Glenview Capital ups its stake in Mohawk Industries
In 4Q14, Glenview Capital increased its position in Mohawk Industries (MHK) to 2,328,002 shares, which is 1.81% of the fund’s total 4Q14 portfolio.
Why Armstrong World Industries lowers full year guidance
Shares fell at the end of July because of the company’s lackluster outlook. The outlook was based on the market activity in May and June. It was also based on the recent downward revisions to gross domestic product (or GDP). AWI lowered its full year guidance for sales by $100 million.
Why Armstrong faces soft demand environment in certain markets
Net sales in the company’s Americas market declined 0.7% to $509.2 million in the second quarter. It was essentially flat for the first half of 2014. This was due to lower volumes.
Why Armstrong World Industries’ profits drop in 2Q
Armstrong World Industries stock fell at the end of last month. Its 2Q14 earnings and revenue fell short of analysts’ expectations. Revenue was up 0.5% to $710 million compared to the same quarter last year. Adjusted diluted earnings per share (or EPS) fell 1% to $0.60. Net income declined 31.4% to $21 million.
Overview: ValueAct Capital’s new position in Armstrong
Armstrong is based in Lancaster. It’s a global producer of flooring products and ceiling systems. The products are used in the construction and renovation of residential, commercial, and institutional buildings. It designs, manufactures, and sells flooring products that are mainly resilient and wood.