Armstrong World Industries Warns Sales, EBITDA Will Miss Guidance

Armstrong World Industries said Monday its full-year sales and EBITDA -- earnings before interest, taxes, depreciation and amortization -- will come in below previous guidance. The flooring manufacturing company said it's facing "intensifying price pressure" and capacity utilization challenges in Europe, as well as faster than anticipated share shift away from traditional residential resilient products in North America. The company now expects full-year sales to be in the range of $2.68 billion to $2.72 billion, and adjusted EBITDA to be in the range of $355 million to $375 million. Armstrong World expects to report third quarter sales below the previously forecast $740 to $780 million range when it releases its third-quarter results Oct. 27, 2014.