UPDATE 1-Armstrong World Q1 adjusted profit beats Street

* Q1 adj EPS $0.24 vs est $0.13

* Q1 rev down 1 pct

* Sees FY adj EPS $1.35-$1.60

* Sees FY revenue $2.70 bln-$2.90 bln

May 3 (BestGrowthStock) – Building products company Armstrong World
Industries Inc (AWI.N: ) posted an adjusted quarterly profit that
blew past market estimates, helped by lower costs.

Armstrong World sees 2010 adjusted earnings of $1.35 to
$1.60 per share, on revenue of $2.70 billion to $2.90 billion.

Analysts on average were expecting earnings of $1.47 per
share, on revenue of $2.74 billion, according to Thomson
Reuters I/B/E/S.

For the first quarter, the company reported net loss of
$19.4 million, or 34 cents a share, compared with $11.2
million, or 20 cents a share, a year ago.

For the quarter, the company recorded $21.6 million in
related healthcare charges.

On an adjusted basis, it earned 24 cents a share.

Revenue fell 1 percent to $658.9 million.

Analysts were expecting the company to earn 13 cents a
share, before special items, on revenue of $639.5 million.

For the quarter, the company posted a 4 percent drop in the
cost of goods sold at $513.1 million.

Shares of the company closed at $43.55 Friday on the New
York Stock Exchange.
Stock Market Money

(Reporting by Fareha Khan in Bangalore; Editing by Maju
Samuel)

UPDATE 1-Armstrong World Q1 adjusted profit beats Street