false000000743100000074312025-02-252025-02-25
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): February 25, 2025
ARMSTRONG WORLD INDUSTRIES, INC.
(Exact name of registrant as specified in its charter)
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Pennsylvania |
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1-2116 |
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23-0366390 |
(State or other jurisdiction of incorporation or organization) |
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(Commission File Number) |
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(IRS Employer Identification No.) |
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2500 Columbia Avenue P.O. Box 3001 Lancaster, Pennsylvania |
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17603 |
(Address of principal executive offices) |
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(Zip Code) |
Registrant’s telephone number, including area code: (717) 397-0611
NA
(Former name or former address if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of
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☐ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
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Title of each class |
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Trading Symbol(s) |
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Name of each exchange on which registered |
Common Stock, $0.01 par value per share |
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AWI |
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New York Stock Exchange |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ◻
Section 2 - Financial Information
Item 2.02 Results of Operations and Financial Condition.
On February 25, 2025, Armstrong World Industries, Inc. (the "Company") issued a press release announcing its fourth quarter and full year 2024 consolidated financial results. The full text of the press release is attached hereto as Exhibit 99.1.
The information in Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1, is being furnished herewith and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended (the “Act”), or the Exchange Act, except as expressly set forth by specific reference in such filing.
Section 7 – Regulation FD
Item 7.01 Regulation FD Disclosure.
On February 25, 2025, the Company issued a press release announcing that it will report its fourth quarter and full year 2024 consolidated financial results via a webcast and conference call on February 25, 2025 at 10:00 a.m. Eastern Time which can be accessed through the “Investors” section of the Company’s website, www.armstrongceilings.com. During this report, the Company will reference a slide presentation, a copy of which is attached hereto as Exhibit 99.2 and incorporated herein by reference.
The information in Item 7.01 of this Current Report on Form 8-K, including Exhibit 99.2, is being furnished herewith and shall not be deemed “filed” for the purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any filing under the Act, or the Exchange Act, except as expressly set forth by specific reference in such filing.
Section 9 – Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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ARMSTRONG WORLD INDUSTRIES, INC. |
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By: |
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/s/ Austin K. So |
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Austin K. So |
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Senior Vice President, General Counsel, Secretary and Chief Compliance Officer |
Date: February 25, 2025
Exhibit 99.1
Armstrong World Industries Reports Record-Setting
Fourth-Quarter and Full-Year 2024 Results
Fourth-Quarter 2024
•Net sales of $368 million, an increase of 18%
•Operating income increased 24% and diluted net earnings per share increased 34%
•Adjusted EBITDA up 14% and adjusted diluted net earnings per share up 23%
•Completed acquisition of A. Zahner Company ("Zahner")
Full-Year 2024
•Record setting net sales of $1.4 billion, an increase of 12%
•Operating income increased 16% and diluted net earnings per share increased 21%
•Adjusted EBITDA up 13% and adjusted diluted net earnings per share up 19%
•Issuing 2025 Guidance with solid growth across all key metrics
(Comparisons above are versus the prior-year period unless otherwise stated.)
LANCASTER, Pa., Feb. 25, 2025 -- Armstrong World Industries, Inc. (NYSE:AWI), an Americas leader in the design and manufacture of innovative interior and exterior architectural applications including ceilings, specialty walls and exterior metal solutions, today reported fourth-quarter and full-year 2024 financial results highlighted by robust sales and earnings growth.
“These strong fourth-quarter results capped off another year of significant growth for Armstrong with record-setting sales and earnings, strong free cash flow generation, and two meaningful acquisitions to grow our Architectural Specialties capabilities,” said Vic Grizzle, President and CEO of Armstrong World Industries. “These achievements are a testament to our teams’ ability to execute our consistent and sustainable growth model in challenging market conditions while continuing our investments in industry-leading innovation and digital initiatives. Our proven record of success gives us confidence we can sustain our consistent growth trajectory in 2025.”
Fourth-Quarter Consolidated Results
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(Dollar amounts in millions except per-share data) |
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For the Three Months Ended December 31, |
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2024 |
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2023 |
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Change |
Net sales |
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$ |
367.7 |
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$ |
312.3 |
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17.7% |
Operating income |
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$ |
81.9 |
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$ |
66.3 |
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23.5% |
Operating income margin (Operating income as a % of net sales) |
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22.3 |
% |
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21.2 |
% |
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110bps |
Net earnings |
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$ |
62.2 |
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$ |
46.8 |
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32.9% |
Diluted net earnings per share |
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$ |
1.42 |
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$ |
1.06 |
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34.0% |
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Additional Non-GAAP* Measures |
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Adjusted EBITDA |
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$ |
112 |
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$ |
98 |
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14.0% |
Adjusted EBITDA margin (Adjusted EBITDA as a % of net sales) |
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30.4 |
% |
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31.4 |
% |
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(100)bps |
Adjusted net earnings |
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$ |
66 |
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$ |
54 |
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22.3% |
Adjusted diluted net earnings per share |
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$ |
1.50 |
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$ |
1.22 |
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23.0% |
* The Company uses non-GAAP adjusted measures in managing the business and believes the adjustments provide meaningful comparisons of operating performance between periods and are useful alternative measures of performance. Reconciliations of the most comparable generally accepted accounting principles in the United States ("GAAP")
measure are found in the tables at the end of this press release. Excluding per share data, non-GAAP figures are rounded to the nearest million and corresponding percentages are rounded to the nearest decimal.
Consolidated fourth-quarter 2024 net sales increased 17.7% due to higher sales volumes of $36 million and favorable Average Unit Value ("AUV") of $20 million. Mineral Fiber net sales increased $18 million, while Architectural Specialties net sales increased $38 million. The increase in Mineral Fiber net sales was driven by improved AUV, as a result of favorable mix and increased like-for-like pricing, partially offset by lower sales volumes. Architectural Specialties segment net sales improved primarily due to a $25 million contribution from the recent acquisitions of Zahner, 3form, LLC ("3form") and BOK Modern, LLC ("BOK"), in addition to increased custom project net sales.
Consolidated fourth-quarter 2024 operating income increased 23.5% primarily due to a $21 million margin benefit from Architectural Specialties sales volume growth, a $10 million margin benefit from AUV, and a $4 million increase in equity earnings from Worthington Armstrong Venture ("WAVE"). These benefits were partially offset by a $12 million increase in selling, general and administrative ("SG&A") expenses and a $7 million increase in manufacturing and input costs. Higher operating costs were driven primarily by the acquisition of 3form and increased employee costs, partially offset by lower acquisition-related expenses. The acquisitions of Zahner, 3form and BOK drove the 100 basis points of adjusted EBITDA margin compression in the quarter.
Fourth-Quarter Segment Results
Mineral Fiber
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(Dollar amounts in millions) |
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For the Three Months Ended December 31, |
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2024 |
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2023 |
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Change |
Net sales |
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$ |
238.2 |
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$ |
220.3 |
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8.1% |
Operating income |
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$ |
68.6 |
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$ |
60.9 |
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12.6% |
Adjusted EBITDA* |
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$ |
89 |
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$ |
81 |
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10.3% |
Operating income margin |
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28.8 |
% |
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27.6 |
% |
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120bps |
Adjusted EBITDA margin* |
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37.5 |
% |
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36.8 |
% |
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70bps |
Mineral Fiber net sales increased 8.1% in the fourth quarter of 2024 due to $20 million of favorable AUV, partially offset by $2 million of lower sales volumes. The improvement in AUV was driven by both favorable mix and like-for-like pricing.
Mineral Fiber operating income increased by 12.6% in the fourth quarter of 2024 primarily due to a $10 million margin benefit from favorable AUV and a $5 million increase in WAVE equity earnings. These benefits were partially offset by a $5 million increase in SG&A expenses, primarily driven by higher employee costs as well as a decrease in company-owned officer life insurance gains related to deferred compensation plans, and a $2 million increase in manufacturing and input costs.
Architectural Specialties
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(Dollar amounts in millions) |
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For the Three Months Ended December 31, |
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2024 |
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2023 |
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Change |
Net sales |
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$ |
129.5 |
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$ |
92.0 |
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40.8% |
Operating income |
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$ |
14.2 |
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$ |
6.0 |
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136.7% |
Adjusted EBITDA* |
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$ |
23 |
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$ |
17 |
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33.3% |
Operating income margin |
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11.0 |
% |
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6.5 |
% |
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450bps |
Adjusted EBITDA margin* |
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17.4 |
% |
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18.4 |
% |
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(100)bps |
Architectural Specialties net sales increased 40.8% in the fourth quarter of 2024 driven primarily by a $25 million increase due to the acquisitions of Zahner, 3form and BOK, and partially due to improved custom project net sales.
Architectural Specialties operating income increased by $8 million in the fourth quarter of 2024 primarily due to a $22 million margin benefit from higher sales volumes, partially offset by a $5 million increase in manufacturing costs. In addition, SG&A expenses increased by $8 million in the fourth quarter of 2024, primarily driven by an $11 million increase related to the acquisitions of Zahner, 3form and BOK and a $2 million increase in selling expenses to support sales growth, partially offset by a $6 million decrease in acquisition-related expenses.
Full-Year Consolidated Results
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(Dollar amounts in millions) |
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For the Year Ended December 31, |
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2024 |
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2023 |
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Change |
Net sales |
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$ |
1,445.7 |
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$ |
1,295.2 |
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11.6% |
Operating income |
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$ |
374.3 |
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$ |
323.7 |
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15.6% |
Operating income margin |
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25.9 |
% |
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25.0 |
% |
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90bps |
Net earnings |
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$ |
264.9 |
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$ |
223.8 |
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18.4% |
Diluted net earnings per share |
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$ |
6.02 |
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$ |
4.99 |
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20.6% |
Net cash provided by operating and investing activities |
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$ |
187.5 |
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$ |
223.1 |
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(16.0)% |
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Additional Non-GAAP* Measures |
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Adjusted EBITDA |
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$ |
486 |
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$ |
430 |
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13.1% |
Adjusted EBITDA margin |
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33.6 |
% |
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33.2 |
% |
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50bps |
Adjusted net earnings |
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$ |
277 |
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$ |
238 |
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16.5% |
Adjusted diluted net earnings per share |
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$ |
6.31 |
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$ |
5.32 |
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18.6% |
Adjusted free cash flow |
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$ |
298 |
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$ |
263 |
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13.5% |
Consolidated net sales for 2024 increased 11.6% due to higher sales volumes of $89 million and favorable AUV of $62 million. Mineral Fiber net sales increased $54 million, while Architectural Specialties net sales increased $97 million. The increase in Mineral Fiber net sales was primarily driven by improved AUV, as a result of increased like-for-like pricing and favorable mix, partially offset by lower sales volumes. The decrease in volumes for 2024 was driven primarily within our home center customer channel, most notably due to prior-year first quarter inventory level increases that did not repeat in the current-year period, partially offset by two additional shipping days in 2024 and the positive contribution from our growth initiatives compared to the prior-year period. Architectural Specialties net sales improved primarily due to a $73 million contribution from the acquisitions of Zahner, 3form and BOK, in addition to increased custom project net sales.
Consolidated operating income increased 15.6% primarily due to a $53 million margin benefit from higher sales volumes, a $39 million benefit from favorable AUV and a $14 million increase in equity earnings from unconsolidated affiliates. These increases were partially offset by a $46 million increase in SG&A expenses and a $7 million increase in manufacturing and input costs, primarily driven by higher costs from the acquisitions of Zahner, 3form and BOK, partially offset by improved Mineral Fiber manufacturing productivity.
The year-over-year increase in SG&A expenses was primarily driven by a $32 million increase related to the acquisitions of Zahner, 3form and BOK, an $8 million increase in selling expenses, primarily due to higher employee costs, a $7 million increase in incentive compensation and a $6 million decrease in company-owned officer life insurance gains related to deferred compensation plans. These increases were partially offset by a $9 million decrease in acquisition-related expenses.
Cash Flow
Cash flows from operating activities in 2024 increased $33 million in comparison to prior year. The favorable change in operating cash flows was primarily driven by higher cash earnings, partially offset by unfavorable net working capital impacts. Cash flows used for investing activities increased $69 million versus the prior year primarily due to $124 million of cash paid for the Zahner and 3form acquisitions, partially offset by proceeds received from sales of real estate.
Share Repurchase Program
In the fourth quarter of 2024, we repurchased 0.1 million shares of common stock for a total cost of $15 million, excluding the cost of commissions and taxes. For the full year 2024, we repurchased 0.5 million shares of common stock for a total cost of $55 million, excluding the cost of commissions and taxes. As of December 31, 2024, there was $662 million remaining under our Board of Directors' current authorized share repurchase program**.
** In July 2016, our Board of Directors approved a share repurchase program authorizing us to repurchase up to $150 million of our outstanding common stock through July 2018 (the “Program”). Pursuant to additional authorizations and extensions of the Program approved by our Board of Directors, including $500 million authorized on July 18, 2023, we are authorized to purchase up to $1,700 million of our outstanding shares of common stock through December 2026. Since inception and through December 31, 2024, we have repurchased 14.6 million shares under the Program for a total cost of $1,038 million, excluding commissions and taxes.
2025 Outlook
“We delivered strong results across both segments in 2024, demonstrating the resilience of our growth model, despite challenging market conditions,” said Chris Calzaretta, AWI Senior Vice President and CFO. “Turning to 2025, our focus remains on delivering profitable growth and navigating a choppy operating environment to drive margin expansion in both our Mineral Fiber and Architectural Specialties businesses. We remain focused on adjusted free cash flow growth, which will continue to fuel our balanced approach to capital deployment for value creation.”
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For the Year Ended December 31, 2025 |
(Dollar amounts in millions except per-share data) |
2024 Actual |
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Guidance |
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VPY Growth % |
Net sales |
$ |
1,446 |
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$ |
1,570 |
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to |
$ |
1,610 |
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9% |
to |
11% |
Adjusted EBITDA* |
$ |
486 |
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$ |
525 |
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to |
$ |
545 |
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8% |
to |
12% |
Adjusted diluted net earnings per share* |
$ |
6.31 |
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$ |
6.85 |
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to |
$ |
7.15 |
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9% |
to |
13% |
Adjusted free cash flow* |
$ |
298 |
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$ |
315 |
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to |
$ |
335 |
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6% |
to |
12% |
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Earnings Webcast
Management will host a live webcast conference call at 10:00 a.m. ET today, to discuss fourth-quarter and full-year 2024 results. This event will be available on the Company's website. The call and accompanying slide presentation can be found on the investor relations section of the Company's website at www.armstrongworldindustries.com. The replay of this event will be available on the website for up to one year after the date of the call.
Uncertainties Affecting Forward-Looking Statements
Disclosures in this release contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including without limitation, those relating to future financial and operational results, market and broader economic conditions and guidance. Those statements provide our future expectations or forecasts and can be identified by our use of words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,” “believe,” “outlook,” “target,” “predict,” “may,” “will,” “would,” “could,” “should,” “seek,” and other words or phrases of similar meaning in connection with any discussion of future operating or financial performance. This includes annual guidance. Forward-looking statements, by their nature, address matters that are uncertain and involve risks because they relate to events and depend on circumstances that may or may not occur in the future. As a result, our actual results may differ materially from our expected results and from those expressed in our forward-looking statements. A more detailed discussion of the risks and uncertainties that could cause our actual results to differ materially from those projected, anticipated or implied is included in the “Risk Factors” and “Management’s Discussion and Analysis” sections of our reports on Form 10-K and Form 10-Q filed with the U.S. Securities and Exchange Commission (“SEC”), including our annual report for the year ended December 31, 2024, that the Company expects to file today. Forward-looking statements speak only as of the date they are made. We undertake no obligation to update any forward-looking statements beyond what is required under applicable securities law.
About Armstrong and Additional Information
Armstrong World Industries, Inc (AWI) is an Americas leader in the design and manufacture of innovative interior and exterior architectural applications including ceilings, specialty walls and exterior metal solutions. For more than 160 years, Armstrong has delivered products and capabilities that enable architects, designers and contractors to transform building design and construction with elevated aesthetics, acoustics and sustainable attributes. With $1.4 billion in revenue in 2024, AWI has approximately 3,600 employees and a manufacturing network of 20 facilities, plus seven facilities dedicated to its WAVE joint venture.
More details on the Company’s performance can be found in its report on Form 10-K for the year ended December 31, 2024, that the Company expects to file with the SEC today.
Contact
Investors & Media: Theresa Womble, tlwomble@armstrongceilings.com or (717) 396-6354
Reported Financial Results
(Amounts in millions, except per share data)
SELECTED FINANCIAL RESULTS
Armstrong World Industries, Inc. and Subsidiaries
(Quarterly data is unaudited)
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For the Three Months Ended December 31, |
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For the Year Ended December 31, |
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2024 |
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2023 |
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2024 |
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2023 |
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Net sales |
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$ |
367.7 |
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$ |
312.3 |
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$ |
1,445.7 |
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$ |
1,295.2 |
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Cost of goods sold |
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223.8 |
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192.8 |
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864.1 |
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798.2 |
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Gross profit |
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143.9 |
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119.5 |
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581.6 |
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497.0 |
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Selling, general and administrative expenses |
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85.4 |
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73.3 |
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308.5 |
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262.5 |
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Loss related to change in fair value of contingent consideration |
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1.0 |
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0.1 |
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1.6 |
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0.1 |
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Loss on sales of fixed assets, net |
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0.3 |
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- |
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0.6 |
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- |
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Equity (earnings) from unconsolidated affiliates, net |
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(24.7 |
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(20.2 |
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(103.4 |
) |
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(89.3 |
) |
Operating income |
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81.9 |
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66.3 |
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374.3 |
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323.7 |
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Interest expense |
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9.2 |
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8.6 |
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39.8 |
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35.3 |
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Other non-operating (income), net |
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(3.3 |
) |
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(3.0 |
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(12.6 |
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(9.9 |
) |
Earnings before income taxes |
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76.0 |
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60.7 |
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347.1 |
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298.3 |
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Income tax expense |
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13.8 |
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13.9 |
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82.2 |
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74.5 |
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Net earnings |
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$ |
62.2 |
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$ |
46.8 |
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$ |
264.9 |
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$ |
223.8 |
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Diluted net earnings per share of common stock |
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$ |
1.42 |
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$ |
1.06 |
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$ |
6.02 |
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$ |
4.99 |
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Average number of diluted common shares outstanding |
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43.9 |
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44.2 |
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44.0 |
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44.8 |
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SEGMENT RESULTS
Armstrong World Industries, Inc. and Subsidiaries
(Quarterly data is unaudited)
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For the Three Months Ended December 31, |
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For the Year Ended December 31, |
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2024 |
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2023 |
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2024 |
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2023 |
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Net Sales |
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Mineral Fiber |
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$ |
238.2 |
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$ |
220.3 |
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$ |
986.0 |
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$ |
932.4 |
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Architectural Specialties |
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129.5 |
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92.0 |
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459.7 |
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362.8 |
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Total net sales |
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$ |
367.7 |
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$ |
312.3 |
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$ |
1,445.7 |
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$ |
1,295.2 |
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For the Three Months Ended December 31, |
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For the Year Ended December 31, |
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2024 |
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2023 |
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2024 |
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2023 |
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Segment operating income (loss) |
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|
|
|
|
|
Mineral Fiber |
|
$ |
68.6 |
|
|
$ |
60.9 |
|
|
$ |
322.5 |
|
|
$ |
285.7 |
|
Architectural Specialties |
|
|
14.2 |
|
|
|
6.0 |
|
|
|
55.3 |
|
|
|
40.9 |
|
Unallocated Corporate |
|
|
(0.9 |
) |
|
|
(0.6 |
) |
|
|
(3.5 |
) |
|
|
(2.9 |
) |
Total consolidated operating income |
|
$ |
81.9 |
|
|
$ |
66.3 |
|
|
$ |
374.3 |
|
|
$ |
323.7 |
|
SELECTED BALANCE SHEET INFORMATION
Armstrong World Industries, Inc. and Subsidiaries
|
|
|
|
|
|
|
|
|
|
|
December 31, 2024 |
|
|
December 31, 2023 |
|
Assets |
|
|
|
|
|
|
Current assets |
|
$ |
348.9 |
|
|
$ |
313.0 |
|
Property, plant and equipment, net |
|
|
598.8 |
|
|
|
566.4 |
|
Other non-current assets |
|
|
895.0 |
|
|
|
793.0 |
|
Total assets |
|
$ |
1,842.7 |
|
|
$ |
1,672.4 |
|
Liabilities and shareholders’ equity |
|
|
|
|
|
|
Current liabilities |
|
$ |
249.7 |
|
|
$ |
194.5 |
|
Non-current liabilities |
|
|
835.9 |
|
|
|
886.1 |
|
Shareholders' equity |
|
|
757.1 |
|
|
|
591.8 |
|
Total liabilities and shareholders’ equity |
|
$ |
1,842.7 |
|
|
$ |
1,672.4 |
|
SELECTED CASH FLOW INFORMATION
Armstrong World Industries, Inc. and Subsidiaries
|
|
|
|
|
|
|
|
|
|
|
For the Year Ended December 31, |
|
|
|
2024 |
|
|
2023 |
|
Net earnings |
|
$ |
264.9 |
|
|
$ |
223.8 |
|
Other adjustments to reconcile net earnings to net cash provided by operating activities |
|
|
20.4 |
|
|
|
12.5 |
|
Changes in operating assets and liabilities, net |
|
|
(18.5 |
) |
|
|
(2.8 |
) |
Net cash provided by operating activities |
|
|
266.8 |
|
|
|
233.5 |
|
Net cash (used for) investing activities |
|
|
(79.3 |
) |
|
|
(10.4 |
) |
Net cash (used for) financing activities |
|
|
(177.6 |
) |
|
|
(258.6 |
) |
Effect of exchange rate changes on cash and cash equivalents |
|
|
(1.4 |
) |
|
|
0.3 |
|
Net increase (decrease) in cash and cash equivalents |
|
|
8.5 |
|
|
|
(35.2 |
) |
Cash and cash equivalents at beginning of year |
|
|
70.8 |
|
|
|
106.0 |
|
Cash and cash equivalents at end of period |
|
$ |
79.3 |
|
|
$ |
70.8 |
|
Supplemental Reconciliations of GAAP to non-GAAP Results (unaudited)
(Amounts in millions, except per share data)
To supplement its consolidated financial statements presented in accordance with accounting principles generally accepted in the United States (“GAAP”), the Company provides additional measures of performance adjusted to exclude the impact of certain discrete expenses and income including adjusted Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA"), adjusted diluted earnings per share ("EPS") and adjusted free cash flow. Investors should not consider non-GAAP measures as a substitute for GAAP measures. The Company excludes certain acquisition related expenses (i.e. – impact of adjustments related to the fair value of inventory, contingent third-party professional fees, changes in the fair value of contingent consideration and deferred compensation accruals for acquisitions). Acquisition related deferred compensation accruals excluded from adjusted EBITDA represented cash and stock awards that were recorded over each award's respective vesting period, as such payments were subject to the sellers’ and employees’ continued employment with the Company. The Company also excludes all acquisition-related intangible amortization from adjusted net earnings and in calculations of adjusted diluted EPS. Examples of other excluded items have included plant closures, restructuring charges and related costs, impairments, separation costs and other cost reduction initiatives, environmental site expenses and environmental insurance recoveries, endowment level charitable contributions, the impact of defined benefit plan settlements, gains and losses on sales or impairment of fixed assets, and certain other gains and losses. The Company also excludes income/expense from its U.S. Retirement Income Plan (“RIP”) in the non-GAAP results as it represents the actuarial net periodic benefit credit/cost recorded. For all periods presented, the Company was not required and did not make cash contributions to the RIP based on guidelines established by the Pension Benefit Guaranty Corporation, nor does the Company expect to make cash contributions to the plan in 2025. Adjusted free cash flow is defined as cash from operating and investing activities, adjusted to remove the impact of cash used or proceeds received for acquisitions and divestitures, environmental site expenses and environmental insurance recoveries. Management's adjusted free cash flow measure includes returns of investment from WAVE and cash proceeds received from the settlement of company-owned life insurance policies, which are presented within investing activities on our consolidated statement of cash flows. The Company uses these adjusted performance measures in managing the business, including communications with its Board of Directors and employees, and believes that they provide users of this financial information with meaningful comparisons of operating performance between current results and results in prior periods. The Company believes that these non-GAAP financial measures are appropriate to enhance understanding of its past performance, as well as prospects for its future performance. The Company also uses adjusted EBITDA and adjusted free cash flow (with further adjustments, when necessary) as factors in determining at-risk compensation for senior management. These non-GAAP measures may not be defined and calculated the same as similar measures used by other companies. Non-GAAP financial measures utilized by the Company may not be comparable to non-GAAP financial measures used by other companies. A reconciliation of these adjustments to the most directly comparable GAAP measures is included in this release and on the Company’s website. These non-GAAP measures should not be considered in isolation or as a substitute for the most comparable GAAP measures.
In the following charts, numbers may not sum due to rounding. Excluding adjusted diluted EPS, non-GAAP figures are rounded to the nearest million and corresponding percentages are rounded to the nearest percent based on unrounded figures.
Consolidated Results – Adjusted EBITDA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended December 31, |
|
|
For the Year Ended December 31, |
|
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
Net sales |
|
$ |
368 |
|
|
$ |
312 |
|
|
$ |
1,446 |
|
|
$ |
1,295 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings |
|
$ |
62 |
|
|
$ |
47 |
|
|
$ |
265 |
|
|
$ |
224 |
|
Add: Income tax expense |
|
|
14 |
|
|
|
14 |
|
|
|
82 |
|
|
|
75 |
|
Earnings before income taxes |
|
$ |
76 |
|
|
$ |
61 |
|
|
$ |
347 |
|
|
$ |
298 |
|
Add: Interest/other income and expense, net |
|
|
6 |
|
|
|
6 |
|
|
|
27 |
|
|
|
25 |
|
Operating income |
|
$ |
82 |
|
|
$ |
66 |
|
|
$ |
374 |
|
|
$ |
324 |
|
Add: RIP expense (1) |
|
|
1 |
|
|
|
1 |
|
|
|
2 |
|
|
|
3 |
|
Add: Acquisition-related impacts (2) |
|
|
2 |
|
|
|
7 |
|
|
|
4 |
|
|
|
11 |
|
Add: Cost reduction initiatives and other |
|
|
- |
|
|
|
1 |
|
|
|
- |
|
|
|
3 |
|
Add: WAVE pension settlement (3) |
|
|
(1 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
Add: Loss on sales of fixed assets, net (4) |
|
|
- |
|
|
|
- |
|
|
|
1 |
|
|
|
- |
|
Add: Environmental expense |
|
|
- |
|
|
|
- |
|
|
|
2 |
|
|
|
- |
|
Adjusted operating income |
|
$ |
84 |
|
|
$ |
75 |
|
|
$ |
383 |
|
|
$ |
340 |
|
Add: Depreciation and amortization |
|
|
27 |
|
|
|
23 |
|
|
|
103 |
|
|
|
89 |
|
Adjusted EBITDA |
|
$ |
112 |
|
|
$ |
98 |
|
|
$ |
486 |
|
|
$ |
430 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income margin |
|
|
22.3 |
% |
|
|
21.2 |
% |
|
|
25.9 |
% |
|
|
25.0 |
% |
Adjusted EBITDA margin |
|
|
30.4 |
% |
|
|
31.4 |
% |
|
|
33.6 |
% |
|
|
33.2 |
% |
1.RIP expense represents only the plan service cost that is recorded within Operating income. For all periods presented, we were not required to and did not make cash contributions to our RIP.
2.Represents the impact of acquisition-related adjustments for the fair value of inventory, contingent third-party professional fees, changes in fair value of contingent consideration, deferred compensation and restricted stock expenses.
3.Represents the Company's 50% share of WAVE's settlement of their defined benefit pension plan.
4.Includes the impact of a loss on sale of an undeveloped parcel of land adjacent to our corporate headquarters, partially offset by a gain on sale of our idled Mineral Fiber plant in St. Helens, Oregon.
Mineral Fiber
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended December 31, |
|
|
For the Year Ended December 31, |
|
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
Net sales |
|
$ |
238 |
|
|
$ |
220 |
|
|
$ |
986 |
|
|
$ |
932 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income |
|
$ |
69 |
|
|
$ |
61 |
|
|
$ |
323 |
|
|
$ |
286 |
|
Add: Cost reduction initiatives and other |
|
|
- |
|
|
|
1 |
|
|
|
- |
|
|
|
3 |
|
Add: WAVE pension settlement (1) |
|
|
(1 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
Add: Loss on sales of fixed assets, net (2) |
|
|
- |
|
|
|
- |
|
|
|
1 |
|
|
|
- |
|
Add: Environmental expense |
|
|
- |
|
|
|
- |
|
|
|
2 |
|
|
|
- |
|
Adjusted operating income |
|
$ |
68 |
|
|
$ |
62 |
|
|
$ |
325 |
|
|
$ |
289 |
|
Add: Depreciation and amortization |
|
|
21 |
|
|
|
19 |
|
|
|
80 |
|
|
|
75 |
|
Adjusted EBITDA |
|
$ |
89 |
|
|
$ |
81 |
|
|
$ |
406 |
|
|
$ |
364 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income margin |
|
|
28.8 |
% |
|
|
27.6 |
% |
|
|
32.7 |
% |
|
|
30.6 |
% |
Adjusted EBITDA margin |
|
|
37.5 |
% |
|
|
36.8 |
% |
|
|
41.2 |
% |
|
|
39.1 |
% |
1.Represents the Company's 50% share of WAVE's settlement of their defined benefit pension plan.
2.Includes the impact of a loss on sale of an undeveloped parcel of land adjacent to our corporate headquarters, partially offset by a gain on sale of our idled Mineral Fiber plant in St. Helens, Oregon.
Architectural Specialties
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended December 31, |
|
|
For the Year Ended December 31, |
|
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
Net sales |
|
$ |
130 |
|
|
$ |
92 |
|
|
$ |
460 |
|
|
$ |
363 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income |
|
$ |
14 |
|
|
$ |
6 |
|
|
$ |
55 |
|
|
$ |
41 |
|
Add: Acquisition-related impacts (1) |
|
|
2 |
|
|
|
7 |
|
|
|
3 |
|
|
|
11 |
|
Adjusted operating income |
|
$ |
16 |
|
|
$ |
13 |
|
|
$ |
59 |
|
|
$ |
52 |
|
Add: Depreciation and amortization |
|
|
6 |
|
|
|
4 |
|
|
|
23 |
|
|
|
14 |
|
Adjusted EBITDA |
|
$ |
23 |
|
|
$ |
17 |
|
|
$ |
82 |
|
|
$ |
66 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income margin |
|
|
11.0 |
% |
|
|
6.5 |
% |
|
|
12.0 |
% |
|
|
11.3 |
% |
Adjusted EBITDA margin |
|
|
17.4 |
% |
|
|
18.4 |
% |
|
|
17.8 |
% |
|
|
18.1 |
% |
1.Represents the impact of acquisition-related adjustments for the fair value of inventory, contingent third-party professional fees, changes in fair value of contingent consideration, deferred compensation and restricted stock expenses.
Unallocated Corporate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended December 31, |
|
|
For the Year Ended December 31, |
|
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
Operating (loss) |
|
$ |
(1 |
) |
|
$ |
(1 |
) |
|
$ |
(4 |
) |
|
$ |
(3 |
) |
Add: RIP expense (1) |
|
|
1 |
|
|
|
1 |
|
|
|
2 |
|
|
|
3 |
|
Adjusted operating (loss) |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
(1 |
) |
|
$ |
- |
|
Add: Depreciation and amortization |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Adjusted EBITDA |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
(1 |
) |
|
$ |
- |
|
1.RIP expense represents only the plan service cost that is recorded within Operating loss. For all periods presented, we were not required to and did not make cash contributions to our RIP.
Consolidated Results – Adjusted Free Cash Flow
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended December 31, |
|
|
For the Year Ended December 31, |
|
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
Net cash provided by operating activities |
|
$ |
87 |
|
|
$ |
57 |
|
|
$ |
267 |
|
|
$ |
234 |
|
Net cash (used for) investing activities |
|
$ |
(18 |
) |
|
$ |
- |
|
|
$ |
(79 |
) |
|
$ |
(10 |
) |
Net cash provided by operating and investing activities |
|
$ |
69 |
|
|
$ |
57 |
|
|
$ |
188 |
|
|
$ |
223 |
|
Add: Cash paid for acquisitions, net of cash acquired and investment in unconsolidated affiliate |
|
|
30 |
|
|
|
3 |
|
|
|
129 |
|
|
|
27 |
|
Add: Environmental expenses, net |
|
|
- |
|
|
|
1 |
|
|
|
- |
|
|
|
1 |
|
Add: Arktura deferred compensation (1) |
|
|
1 |
|
|
|
8 |
|
|
|
6 |
|
|
|
8 |
|
Add: Contingent consideration in excess of acquisition-date fair value (2) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
5 |
|
(Less): Proceeds from sales of facilities (3) |
|
|
(13 |
) |
|
|
- |
|
|
|
(24 |
) |
|
|
- |
|
Adjusted Free Cash Flow |
|
$ |
86 |
|
|
$ |
68 |
|
|
$ |
298 |
|
|
$ |
263 |
|
1.Deferred compensation and contingent consideration payments related to 2020 acquisitions were recorded as components of net cash provided by operating activities.
2.Contingent compensation payments related to the acquisition of Turf Design, Inc.
3.Proceeds related to the sale of Architectural Specialties design center, our idled Mineral Fiber plant in St. Helens, Oregon and undeveloped land adjacent to our corporate headquarters.
Consolidated Results – Adjusted Diluted Earnings Per Share (EPS)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended December 31, |
|
|
For the Year Ended December 31, |
|
|
2024 |
|
2023 |
|
|
2024 |
|
2023 |
|
|
Total |
|
Per Diluted
Share |
|
Total |
|
Per Diluted
Share |
|
|
Total |
|
Per Diluted
Share |
|
Total |
|
Per Diluted
Share |
|
Net earnings |
$ |
62 |
|
$ |
1.42 |
|
$ |
47 |
|
$ |
1.06 |
|
|
$ |
265 |
|
$ |
6.02 |
|
$ |
224 |
|
$ |
4.99 |
|
Add: Income tax expense |
|
14 |
|
|
|
|
14 |
|
|
|
|
|
82 |
|
|
|
|
75 |
|
|
|
Earnings before income taxes |
$ |
76 |
|
|
|
$ |
61 |
|
|
|
|
$ |
347 |
|
|
|
$ |
298 |
|
|
|
(Less): RIP (credit) (1) |
|
- |
|
|
|
|
- |
|
|
|
|
|
(1 |
) |
|
|
|
(1 |
) |
|
|
Add: Acquisition-related impacts (2) |
|
2 |
|
|
|
|
7 |
|
|
|
|
|
4 |
|
|
|
|
11 |
|
|
|
Add: Acquisition-related amortization (3) |
|
3 |
|
|
|
|
2 |
|
|
|
|
|
11 |
|
|
|
|
6 |
|
|
|
Add: Cost reduction initiatives and other |
|
- |
|
|
|
|
1 |
|
|
|
|
|
- |
|
|
|
|
3 |
|
|
|
Add: WAVE pension settlement (4) |
|
(1 |
) |
|
|
|
- |
|
|
|
|
|
- |
|
|
|
|
- |
|
|
|
Add: Loss on sales of fixed assets, net (5) |
|
- |
|
|
|
|
- |
|
|
|
|
|
1 |
|
|
|
|
- |
|
|
|
Add: Environmental expense |
|
- |
|
|
|
|
- |
|
|
|
|
|
2 |
|
|
|
|
- |
|
|
|
Adjusted net earnings before income taxes |
$ |
81 |
|
|
|
$ |
70 |
|
|
|
|
$ |
364 |
|
|
|
$ |
318 |
|
|
|
(Less): Adjusted income tax expense (6) |
|
(15 |
) |
|
|
|
(16 |
) |
|
|
|
|
(86 |
) |
|
|
|
(79 |
) |
|
|
Adjusted net earnings |
$ |
66 |
|
$ |
1.50 |
|
$ |
54 |
|
$ |
1.22 |
|
|
$ |
277 |
|
$ |
6.31 |
|
$ |
238 |
|
$ |
5.32 |
|
Adjusted diluted EPS change versus prior year |
|
|
23.0% |
|
|
|
|
|
|
|
|
18.6% |
|
|
|
|
|
Diluted shares outstanding |
|
|
|
43.9 |
|
|
|
|
44.2 |
|
|
|
|
|
44.0 |
|
|
|
|
44.8 |
|
Effective tax rate |
|
|
18% |
|
|
|
23% |
|
|
|
|
24% |
|
|
|
25% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1.RIP (credit) represents the entire actuarial net periodic pension (credit) recorded as a component of net earnings. For all periods presented, we were not required to and did not make cash contributions to our RIP.
2.Represents the impact of acquisition-related adjustments for the fair value of inventory, contingent third-party professional fees, changes in fair value of contingent consideration, deferred compensation and restricted stock expenses.
3.Represents acquisition-related intangible amortization, including customer relationships, developed technology, software, trademarks and brand names, non-compete agreements and other intangibles.
4.Represents the Company's 50% share of WAVE's settlement of their defined benefit pension plan.
5.Includes the impact of a loss on sale of an undeveloped parcel of land adjacent to our corporate headquarters, partially offset by a gain on sale of our idled Mineral Fiber plant in St. Helens, Oregon.
6.Adjusted income tax expense is calculated using the effective tax rate multiplied by the adjusted net earnings before income taxes.
Adjusted EBITDA Guidance
|
|
|
|
|
|
|
|
|
|
|
For the Year Ending December 31, 2025 |
|
|
|
Low |
|
|
High |
|
Net earnings |
|
$ |
293 |
|
to |
$ |
297 |
|
Add: Income tax expense |
|
|
96 |
|
|
|
102 |
|
Earnings before income taxes |
|
$ |
389 |
|
to |
$ |
399 |
|
Add: Interest expense |
|
|
34 |
|
|
|
37 |
|
Add: Other non-operating (income), net |
|
|
(14 |
) |
|
|
(13 |
) |
Operating income |
|
$ |
409 |
|
to |
$ |
423 |
|
Add: RIP expense (1) |
|
|
1 |
|
|
|
2 |
|
Adjusted operating income |
|
$ |
410 |
|
to |
$ |
425 |
|
Add: Depreciation and amortization |
|
|
115 |
|
|
|
120 |
|
Adjusted EBITDA |
|
$ |
525 |
|
to |
$ |
545 |
|
1.RIP expense represents only the plan service cost that is recorded within Operating income. We do not expect to make cash contributions to our RIP.
Adjusted Diluted Net Earnings Per Share Guidance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Year Ending December 31, 2025 |
|
|
|
Low |
|
|
Per Diluted
Share(1) |
|
|
High |
|
|
Per Diluted
Share(1) |
|
Net earnings |
|
$ |
293 |
|
|
$ |
6.72 |
|
to |
$ |
297 |
|
|
$ |
6.84 |
|
Add: Income tax expense |
|
|
96 |
|
|
|
|
|
|
102 |
|
|
|
|
Earnings before income taxes |
|
$ |
389 |
|
|
|
|
to |
$ |
399 |
|
|
|
|
Add: RIP (credit) (2) |
|
|
(1 |
) |
|
|
|
|
|
(1 |
) |
|
|
|
Add: Acquisition-related amortization (3) |
|
|
13 |
|
|
|
|
|
|
15 |
|
|
|
|
Adjusted earnings before income taxes |
|
$ |
401 |
|
|
|
|
to |
$ |
413 |
|
|
|
|
(Less): Adjusted income tax expense (4) |
|
|
(101 |
) |
|
|
|
|
|
(102 |
) |
|
|
|
Adjusted net earnings |
|
$ |
299 |
|
|
$ |
6.85 |
|
to |
$ |
311 |
|
|
$ |
7.15 |
|
1.Adjusted diluted EPS guidance for 2025 is calculated based on approximately 43 to 44 million of diluted shares outstanding.
2.RIP (credit) represents the entire actuarial net periodic pension (credit) recorded as a component of net earnings. We do not expect to make any cash contributions to our RIP.
3.Represents acquisition-related intangible amortization, including customer relationships, developed technology, software, trademarks and brand names, non-compete agreements, trade secrets and other intangibles.
4.Income tax expense is based on an adjusted effective tax rate of approximately 25%, multiplied by adjusted earnings before income taxes.
Adjusted Free Cash Flow Guidance
|
|
|
|
|
|
|
|
|
|
|
For the Year Ending December 31, 2025 |
|
|
|
Low |
|
|
High |
|
Net cash provided by operating activities |
|
$ |
297 |
|
to |
$ |
319 |
|
Add: Return of investment from joint venture |
|
|
108 |
|
|
|
116 |
|
Less: Capital expenditures |
|
|
(90 |
) |
|
|
(100 |
) |
Adjusted Free Cash Flow |
|
$ |
315 |
|
to |
$ |
335 |
|
4th Quarter and Full Year 2024 Earnings Presentation February 25, 2025 Exhibit 99.2
Safe Harbor Statement Disclosures in this presentation contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including without limitation, those relating to future financial and operational results, market and broader economic conditions and guidance. Those statements provide our future expectations or forecasts and can be identified by our use of words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,” “believe,” “outlook,” “target,” “predict,” “may,” “will,” “would,” “could,” “should,” “seek,” and other words or phrases of similar meaning in connection with any discussion of future operating or financial performance. This includes annual guidance. Forward-looking statements, by their nature, address matters that are uncertain and involve risks because they relate to events and depend on circumstances that may or may not occur in the future. As a result, our actual results may differ materially from our expected results and from those expressed in our forward-looking statements. A more detailed discussion of the risks and uncertainties that could cause our actual results to differ materially from those projected, anticipated or implied is included in the “Risk Factors” and “Management’s Discussion and Analysis” sections of our reports on Form 10-K and Form 10-Q filed with the U.S. Securities and Exchange Commission (“SEC”), including our annual report for the year ended December 31, 2024, that the Company expects to file today. Forward-looking statements speak only as of the date they are made. We undertake no obligation to update any forward-looking statements beyond what is required under applicable securities law. In addition, we will be referring to non-Generally Accepted Accounting Principles (“GAAP”) financial measures within the meaning of SEC Regulation G. A reconciliation of the differences between these measures with the most directly comparable financial measures calculated in accordance with GAAP are included within this presentation and available on the Investor Relations page of our website at www.armstrongceilings.com. The guidance in this presentation is only effective as of the date given, February 25, 2025, and will not be updated or affirmed unless and until we publicly announce updated or affirmed guidance.
Basis of Presentation Explanation Results throughout this presentation are presented on a normalized basis. We remove the impact of certain discrete expenses and income in certain measures including adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (“EBITDA”), adjusted diluted earnings per share (“EPS”) and adjusted free cash flow. The Company excludes certain acquisition related expenses (i.e. – impact of adjustments related to the fair value of inventory, contingent third-party professional fees, changes in the fair value of contingent consideration and deferred compensation accruals for acquisitions). Acquisition related deferred compensation accruals excluded from adjusted EBITDA represented cash and stock awards that were recorded over each award’s respective vesting period, as such payments were subject to the sellers’ and employees’ continued employment with the Company. The Company also excludes all acquisition-related intangible amortization from adjusted net earnings and in calculations of adjusted diluted EPS. Examples of other excluded items have included plant closures, restructuring charges and related costs, impairments, separation costs and other cost reduction initiatives, environmental site expenses and environmental insurance recoveries, endowment level charitable contributions, the impact of defined benefit plan settlements, gains and losses on sales or impairment of fixed assets, and certain other gains and losses. The Company also excludes income/expense from its U.S. Retirement Income Plan (“RIP”) in the non-GAAP results as it represents the actuarial net periodic benefit credit/cost recorded. For all periods presented, the Company was not required to and did not make cash contributions to the RIP based on guidelines established by the Pension Benefit Guaranty Corporation, nor does the Company expect to make cash contributions to the plan in 2025. Adjusted free cash flow is defined as cash from operating and investing activities, adjusted to remove the impact of cash used or proceeds received for acquisitions and divestitures, environmental site expenses and environmental insurance recoveries. Management's adjusted free cash flow measure includes returns of investment from WAVE and cash proceeds received from the settlement of company-owned life insurance policies, which are presented within investing activities on our consolidated statement of cash flows. Investors should not consider non-GAAP measures as a substitute for GAAP measures. Excluding adjusted diluted EPS, non-GAAP figures are rounded to the nearest million and corresponding percentages are based on unrounded figures. Operating Segments: “MF”: Mineral Fiber, “AS”: Architectural Specialties, “UC”: Unallocated Corporate. We define “organic” as total company and/or AS results excluding the impact of the July 2023 acquisition of BOK Modern, LLC (“BOK”), the April 2024 acquisition of 3form, LLC (“3form”) and the December 2024 acquisition of A. Zahner Company (“Zahner”). All dollar figures throughout the presentation are in $ millions, expect per share data, and all comparisons are versus prior year unless otherwise noted. Figures may not sum due to rounding.
GAAP and non-GAAP Financial Results AWI Consolidated Results Q4 2024 Q4 2023 Full Year 2024 Full Year 2023 Net sales $367.7 $312.3 $1,445.7 $1.295.2 Net earnings $62.2 $46.8 $264.9 $223.8 Operating income $81.9 $66.3 $374.3 $323.7 Adj. EBITDA* $112 $98 $486 $430 Operating income margin (operating income % of net sales) 22.3% 21.2% 25.9% 25.0% Adj. EBITDA margin* (Adj. EBITDA % of net sales) 30.4% 31.4% 33.6% 33.2% Diluted net earnings per share $1.42 $1.06 $6.02 $4.99 Adj. diluted net earnings per share* $1.50 $1.22 $6.31 $5.32 Net cash provided by operating & investing activities $68.5 $57.3 $187.5 $223.1 Adj. free cash flow* $86 $68 $298 $263 Net cash provided by operating & investing activities % of net sales 18.6% 18.3% 13.0% 17.2% Adj. free cash flow margin* (Adj. free cash flow % of net sales) 23.4% 21.9% 20.6% 20.3% Segment Results Q4 2024 Q4 2023 MF AS UC MF AS UC Net sales $238.2 $129.5 - $220.3 $92.0 - Operating income (loss) $68.6 $14.2 ($0.9) $60.9 $6.0 ($0.6) Adj. EBITDA* $89 $23 - $81 $17 - Operating income margin (Operating income % of net sales) 28.8% 11.0% NM 27.6% 6.5% NM Adj. EBITDA margin* (Adj. EBITDA % of net sales) 37.5% 17.4% NM 36.8% 18.4% NM *Non-GAAP measure. See appendix for reconciliation to nearest GAAP measure. “NM”: Not meaningful.
$368M (+18% VPY) Net Sales $112M (+14% VPY) Adj. EBITDA* $1.50 (+23% VPY) Adj. Diluted EPS* $298M (+13% VPY) Full Year Adj. Free Cash Flow* 4th Quarter 2024 Key Takeaways Strong Finish to 2024 Record Setting Results *Non-GAAP measure. See appendix for reconciliation to nearest GAAP measure. Average Unit Value (“AUV”). Includes both like-for-like price and mix impacts. Worthington Armstrong Venture (“WAVE”). Recent acquisitions include Zahner, 3form and BOK. Net Sales up 18% and Adj. EBITDA* up 14% Total company adj. EBITDA margin* of 30.4% Mineral Fiber segment Adj. EBITDA* up 10% Adj. EBITDA margin* expanded 70bps to 37.5%, with strong AUV1 and WAVE2 equity earnings contributions Architectural Specialties segment Adj. EBITDA* up 33% Recent acquisitions3 drove double-digit AS sales and adj. EBITDA* growth; AS Organic adj. EBITDA margin* expanded 70bps to 18.4% Issuing 2025 Guidance Expect solid growth for all key metrics, including 9% to 11% for net sales, 8% to 12% for adj. EBITDA* and 9% to 13% for adj. diluted EPS
Mineral Fiber Q4 2024 Results Strong AUV and Mineral Fiber Profitability Continue Net Sales Growth VPY Q4 Mineral Fiber Key Highlights ● Top-line AUV growth of 9% driven by both mix and like-for-like price ● Market conditions continued to stabilize ● Higher SG&A expenses due to employee costs & decrease in deferred compensation gains ● Strong WAVE equity earnings driven by favorable AUV, higher volumes and lower steel costs ● Adj. EBITDA margin* expanded 70bps to 37.5% Adj. EBITDA* VPY Q1 Q2 Q3 Q4 FY 2023 Adj. EBITDA* $84 $95 $105 $81 $364 AUV 13 9 6 10 39 Volume (5) 2 (1) (1) (5) Manufacturing1 - - 3 1 3 Input Costs2 4 4 1 (2) 7 SG&A1 (4) (7) (3) (5) (18) WAVE Equity Earnings 7 2 2 4 15 2024 Adj. EBITDA* $99 $104 $113 $89 $406 % Change 18% 10% 8% 10% 11% +8% *Non-GAAP measure. See appendix for reconciliation to nearest GAAP measure. Excludes the change in depreciation and amortization throughout the presentation. Includes raw material, energy and freight impacts, in addition to inventory valuation impacts.
Architectural Specialties Q4 2024 Results Recent Acquisitions & Organic Growth Fuel Robust Results Adj. EBITDA* VPY Q1 Q2 Q3 Q4 FY 2023 Adj. EBITDA* $12 $17 $20 $17 $66 Sales 4 14 18 22 58 Manufacturing1 (1) (2) (3) (4) (9) SG&A1 (2) (8) (10) (13) (33) 2024 Adj. EBITDA* $12 $21 $26 $23 $82 % Change 4% 25% 27% 33% 24% Q4 Architectural Specialties Key Highlights ● Record-setting segment sales and earnings ● AS organic* sales growth accelerated to ~15% and Adj. EBITDA margin* expanded 70bps ● Increased SG&A driven primarily by 3form acquisition ● Completed acquisition of Zahner ● Order intake strengthened in second half 2024 ● Transportation activity remains strong and supports multi-year opportunity Net Sales Growth VPY +41% *Non-GAAP measure. See appendix for reconciliation to nearest GAAP measure. Excludes the change in depreciation and amortization throughout the presentation.
Q4 2024 Consolidated Company Key Metrics Double-Digit Sales and Earnings Growth Driven by AUV and Acquisitions Q4 2023 Q4 2024 Variance Net Sales $312 $368 18% Adj. EBITDA* $98 $112 14% Adj. EBITDA Margin* (Adj. EBITDA % of Net Sales) 31.4% 30.4% (100bps) Adj. Diluted Earnings Per Share* $1.22 $1.50 23% 1 2 1 *Non-GAAP measure. See appendix for reconciliation to nearest GAAP measure. Excludes the change in depreciation and amortization throughout the presentation. Includes raw material, energy and freight impacts, in addition to inventory valuation impacts.
Full Year 2024 Consolidated Company Key Metrics Strong Sales & Adj. EBITDA* Growth with Adj. EBITDA Margin* Expansion Full Year 2023 Full Year 2024 Variance Net Sales $1,295 $1,446 12% Adj. EBITDA* $430 $486 13% Adj. EBITDA Margin* (Adj. EBITDA % of Net Sales) 33.2% 33.6% 50bps Adj. Diluted Earnings Per Share* $5.32 $6.31 19% Adj. Free Cash Flow* $263 $298 13% 1 2 1 *Non-GAAP measure. See appendix for reconciliation to nearest GAAP measure. Excludes the change in depreciation and amortization throughout the presentation. Includes raw material, energy and freight impacts, in addition to inventory valuation impacts.
Double-Digit Adjusted Free Cash Flow* Growth Supports All Capital Allocation Priorities 2024 Capital Deployment 2024 Adj. Free Cash Flow* Up 13% vs PY *Non-GAAP measure. See appendix for reconciliation to nearest GAAP measure. Includes cash earnings, working capital, other current assets and liabilities and proceeds from company-owned officer life insurance. 2023 Adj. Operating cash flow and other1 CapEx Interest Paid WAVE Dividends Income Tax Payments 2024
Expecting strong sales and earnings growth Issuing Full Year 2025 Guidance Commentary1 Net Sales Adj. Diluted EPS* Adj. EBITDA* Adj. Free Cash Flow* $1,570M to $1,610M 9% to 11% YoY Choppy market outlook … expecting flattish Mineral Fiber volume Expect Mineral Fiber AUV growth above historical average … delivering Adj. EBITDA margin* expansion WAVE equity earnings to grow mid-single digits Recent acquisitions of 3form and Zahner add incremental sales and Adj. EBITDA* to Architectural Specialties *Non-GAAP measure. See appendix for reconciliation to nearest GAAP measure. Additional assumptions available in the appendix of this presentation. $525M to $545M 8% to 12% YoY $315M to $335M 6% to 12% YoY $6.85 to $7.15 9% to 13% YoY
Appendix
Full Year 2025 Assumptions Segment Net Sales Adjusted EBITDA Margin* Mineral Fiber ~5% to ~6% growth ~ 42% Architectural Specialties ~20% growth ~ 18% Consolidated Metrics Full Year 2025 Capital expenditures $90M to $100M Depreciation and amortization $115M to $120M Interest expense $34M to $37M Book / cash tax rate ~25% / ~25% Shares outstanding ~43 to 44M Cash return of investment from joint venture $108M to $116M Shipping Days vs Prior Year 2024 2025 Q1 - (1) Q2 - - Q3 +1 - Q4 +1 - Full Year +2 (1) 13 *Non-GAAP measure.
RIP expense represents only the plan service cost that is recorded within Operating income. For all periods presented, we were not required to and did not make cash contributions to our RIP. Represents the impact of acquisition-related adjustments for the fair value of inventory, contingent third-party professional fees, changes in fair value of contingent consideration, deferred compensation and restricted stock expenses. Represents the Company's 50% share of WAVE's settlement of their defined benefit pension plan. Includes the impact of a loss on sale of an undeveloped parcel of land adjacent to our corporate headquarters, partially offset by a gain on sale of our idled Mineral Fiber plant in St. Helens, Oregon. RIP (credit) represents the entire actuarial net periodic pension (credit) recorded as a component of net earnings. For all periods presented, we were not required to and did not make cash contributions to our RIP. Represents acquisition-related intangible amortization, including customer relationships, developed technology, software, trademarks and brand names, non-compete agreements and other intangibles. Adjusted income tax expense is calculated using the effective tax rate multiplied by the adjusted net earnings before income taxes. For the Three Months Ended December 31, For the Year Ended December 31, 2024 2023 2024 2023 Net sales $368 $312 $1,446 $1,295 Net earnings $62 $47 $265 $224 Add: Income tax expense 14 14 82 75 Earnings before income taxes $76 $61 $347 $298 Add: Interest/other income and expense, net 6 6 27 25 Operating income $82 $66 $374 $324 Add: RIP expense1 1 1 2 3 Add: Acquisition-related impacts2 2 7 4 11 Add: Cost reduction initiatives and other - 1 - 3 Add: WAVE pension settlement3 (1) - - - Add: Loss on sales of fixed assets, net4 - - 1 - Add: Environmental expense - - 2 - Adjusted operating income $84 $75 $383 $340 Add: Depreciation and amortization 27 23 103 89 Adjusted EBITDA $112 $98 $486 $430 Operating income margin 22.3% 21.2% 25.9% 25.0% Adjusted EBITDA margin 30.4% 31.4% 33.6% 33.2% For the Three Months Ended December 31, For the Year Ended December 31, 2024 2023 2024 2023 Net earnings $62 $47 $265 $224 Add: Income tax expense 14 14 82 75 Earnings before income taxes $76 $61 $347 $298 (Less): RIP (credit)5 - - (1) (1) Add: Acquisition-related impacts2 2 7 4 11 Add: Acquisition-related amortization6 3 2 11 6 Add: Cost reduction initiatives and other - 1 - 3 Add: WAVE pension settlement3 (1) - - - Add: Loss on sales of fixed assets, net4 - - 1 - Add: Environmental expense - - 2 - Adjusted net earnings before income taxes $81 $70 $364 $318 (Less): Adjusted income tax expense7 (15) (16) (86) (79) Adjusted net earnings $66 $54 $277 $238 Diluted shares outstanding 43.9 44.2 44.0 44.8 Effective tax rate 18% 23% 24% 25% Diluted net earnings per share $1.42 $1.06 $6.02 $4.99 Adjusted diluted net earnings per share $1.50 $1.22 $6.31 $5.32 Adjusted EBITDA Reconciliation Adjusted Diluted EPS Reconciliation
Deferred compensation and contingent consideration payments related to 2020 acquisitions were recorded as components of net cash provided by operating activities. Contingent compensation payments related to the acquisition of Turf Design, Inc. Proceeds related to the sale of Architectural Specialties design center, our idled Mineral Fiber plant in St. Helens, Oregon and undeveloped land adjacent to our corporate headquarters. For the Three Months Ended December 31, For the Year Ended December 31, 2024 2023 2024 2023 Net cash provided by operating activities $87 $57 $267 $234 Net cash (used for) investing activities ($18) - ($79) ($10) Net cash provided by operating and investing activities $69 $57 $188 $223 Add: Cash paid for acquisitions, net of cash acquired and investment in unconsolidated affiliate 30 3 129 27 Add: Environmental expenses, net - 1 - 1 Add: Arktura deferred compensation1 1 8 6 8 Add: Contingent consideration in excess of acquisition-date fair value2 - - - 5 (Less): Proceeds from sales of facilities3 (13) - (24) - Adjusted Free Cash Flow $86 $68 $298 $263 Adjusted Free Cash Flow Reconciliation
For the Three Months Ended December 31, For the Year Ended December 31, MF AS UC UNALLOCATED CORPORATE MF AS UC UNALLOCATED CORPORATE 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023 Net sales $238 $220 $130 $92 - - $986 $932 $460 $363 - - Operating income (loss) $69 $61 $14 $6 ($1) ($1) $323 $286 $55 $41 ($4) ($3) Add: RIP expense1 - - - - 1 1 - - - - 2 3 Add: Acquisition-related impacts2 - - 2 7 - - - - 3 11 - - Add: Cost reduction initiatives and other - 1 - - - - - 3 - - - - Add: WAVE pension settlement3 (1) - - - - - - - - - - - Add: Loss on sales of fixed assets, net4 - - - - - - 1 - - - - - Add: Environmental expense - - - - - - 2 - - - - - Adjusted operating income (loss) $68 $62 $16 $13 - - $325 $289 $59 $52 ($1) - Add: Depreciation and amortization 21 19 6 4 - - 80 75 23 14 - - Adjusted EBITDA $89 $81 $23 $17 - - $406 $364 $82 $66 ($1) - Operating income margin (Operating income % of net sales) 28.8% 27.6% 11.0% 6.5% NM NM 32.7% 30.6% 12.0% 11.3% NM NM Adjusted EBITDA margin (Adjusted EBITDA % of net sales) 37.5% 36.8% 17.4% 18.4% NM NM 41.2% 39.1% 17.8% 18.1% NM NM Segment Adj. EBITDA Reconciliation RIP expense represents only the plan service cost that is recorded within Operating income (loss). For all periods presented, we were not required to and did not make cash contributions to our RIP. Represents the impact of acquisition-related adjustments for the fair value of inventory, contingent third-party professional fees, changes in fair value of contingent consideration, deferred compensation and restricted stock expenses. Represents the Company's 50% share of WAVE's settlement of their defined benefit pension plan. Includes the impact of a loss on sale of an undeveloped parcel of land adjacent to our corporate headquarters, partially offset by a gain on sale of our idled Mineral Fiber plant in St. Helens, Oregon.
For the Three Months Ended December 31, For the Year Ended December 31, Total AS Recent Acquisitions1 AS Organic UNALLOCATED CORPORATE Total AS Recent Acquisitions1 AS Organic UNALLOCATED CORPORATE 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023 Net sales $130 $92 $34 $9 $96 $83 $460 $363 $84 $11 $376 $352 Operating income $14 $6 $1 $2 $13 $4 $55 $41 $2 $1 $53 $40 Add: Acquisition-related impacts2 2 7 1 - 1 7 3 11 2 - 2 11 Adjusted operating income $16 $13 $3 $2 $14 $11 $59 $52 $4 $1 $55 $51 Add: Depreciation and amortization 6 4 2 - 4 4 23 14 8 - 15 13 Adjusted EBITDA $23 $17 $5 $2 $18 $15 $82 $66 $11 $1 $70 $64 Operating income margin (Operating income % of net sales) 11.0% 6.5% 13.4% 5.4% 12.0% 11.3% 14.2% 11.4% Adjusted EBITDA margin (Adjusted EBITDA % of net sales) 17.4% 18.4% 18.4% 17.8% 17.8% 18.1% 18.7% 18.3% AS Organic Adj. EBITDA Reconciliation Recent acquisitions include the July 2023 acquisition of BOK Modern, the April 2024 acquisition of 3form and the December 2024 acquisition of Zahner. Represents the impact of acquisition-related adjustments for the fair value of inventory, contingent third-party professional fees, changes in fair value of contingent consideration, deferred compensation and restricted stock expenses.
For the Three Months Ended December 31, For the Year Ended December 31, Total AWI Recent Acquisitions1 AWI Organic UNALLOCATED CORPORATE Total AWI Recent Acquisitions1 AWI Organic UNALLOCATED CORPORATE 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023 Net sales $368 $312 $34 $9 $334 $304 $1,446 $1,295 $84 $11 $1,362 $1,284 Operating income $82 $66 $1 $2 $81 $65 $374 $324 $2 $1 $373 $323 Add: RIP expense2 1 1 - - 1 1 2 3 - - 2 3 Add: Acquisition-related impacts3 2 7 1 - 1 7 4 11 2 - 2 11 Add: Cost reduction initiatives and other - 1 - - - 1 - 3 - - - 3 Add: WAVE pension settlement4 (1) - - - (1) - - - - - - - Add: Loss on sales of fixed assets, net5 - - - - - - 1 - - - 1 - Add: Environmental expense - - - - - - 2 - - - 2 - Adjusted operating income $84 $75 $3 $2 $82 $73 $383 $340 $4 $1 $380 $340 Add: Depreciation and amortization 27 23 2 - 25 23 103 89 8 - 95 89 Adjusted EBITDA $112 $98 $5 $2 $107 $96 $486 $430 $11 $1 $475 $428 Operating income margin (Operating income % of net sales) 22.3% 21.2% 24.1% 21.3% 25.9% 25.0% 27.3% 25.1% Adjusted EBITDA margin (Adjusted EBITDA % of net sales) 30.4% 31.4% 32.0% 31.6% 33.6% 33.2% 34.9% 33.3% AWI Organic Adj. EBITDA Reconciliation Recent acquisitions include the July 2023 acquisition of BOK Modern, the April 2024 acquisition of 3form and the December 2024 acquisition of Zahner. RIP expense represents only the plan service cost that is recorded within Operating income. For all periods presented, we were not required to and did not make cash contributions to our RIP. Represents the impact of acquisition-related adjustments for the fair value of inventory, contingent third-party professional fees, changes in fair value of contingent consideration, deferred compensation and restricted stock expenses. Represents the Company's 50% share of WAVE's settlement of their defined benefit pension plan. Includes the impact of a loss on sale of an undeveloped parcel of land adjacent to our corporate headquarters, partially offset by a gain on sale of our idled Mineral Fiber plant in St. Helens, Oregon.
Full Year 2025 Low High Net earnings $293 $297 Add: Income tax expense 96 102 Earnings before income taxes $389 $399 Add: Interest expense 34 37 Add: Other non-operating (income), net (14) (13) Operating income $409 $423 Add: RIP expense1 1 2 Adjusted operating income $410 $425 Add: Depreciation and amortization 115 120 Adjusted EBITDA $525 $545 RIP expense represents only the plan service cost that is recorded within Operating income. We do not expect to make cash contributions to our RIP. RIP (credit) represents the entire actuarial net periodic pension (credit) recorded as a component of net earnings. We do not expect to make any cash contributions to our RIP. Represents acquisition-related intangible amortization, including customer relationships, developed technology, software, trademarks and brand names, non-compete agreements, trade secrets and other intangibles. Adjusted income tax expense is based on an adjusted effective tax rate of approximately 25%, multiplied by adjusted earnings before income taxes. Adjusted diluted EPS guidance for 2025 is calculated based on approximately 43 to 44 million of diluted shares outstanding. 2025 Adj. EBITDA Guidance Reconciliation 19 Full Year 2025 Low High Net earnings $293 $297 Add: Income tax expense 96 102 Earnings before income taxes $389 $399 Add: RIP (credit)2 (1) (1) Add: Acquisition-related amortization3 13 15 Adjusted earnings before income taxes $401 $413 (Less): Adjusted income tax expense4 (101) (102) Adjusted net earnings $299 $311 Diluted net earnings per share $6.72 $6.84 Adjusted diluted net earnings per share5 $6.85 $7.15 2025 Adj. Diluted EPS Guidance Reconciliation Full Year 2025 Low High Net cash provided by operating activities $297 $319 Add: Return of investment from joint venture 108 116 (Less): Capital expenditures (90) (100) Adjusted Free Cash Flow $315 $335 2025 Adj. Free Cash Flow Guidance Reconciliation
v3.25.0.1
| X |
- DefinitionBoolean flag that is true when the XBRL content amends previously-filed or accepted submission.
| Name: |
dei_AmendmentFlag |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionFor the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.
| Name: |
dei_DocumentPeriodEndDate |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:dateItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionThe type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.
| Name: |
dei_DocumentType |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:submissionTypeItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionAddress Line 1 such as Attn, Building Name, Street Name
| Name: |
dei_EntityAddressAddressLine1 |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- Definition
+ References
+ Details
| Name: |
dei_EntityAddressCityOrTown |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionCode for the postal or zip code
| Name: |
dei_EntityAddressPostalZipCode |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionName of the state or province.
| Name: |
dei_EntityAddressStateOrProvince |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:stateOrProvinceItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionA unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
| Name: |
dei_EntityCentralIndexKey |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:centralIndexKeyItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionIndicate if registrant meets the emerging growth company criteria. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
| Name: |
dei_EntityEmergingGrowthCompany |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionCommission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.
| Name: |
dei_EntityFileNumber |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:fileNumberItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionTwo-character EDGAR code representing the state or country of incorporation.
| Name: |
dei_EntityIncorporationStateCountryCode |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:edgarStateCountryItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionThe exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
| Name: |
dei_EntityRegistrantName |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionThe Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
| Name: |
dei_EntityTaxIdentificationNumber |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:employerIdItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionLocal phone number for entity.
| Name: |
dei_LocalPhoneNumber |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 13e
-Subsection 4c
| Name: |
dei_PreCommencementIssuerTenderOffer |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 14d
-Subsection 2b
| Name: |
dei_PreCommencementTenderOffer |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionTitle of a 12(b) registered security. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b
| Name: |
dei_Security12bTitle |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:securityTitleItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionName of the Exchange on which a security is registered. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection d1-1
| Name: |
dei_SecurityExchangeName |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:edgarExchangeCodeItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 14a
-Subsection 12
| Name: |
dei_SolicitingMaterial |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionTrading symbol of an instrument as listed on an exchange.
| Name: |
dei_TradingSymbol |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:tradingSymbolItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Securities Act
-Number 230
-Section 425
| Name: |
dei_WrittenCommunications |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
Armstrong World Industries (NYSE:AWI)
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Armstrong World Industries (NYSE:AWI)
Graphique Historique de l'Action
De Fév 2024 à Fév 2025
