Armstrong World Industries (NYSE:AWI) Releases FY 2024 Earnings Guidance

Armstrong World Industries (NYSE:AWI) updated its FY 2024 earnings guidance on Tuesday. The company provided earnings per share guidance of 6.150-6.250 for the period, compared to the consensus earnings per share estimate of 6.090. The company issued revenue guidance of $1.4 billion-$1.4 billion, compared to the consensus revenue estimate of $1.4 billion. Armstrong World Industries also updated its FY24 guidance to $6.15-6.25 EPS.

Armstrong World Industries Stock Up 0.4 %

Shares of NYSE AWI traded up $0.56 during trading on Wednesday, reaching $140.56. The company had a trading volume of 148,290 shares, compared to its average volume of 311,419. Armstrong World Industries has a 12-month low of $74.37 and a 12-month high of $143.07. The company has a quick ratio of 1.19, a current ratio of 1.76 and a debt-to-equity ratio of 0.97. The business’s 50-day moving average is $130.96 and its 200 day moving average is $122.28. The stock has a market cap of $6.15 billion, a PE ratio of 26.43, a P/E/G ratio of 1.92 and a beta of 1.14.

Armstrong World Industries (NYSE:AWI) last announced its quarterly earnings data on Tuesday, October 29th. The construction company reported $1.81 EPS for the quarter, beating the consensus estimate of $1.75 by $0.06. The company had revenue of $386.60 million for the quarter, compared to the consensus estimate of $386.69 million. Armstrong World Industries had a net margin of 17.92% and a return on equity of 41.53%. Armstrong World Industries’s revenue for the quarter was up 11.3% on a year-over-year basis. During the same period in the prior year, the firm posted $1.60 EPS. As a group, equities analysts forecast that Armstrong World Industries will post 6.07 earnings per share for the current fiscal year.

Armstrong World Industries Increases Dividend

The company also recently declared 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 represents a $1.23 annualized dividend and a dividend yield of 0.88%. This is an increase from Armstrong World Industries’s previous quarterly dividend of $0.28. Armstrong World Industries’s dividend payout ratio (DPR) is 23.12%.

Analyst Ratings Changes

A number of analysts have commented on the company. Evercore ISI lifted their target price on Armstrong World Industries from $127.00 to $140.00 and gave the stock an “in-line” rating in a report on Wednesday. StockNews.com upgraded shares of Armstrong World Industries from a “hold” rating to a “buy” rating in a research note on Tuesday, August 20th. Truist Financial raised their target price on shares of Armstrong World Industries from $148.00 to $162.00 and gave the stock a “buy” rating in a report on Wednesday. Jefferies Financial Group raised their price target on Armstrong World Industries from $121.00 to $122.00 and gave the stock a “hold” rating in a research note on Wednesday, October 9th. Finally, UBS Group boosted their price target on Armstrong World Industries from $136.00 to $144.00 and gave the company a “neutral” rating in a research note on Wednesday. Four equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $140.83.

About Armstrong World Industries

Armstrong World Industries, Inc, together with its subsidiaries, engages in the design, manufacture, and sale of ceiling and wall solutions in the Americas. It operates through Mineral Fiber and Architectural Specialties segments. The company offers mineral fiber, fiberglass wool, metal, wood, felt, wood fiber, and glass-reinforced-gypsum; ceiling component products, such as ceiling perimeters and trims, as well as grid products that support drywall ceiling systems; ceilings, walls, and facades for use in commercial settings; and manufactures ceiling suspension system (grid) products.