Armstrong World Industries, Inc. (AWI) reported strong financial performance for the third quarter and the first nine months of 2024, with significant increases in net sales, gross profit, and operating income compared to the same periods in 2023. For the three months ended September 30, 2024, net sales reached $386.6 million, an 11.3% increase from $347.3 million in Q3 2023. For the nine months, net sales totaled $1,078.0 million, up 9.7% from $982.9 million in the prior year.
Gross profit for Q3 2024 was $164.1 million, compared to $141.4 million in Q3 2023, while gross profit for the nine months increased to $437.7 million from $377.5 million. Operating income also saw a rise, reaching $111.3 million for Q3 2024, up from $100.2 million, and $292.4 million for the nine months, compared to $257.4 million in the previous year. The increase in operating income was attributed to higher sales volumes, particularly from recent acquisitions, and lower energy and freight costs.
The company’s net earnings for Q3 2024 were $76.9 million, an increase from $69.5 million in Q3 2023, while net earnings for the nine months rose to $202.7 million from $177.0 million. Earnings before income taxes for Q3 2024 were $103.8 million, compared to $93.7 million in the same period last year.
AWI's strategic developments included the acquisition of 3form, LLC in April 2024, which specializes in architectural resin and glass products, and the acquisition of Insolcorp, LLC in October 2023, focusing on energy-saving products. The company also invested $5.5 million in Overcast Innovations LLC for a 19.5% ownership interest. These acquisitions contributed significantly to sales growth, with the Architectural Specialties segment net sales increasing by 31.8% in Q3 2024, driven by the 3form and BOK Modern acquisitions.
As of September 30, 2024, AWI reported total assets of $1,804.0 million, up from $1,672.4 million at the end of 2023. The company’s long-term debt decreased to $533.1 million from $564.3 million, reflecting improved financial management. Cash and cash equivalents stood at $73.7 million, slightly up from $70.8 million at the end of 2023.
Overall, AWI's performance in 2024 has been bolstered by strategic acquisitions, increased sales volumes, and effective cost management, positioning the company for continued growth in the competitive building materials market.
About ARMSTRONG WORLD INDUSTRIES INC
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