Armstrong World Industries, Inc. (NYSE:AWI) Q3 2023 Earnings Conference Call October 24, 2023 10:00 AM ET

Company Participants

Theresa Womble – Vice President-Investor Relations and Corporate Communications

Vic Grizzle – Chief Executive Officer

Chris Calzaretta – Chief Financial Officer

Conference Call Participants

Susan Maklari – Goldman Sachs

Garik Shmois – Loop Capital Markets

Keith Hughes – Truist

Phil Ng – Jefferies

Rafe Jadrosich – Bank of America

Kathryn Thompson – Thompson Research Group

John Lovallo – UBS

Adam Baumgarten – Zelman & Associates

Operator

Good morning. My name is Colby, and I will be your conference operator today. At this time, I would like to welcome everyone to the Q3 2023 Armstrong World Industries Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers’ remarks, there will be a question-and-answer session. [Operator Instructions] Thank you.

I’ll now turn the call over to Theresa Womble, Vice President of Investor Relations and Corporate Communications. You may begin.

Theresa Womble

Thank you, Colby, and welcome everyone to our call this morning. On today’s call, Vic Grizzle, our CEO; and Chris Calzaretta, our CFO will discuss Armstrong World Industries third quarter 2023 results and our rest of year outlook. To accompany these remarks, we have provided a presentation that is available on the Investors section of the Armstrong World Industries website.

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 measures is included in the earnings press release and in the appendix of the presentation issued this morning. Both are available on our website.

During the call, we will be making forward-looking statements and these statements represent the view we have of our financial and operational performance as of today’s date, October 24, 2023. 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.

And now, I’ll turn the call to Vic.

Vic Grizzle

Thank you, Theresa, and good morning, everyone, and thank you all for joining our call this morning. As most of you have seen in our press release this morning, we delivered strong third quarter results. We generated strong sales and earnings growth while still facing weak market conditions that dampened overall demand in both our Mineral Fiber and Architectural Specialties segments. Our results were stronger in the quarter than we expected, largely due to the fact that we did not experience a further deterioration of market activity as initially expected, and due to the outstanding execution by our teams.