Armstrong World Industries Announces Increase in Quarterly Dividend

Rhea-AI Summary

Armstrong World Industries announces a 10% increase in quarterly cash dividend

Positive

• Armstrong World Industries has approved a 10% increase in its quarterly cash dividend to $0.28 per share of common stock.
• This is the fifth consecutive annual dividend increase for the company since 2018.
• The increase demonstrates the Board of Directors' confidence in the company's growth strategy and cash flow generation.
• Armstrong World Industries has a healthy balance sheet and a proven ability to consistently grow adjusted free cash flow.

Negative

• None.

LANCASTER, Pa.--(BUSINESS WIRE)-- Armstrong World Industries, Inc. (NYSE:AWI), a leader in the design, innovation and manufacture of ceiling and wall solutions, announced today that its Board of Directors has approved a 10% increase in the company’s quarterly cash dividend to $0.28 per share of common stock. The dividend will be paid on Nov. 16, 2023, to stockholders of record as of the close of business on Nov. 2, 2023.

“Today’s announcement marks our fifth consecutive, annual dividend increase since the inception of our dividend program in 2018 and demonstrates the Board of Directors’ continued confidence in our growth strategy and cash flow generation,” said AWI CFO and Senior Vice President Chris Calzaretta. “Our healthy balance sheet coupled with our proven ability to consistently grow adjusted free cash flow supports returning cash to shareholders as a component of our balanced approach to capital allocation.”

The declaration and payment of future dividends and capital allocations will be at the discretion of the Board of Directors and will be dependent upon, among other things, the company's financial position, results of operations and cash flow.

About Armstrong World Industries
Armstrong World Industries, Inc. (AWI) is a leader in the design and manufacture of innovative ceiling and wall system solutions in the Americas. With $1.2 billion in revenue in 2022, AWI has approximately 3,000 employees and a manufacturing network of 16 facilities, plus seven facilities dedicated to its WAVE joint venture.

View source version on businesswire.com: https://www.businesswire.com/news/home/20231018140970/en/

Theresa Womble, tlwomble@armstrongceilings.com or (717) 396-6354

Source: Armstrong World Industries, Inc.

FAQ

What is the increase in Armstrong World Industries' quarterly cash dividend?

The company has approved a 10% increase in its quarterly cash dividend to $0.28 per share of common stock.

How many consecutive annual dividend increases has Armstrong World Industries had?

This is the fifth consecutive annual dividend increase for the company since 2018.

What does the increase in dividend demonstrate?

The increase demonstrates the Board of Directors' confidence in the company's growth strategy and cash flow generation.

Does Armstrong World Industries have a healthy balance sheet?

Yes, Armstrong World Industries has a healthy balance sheet.

What supports Armstrong World Industries' ability to consistently grow adjusted free cash flow?

Armstrong World Industries' healthy balance sheet supports its ability to consistently grow adjusted free cash flow.