Armstrong profits down, company sees 2002 charge
The company also said it expects to record a non-cash accounting charge of more than $500 million in 2002. Armstrong also said an annual pension credit reduction of about $20 million and increased cost of retiree medical benefits of about $16 million will reduce earnings for 2002.
Earnings from continuing operations for the first quarter of 2002 were $21.9 million, or 54 cents per diluted share, compared with $25.2 million, or 62 cents per share a year ago.
First-quarter net sales fell to $747.6 million from $779.9 million a year ago.