Investors with an interest in Building Products - Miscellaneous stocks have likely encountered both Owens Corning (OC) and Armstrong World Industries (AWI) . But which of these two companies is the best option for those looking for undervalued stocks? Let's take a closer look.We have found that the best way to discover great value opportunities is to pair a strong Zacks Rank with a great grade in the Value category of our Style Scores system. The proven Zacks Rank emphasizes companies with positive estimate ...

CRH plc (CRH) has signed a deal with Caterpillar Inc. (CAT) to advance the deployment of the latter’s zero-exhaust emissions solutions.CRH, a leading aggregates producer in North America, has become the first company in the industry to sign such an agreement with Caterpillar. The agreement will boost the deployment of Caterpillar's 70- to 100-ton-class battery electric off-highway trucks and charging solutions at a CRH site in North America.This apart, CRH will participate in CAT’s Early Learner program for ...

Armstrong World Industries, Inc. (AWI) has solidified a strategic partnership with McKinstry, investing in Overcast Innovations. This venture promises revolutionary integrated building solutions, reducing waste and inefficiencies. By integrating Armstrong's portfolio, this move aims to supercharge Overcast’s growth trajectory, addressing critical industry challenges while fostering sustainability and innovation.Overcast's modular ceiling systems tackle pressing challenges faced by construction stakeholders, ...

3rd Quarter 2023 Earnings Presentation Safe Harbor Statement Disclosures in this presentation contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including without limitation, those relating to future financial and operational results, expected savings from cost management ...

Financial Data and Key Metrics Changes - Total company adjusted EBITDA increased by 19% on a 7% increase in net sales, reaching a record $125 million, with an adjusted EBITDA margin expansion of 380 basis points [6][19] - Adjusted diluted earnings per share increased by 18% compared to the prior year [19] - Adjusted free cash flow increased by $26 million or 39% year-over-year [19] Business Line Data and Key Metrics Changes - Mineral Fiber segment reported 7% sales growth and 18% adjusted EBITDA growth, with adjusted EBITDA reaching $105 million and a margin of nearly 42% [7][16] - Architectural Specialties segment achieved record sales and adjusted EBITDA growth of 30%, with adjusted EBITDA exceeding $20 million and margins expanding to over 20% [11][18] Market Data and Key Metrics Changes - Overall market activity in the Architectural Specialties segment showed positive quoting activity, although some new orders experienced delays [12] - Demand in the office vertical remains pressured, but there are signs of stabilization in other sectors such as education and healthcare [24][25] Company Strategy and Development Direction - The company is focused on growth initiatives, particularly through the Canopy platform, which has doubled sales year-over-year and contributed positively to EBITDA growth [8][9] - Investments in expanding capacity and capabilities within the Architectural Specialties metal category are expected to enhance production efficiency and reduce lead times [14] Management's Comments on Operating Environment and Future Outlook - Management noted that market demand has stabilized at lower levels, with ongoing uncertainty in discretionary spending, particularly in the office sector [23][24] - The company remains optimistic about achieving long-term growth targets, with expectations of returning to 2019 volume levels in the Mineral Fiber segment [66] Other Important Information - The company repurchased $40 million of shares in the third quarter and announced a 10% increase in its quarterly dividend [21] - Full-year guidance has been improved based on better-than-expected market conditions, with increased midpoints for adjusted EBITDA and free cash flow [22] Q&A Session Summary Question: Demand and Project Delays - Management acknowledged ongoing uncertainty in the market, particularly affecting discretionary renovation work, and noted that project delays are common in the Architectural Specialties business [28][30] Question: Sustainability of Margin Improvements - Management expressed confidence in the sustainability of margin improvements due to operational efficiencies and effective management of SG&A expenses [31][32] Question: Volume Trends in Mineral Fiber - Management indicated that the home center channel did not experience the expected destocking, and they anticipate more volume growth from growth initiatives like Canopy [34][36][39] Question: Fourth Quarter Guidance - Management provided insights into expected volume declines in the fourth quarter, driven by retail home center volume and higher SG&A expenses [41][42] Question: Inventory Revaluation Impact - Management discussed the positive impact of inventory revaluation in the third quarter and its anticipated benefits for the fourth quarter [53][56] Question: Market Mix and Growth Initiatives - Management highlighted the ability to shift end market mix effectively due to strong relationships with architects and ongoing innovation in product offerings [60][63]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock, $0.01 par value per share AWI New York Stock Exchange FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commi ...

Financial Data and Key Metrics Changes - The company achieved a 10% year-over-year adjusted EBITDA growth on 1% net sales growth in Q2 2023, despite challenging market conditions [5] - Year-to-date adjusted free cash flow reached $103 million, a 60% increase from 2022 [5][19] - Adjusted diluted net earnings per share increased by 7% compared to the prior year [19] - Consolidated adjusted EBITDA margin expanded by 260 basis points, with adjusted EBITDA up 10% [19] Business Line Data and Key Metrics Changes - **Mineral Fiber Segment**: Sales were essentially flat compared to 2022, with a 7% increase in average unit value (AUV) offset by lower sales volumes [6][14] - **Architectural Specialties Segment**: Sales increased by 6% from a strong 2022 level, with order intake reaching a historical high [10][18] - Mineral Fiber adjusted EBITDA grew by $6 million or 7%, with adjusted EBITDA margin expanding by 260 basis points [15] Market Data and Key Metrics Changes - Mixed indicators for primary sectors in Q2, with Dodge bidding activity softening and ABI declining but remaining positive [6] - Office vacancies continued to rise, but commercial leasing activity improved for the first time in four quarters [6] - The office vertical, which represents about 30% of sales, is expected to remain soft in the second half of the year [36] Company Strategy and Development Direction - The company is focused on leveraging its diverse verticals to cushion against cyclical swings, with a strong emphasis on operational excellence and productivity gains [7][9] - The acquisition of BOK Modern aims to enhance the company's capabilities in architectural metal solutions, extending its reach into exterior building applications [28][79] - The company is committed to investing in high-return opportunities and strategic acquisitions while maintaining a robust share repurchase program [21][66] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about the second half of 2023, noting improved visibility and removing worst-case market downturn scenarios from expectations [22][24] - The company anticipates continued inflationary pressures on raw materials, with a forecast of high single-digit inflation on raw materials for the year [34] - Management highlighted the positive trends supporting the healthy spaces growth initiative, particularly in light of new regulatory proposals [25][26] Other Important Information - The company reported a significant increase in sales through its online marketplace, Canopy, which doubled from 2022 levels [8] - The company has increased its share repurchase authorization by an additional $500 million, reflecting confidence in its cash flow generation capabilities [21][27] Q&A Session Summary Question: Input costs outlook for the second half of the year - Management indicated flat total input costs in Q2, with continued inflation on raw materials and deflationary benefits from energy and freight expected [34] Question: Demand trends in the office vertical - Management expects the office segment to remain softer in the second half, influenced by rising vacancy rates and economic uncertainty [36][40] Question: Pricing strategy moving forward - Management expressed confidence in maintaining pricing power, with expectations to price ahead of inflation despite market softness [44] Question: Guidance for Mineral Fiber volumes - Management anticipates high mid-single-digit declines in Mineral Fiber volumes for the second half, with caution due to macroeconomic uncertainties [47] Question: Architectural Specialties segment growth sustainability - Management is optimistic about achieving a world-class EBITDA margin of over 20% in the Architectural Specialties segment, driven by operating leverage and larger project opportunities [62] Question: M&A pipeline and capital allocation - Management remains active in pursuing acquisitions to enhance capabilities, with a balanced approach to capital allocation between investments, acquisitions, and share repurchases [66]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock, $0.01 par value per share AWI New York Stock Exchange FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission ...

Financial Data and Key Metrics Changes - Consolidated net sales increased by 10% year-over-year, adjusted EBITDA grew by 9%, and adjusted free cash flow increased by more than 50% [5][22][23] - Adjusted diluted net earnings per share increased by 10% compared to the prior year [22] Business Line Data and Key Metrics Changes - Mineral Fiber segment sales growth was 12%, driven by 9% volume growth and 3% average unit value (AUV) growth [16][18] - Architectural Specialties segment experienced a slower start with 3% year-over-year sales growth and a $1 million decline in adjusted EBITDA [7][21] Market Data and Key Metrics Changes - The first quarter saw a recovery in sales following a challenging first quarter of 2022, with a return to more normal inventory levels [6][10] - Bidding activity turned positive across all verticals, with notable strength in transportation and healthcare markets [10][26] Company Strategy and Development Direction - The company remains focused on executing strategic initiatives and controlling costs amid economic uncertainty [5][11] - Continued investment in digital initiatives and product innovation, including the expansion of the automated design service, Project Works [13][14] Management's Comments on Operating Environment and Future Outlook - Management expressed caution for the remainder of the year, anticipating a mild recession in the second half and challenges in the commercial construction market [9][10] - The company expects to maintain its full-year guidance, projecting sales growth of 2% to 6% and adjusted EBITDA growth of 3% to 9% [24] Other Important Information - The company has returned over $1 billion in dividends and share repurchases since 2016, with a commitment to return excess cash to shareholders [30] - The company has hedged about 50% of its natural gas exposure to stabilize its cost structure [20][55] Q&A Session Summary Question: Clarification on volume growth and end markets - Management confirmed that the 9% volume growth was supported by growth initiatives and an extra shipping day, with overall market conditions stable compared to the previous quarter [33][34][35] Question: Impact of destocking normalization - Management believes destocking has normalized, with no additional downturn observed [37] Question: Pricing strategy and inflation - Management is on track with regular price increases and expects to continue addressing inflation through pricing initiatives [41] Question: Geographic differences in office market activity - Management noted that all regions experienced growth, with variations based on back-to-office activity levels [45][46] Question: Impact of natural gas hedging - Management hedged about half of its natural gas exposure, which is expected to provide stability but not significantly alter cost guidance [55][86] Question: Volume outlook for the remainder of the year - Management anticipates negative volume growth in the second quarter, with a continued deceleration expected for the rest of the year [57] Question: AUV dynamics and mix impact - Management does not expect a significant trade-down in mix, maintaining a positive outlook for AUV growth driven by innovation and product offerings [64][66]

1st Quarter 2023 Earnings Presentation April 25, 2023 Safe Harbor Statement Disclosures in this presentation contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including without limitation, those relating to future financial and operational results, expected savings from cost management initiatives, the performance of our WAVE1 joint venture, market and broader economic conditions and guidance. Those statements provide our future expectations or fo ...