Armstrong World Industries, Inc. (NYSE:AWI) Q3 2022 Earnings Conference Call October 25, 2022 10:00 AM ET

Company Participants

Theresa Womble - Director, IR

Vic Grizzle - President & CEO

Chris Calzaretta - CFO

Conference Call Participants

Joe Ahlersmeyer - Deutsche Bank

Keith Hughes - Truist Securities

Brian Biros - Thompson Research Group

Garik Shmois - Loop Capital

Phil Ng - Jefferies

Susan Maklari - Goldman Sachs

Rafe Jadrosich - Bank of America

John Lovallo - UBS

Dan Oppenheim - Credit Suisse

Stephen Kim - Evercore ISI

Adam Baumgarten - Zelman Associates

Kenneth Zener - KeyBanc Capital Markets

Operator

Ladies and gentlemen, thank you for standing by and welcome to the Q3 2022 Armstrong World Industries Inc. Earnings Call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions]

I would now like to turn the call over to your host, Theresa Womble, Vice President, Investor Relations. You may begin.

Theresa Womble

Thank you, Kevin and welcome everyone on the call this morning. Today we'll hear from Vic Grizzle, our CEO; and Chris Calzaretta, our CFO, will discuss Armstrong World Industries' third quarter 2022 results and rest-of-year outlook, along with some progress on our growth initiatives.

Our discussion of operating and financial performance will include non-GAAP financial measures within the meaning of SEC Reg G. A reconciliation of these measures with the most directly comparable GAAP measure is included in the earnings press release and in the appendix of the presentation, also issued this morning. Both of these are available on the Investor Relations website.

During this call, we will be making forward-looking statements that represent the view we have of our financial and operational performance as of today's date, October 25th, 2022. These statements involve risks and uncertainties that may differ materially from those expected or implied.

We provide a detailed discussion of the risks and uncertainties in our SEC filings, including the 10-Q filed earlier this morning. We undertake no obligation to update any forward-looking statement beyond what is required by applicable securities law.

For those of you now following along, please turn to slide four on our presentation as we turn the call over to Vic.

Vic Grizzle

Thanks Theresa and good morning everyone. Today we reported solid topline growth of 11% for the third quarter versus the prior year with Mineral Fiber net sales increasing 9% and Architectural Specialties net sales up 18%. Adjusted EBITDA increased 5% year-over-year and our consolidated EBITDA margin performance improved sequentially.