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

Armstrong World Industries (NYSE:AWI) announced its quarterly earnings data on Tuesday. The construction company reported $1.81 earnings per share for the quarter, topping analysts’ consensus estimates of $1.75 by $0.06, Briefing.com reports. The business had revenue of $386.60 million for the quarter, compared to analysts’ expectations of $386.69 million. Armstrong World Industries had a net margin of 17.92% and a return on equity of 41.53%. The business’s revenue was up 11.3% compared to the same quarter last year. During the same quarter in the prior 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 Armstrong World Industries stock traded up $1.21 during trading hours on Wednesday, reaching $141.21. The company’s stock had a trading volume of 106,877 shares, compared to its average volume of 311,222. The firm has a 50 day moving average price of $130.96 and a 200-day moving average price of $122.28. The company has a debt-to-equity ratio of 0.97, a current ratio of 1.76 and a quick ratio of 1.19. 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 $6.18 billion, a P/E ratio of 26.63, a P/E/G ratio of 1.92 and a beta of 1.14.

Armstrong World Industries Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, November 21st. Investors of record on Thursday, November 7th will be issued a $0.308 dividend. The ex-dividend date is Thursday, November 7th. This is a positive change 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 0.87%. Armstrong World Industries’s dividend payout ratio (DPR) is 23.12%.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on AWI. Truist Financial raised their price target on Armstrong World Industries from $148.00 to $162.00 and gave the company a “buy” rating in a report on Wednesday. Jefferies Financial Group raised their price target on Armstrong World Industries from $121.00 to $122.00 and gave the stock a “hold” rating in a research note on Wednesday, October 9th. StockNews.com upgraded shares of Armstrong World Industries from a “hold” rating to a “buy” rating in a research report on Tuesday, August 20th. Evercore ISI raised their price objective on Armstrong World Industries from $127.00 to $140.00 and gave the stock an “in-line” rating in a research note on Wednesday. Finally, UBS Group lifted their target price on shares of Armstrong World Industries from $136.00 to $144.00 and gave the company a “neutral” rating in a research note on Wednesday. Three research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, Armstrong World Industries presently has an average rating of “Moderate Buy” and a consensus price target of $140.00.

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.