Shares of Armstrong World Industries soared more than 11 per cent just after the organization gave entire-year direction previously mentioned analyst expectations.
The flooring and ceiling products and solutions manufacturer claimed in its earnings report on Monday it expects earnings among $one.29-one.32 billion for 2017, greater than the $one.28 billion projected by Wall Avenue. Modified earnings per share direction of $2.sixty to $2.70 a share also beat the $2.47 a share estimate from FactSet.
Armstrong’s stock was past switching arms at $44.85 per share and on pace for its best working day given that Nov. five, 2009, when the stock obtained 15.seventy four per cent.
Armstrong World also claimed adjusted earnings of 45 cents per share, topping Wall Avenue estimates of 44 cents per share, in accordance to FactSet.
Nevertheless, fourth-quarter earnings for the organization came in under estimates at $297.9 million versus the $302.one million envisioned by analysts, in accordance to FactSet.
Gains in Armstrong World led the S&P SPDR Homebuilders ETF (XHB), which climbed one per cent Monday. The ETF is on pace for its best working day given that February 21 when it obtained one.21 per cent.
Armstrong World Industries 12-thirty day period overall performance