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

Armstrong World Industries (NYSE:AWI - Get Free Report) posted its quarterly earnings results on Tuesday. The construction company reported $1.81 EPS for the quarter, beating the consensus estimate of $1.75 by $0.06, Briefing.com reports. Armstrong World Industries had a net margin of 17.92% and a return on equity of 41.53%. The business had revenue of $386.60 million for the quarter, compared to analysts' expectations of $386.69 million. During the same period in the previous year, the company posted $1.60 EPS. Armstrong World Industries's revenue was up 11.3% on a year-over-year basis. 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 $0.33 during trading hours on Wednesday, hitting $140.33. The stock had a trading volume of 239,051 shares, compared to its average volume of 311,852. The company has a 50-day moving average of $131.30 and a two-hundred day moving average of $122.40. The company has a quick ratio of 1.19, a current ratio of 1.76 and a debt-to-equity ratio of 0.97. 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 market cap of $6.14 billion, a PE ratio of 26.38, a price-to-earnings-growth ratio of 1.92 and a beta of 1.14.

Armstrong World Industries Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, November 21st. Investors of record on Thursday, November 7th will be given a dividend of $0.308 per share. The ex-dividend date of this dividend is Thursday, November 7th. This is an increase 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 0.88%. Armstrong World Industries's dividend payout ratio (DPR) is 23.12%.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on AWI. StockNews.com raised shares of Armstrong World Industries from a "hold" rating to a "buy" rating in a research report on Tuesday, August 20th. Loop Capital lifted their target price on shares of Armstrong World Industries from $135.00 to $145.00 and gave the stock a "hold" rating in a report on Wednesday. UBS Group upped their price target on shares of Armstrong World Industries from $136.00 to $144.00 and gave the company a "neutral" rating in a report on Wednesday. Truist Financial lifted their price objective on Armstrong World Industries from $148.00 to $162.00 and gave the stock a "buy" rating in a research note on Wednesday. Finally, Evercore ISI increased their target price on Armstrong World Industries from $127.00 to $140.00 and gave the company an "in-line" rating in a research note on Wednesday. Four analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $140.83.

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.