net loss of twenty-one million US dollars, a significant loss compared to a net loss of just under four million at the close of the corresponding period of 2009. As a result, shares in the company on Wall Street also fell by over three percent.
Volume fell by about two and a half percent in the last quarter of last year, which Armstrong blames on the increased cost of lumber. “Volume losses were especially significant in our Wood Flooring segment,” the company admitted in a statement released on Monday. “Sales were down eleven percent despite modest mix and price improvements.” Armstrong World Industries Inc says that the cost to its Wood Floor segment due to the rising price of lumber was an additional twenty million in expenditure.
Armstrong experienced a significant drop in net income in 2010, down to just eleven million from over seventy-seven and a half million the year before, with total revenue down by somewhat less, at around just half a percent. The company says it expects the current market to remain flat this year.
We provide virtually dust-free sanding with our continuous belt machinery with mobile extraction units, giving you a safer environment for your family.
This organic finish not only adds beauty to your home but also has exceptional water-repellent characteristics, making it easier to clean and maintain.
This natural floor finish offers the softest and most mellow appearance – and leaves your floor able to breath.
Using soft buffing machines (and hand-polishing where required) will bring a wonderful sheen to your newly-finished floor.
We offer a full assessment of your wooden floors to determine what repairs are needed to provide the perfect working surface for the later stages of sanding, staining and sealing.
We offer a comprehensive restoration process designed to address floors that are improperly fitted or damaged over time through wear and tear.
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