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

Armstrong World Industries (NYSE:AWI) issued its earnings results on Tuesday. The construction company reported $1.81 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.75 by $0.06, Briefing.com reports. The company 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 firm’s quarterly revenue was up 11.3% on a year-over-year basis. During the same period in the prior year, the business earned $1.60 EPS. 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 Stock Performance

Armstrong World Industries stock traded up $0.96 during mid-day trading on Wednesday, reaching $140.96. 119,176 shares of the company traded hands, compared to its average volume of 311,281. The firm’s fifty day moving average is $130.96 and its two-hundred day moving average is $122.28. The company has a market capitalization of $6.17 billion, a price-to-earnings ratio of 26.63, a price-to-earnings-growth ratio of 1.92 and a beta of 1.14. Armstrong World Industries has a fifty-two week low of $74.37 and a fifty-two week 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.

Armstrong World Industries Increases Dividend

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

Analysts Set New Price Targets

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

Armstrong World Industries Company Profile

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.