Armstrong World Industries, Inc. (NYSE:AWI) Q4 2023 Earnings Call Transcript

Kathryn Thompson: Thank you very much.

Vic Grizzle: You bet. Thank you.

Operator: Our final question comes from the line of Adam Baumgarten with Zelman. Please go ahead.

Adam Baumgarten: Hey, good morning. Just a question on Mineral Fiber volumes. If we look at the back half of ‘23, how do you think your volumes perform versus the broader market? And then also were there any notable market share shifts within any channels last year?

Vic Grizzle: Well, I think our growth initiatives really contributed in the back half as we talked about, Adam. I think, the market was down low-single-digits, which was better than what we less worse, if you will, than we expected, right, in the back half. And, I think we certainly offset a good portion of that market softness with our growth initiatives. And so, I think that’s what we expect to continue going into 2024.

Adam Baumgarten: Okay, got it. And then just on the AUV guidance, does that assume the typical two price increases throughout the year in Mineral Fiber?

Vic Grizzle: Yes. We’re getting back to our normal cadence of twice a year price increases. And again, remember AUV is both price, like-for-like pricing that comes from these two price increases you’re referencing, but also the mix component of that, so which we talked about earlier on the call that we expect mix to be a positive contributor to AUV this year.

Adam Baumgarten: Okay, got it. Thanks. Best of luck.

Vic Grizzle: You bet. Thank you.

Operator: I would now like to turn the call over to Vic Grizzle, for closing remarks.

Vic Grizzle: Thank you, and thank you all for joining and thank you for your questions today. We’re very proud of the team’s results this quarter obviously, and we look forward to updating you again in April on our progress. Thank you and have a nice day.

Operator: This concludes today’s call. You may now disconnect.