Armstrong World Industries, Inc. (NYSE:AWI) Q1 2022 Earnings Conference Call April 26, 2022 10:00 AM ET

Company Participants

Theresa Womble – Director-Investor Relations

Vic Grizzle – Chief Executive Officer

Brian MacNeal – Chief Financial Officer

Conference Call Participants

Keith Hughes – Truist

Philip Ng – Jefferies

Kathryn Thompson – Thompson Research

Garik Shmois – Loop Capital

Susan Maklari – Goldman Sachs

Adam Baumgarten – Zelman

Stephen Kim – Evercore ISI

John Lovallo – UBS

Ken Zener – KeyBanc

Dan Oppenheim – Credit Suisse

Rafe Jadrosich – Bank of America

Operator

Ladies and gentlemen, thank you for standing by, and welcome to the Q1 2022 Armstrong World Industries Inc Earnings Conference Call. At this time all participants are in a listen-only mode. After the speaker presentation, there will be a question-and-answer session. [Operator Instructions]

I would now like to hand the conference over to your speaker, Ms. Theresa Womble, Director of Investor Relations. Please go ahead.

Theresa Womble

Thank you, Sheri, and welcome to everyone on the call this morning. Today, we’ll have Vic Grizzle, our CEO; and Brian MacNeal, our CFO, discuss Armstrong World Industries’ first quarter 2022 results as well as our outlook for the rest of the year. Our discussion of operating and financial performance will include non-GAAP financial measures within the meaning of the SEC Regulation G. A reconciliation of these measures with comparable GAAP measures is included in the earnings press release and in the appendix of the presentation we issued this morning. Both are available on our Investor Relations website.

As a reminder, during this call, we will be making forward-looking statements that represent the best view of the company of our financial and operational performance as of today’s date, April 26, 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 take no obligation to update any forward-looking statement beyond what is required by applicable securities law.

Now for those of you following along with our presentation, please turn to Slide 4, as I turn the call to Vic.

Vic Grizzle

Thank you, Theresa, and good morning, everyone, and thank you for joining our call today to discuss our first quarter 2022 results. As we reported in our earnings release today, we delivered year-over-year top-line growth of 12% and adjusted EBITDA growth of 3% versus the first quarter of 2021. These consolidated results represent a very strong quarter for our Architectural Specialties segment and muted performance for our Mineral Fiber segment, due to distributor inventory adjustments that I will discuss in more detail in a few moments. There continues to be a growing number of positive indicators pointing to a continuation of the market recovery. This combined with the strength of our Architectural Specialties performance this quarter and increasing traction of our growth initiatives, supports our confidence in maintaining our full year guidance for sales and EBITDA growth for 2022.