Ceilings are pretty fundamental to construction, given that employees don’t particularly enjoy the sun beating down on them or getting rained on, and Armstrong World Industries (AWI) has built itself into a leading player in the commercial ceiling market with its mineral fiber offerings, including a range of premium products that can meet project-specific demands for acoustic performance, humidity or fire resistance, sustainability, or even air purification capabilities.
Armstrong has jumped on post-pandemic recovery expectations and the results in the first half of 2021 have been stronger than expected, helped by strong renovation/repair demand. As that demand eases in the second half, there could be an “air pocket” of performance between less robust renovation demand and recovering new-build activity, and that would be an opportunity to watch over. While Armstrong isn’t “can’t miss” cheap today, management has simplified the business into an FCF engine that should keep running for some time to come.
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Armstrong World Industries Worth Watching For An 'Air Pocket'
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