Armstrong World Industries post $19.4 million loss in Q1
Low revenue, increased expenses and burden of charges drove Armstrong World Industries Inc. to higher losses for the first quarter ended on March 31, 2010, the company said in a statement on Monday.
The company booked a net loss of $19.4 million, or 34 cents a share for the quarter as compared to a net loss of $11.2 million, or 20 cents per share in the year-ago period.
However, the good thing from the company's point of view was the fact that the loss surfaced due to a deferred income tax charge of $21.6 million. Excluding the particular charge, which came due to some changes in the provisions for the health care sector that was included in law in March, the company made a profit of $24 cents a share.
On sales side too the company faced a little problem as revenue dropped nearly one per cent during the quarter to $658.39 million as compared to $668.3 million in the same period for the previous fiscal. Nevertheless, the company's revenue still beat Wall Street expectations of $639.5 million.
The company, however, expects adjusted earnings in the range of $1.35 to $1.60 for the 2010 fiscal.