Armstrong Flooring Reports Fourth Quarter and Full Year 2020 Results

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02/17/2021 - 07:06 AM

Armstrong Flooring, Inc. (NYSE: AFI) (“Armstrong Flooring” or the “Company”), a leader in the design and manufacture of innovative flooring solutions, today reported financial results for the fourth quarter and full year ended December 31, 2020.

Michel Vermette, President and Chief Executive Officer, commented, “I’m proud of the resilience our employees showed throughout the year while executing our business transformation. Our progress was evident in our fourth quarter results, which were largely in line with our expectations as we further invested in the multi-pronged transformation and modernization of our business.”

“Looking forward to 2021, macro trends further support Armstrong Flooring’s internal efforts. Residential housing construction remains positive for Armstrong Flooring, with this end market continuing to grow in importance, representing 40% of 2020 sales compared to 35% historically. Economic indicators for single-family residential construction and renovation are all pointing towards robust levels of activity to continue in 2021. We believe these residential tailwinds will support Armstrong Flooring’s strong brand, the timing of our direct sales efforts to select independent retailers, growing presence in big box retailers, and meaningfully enhanced sales efforts with our valued flooring distribution network. Commercial activity continues to gain momentum with sequential improvement in demand trending in the right direction since mid-year 2020. These factors combined with the significant steps that we are taking to structurally transform our business give us the confidence in our transformation plans.”

Consolidated Results

Three Months Ended

Twelve Months Ended

December 31,

(Dollars in millions, except per share data)