Armstrong Flooring, Inc. AFI stock is up 7.92% in the pre-market trading session at the price of $3.27 despite no recent update from the company. AFI is a global leader that designs and produces innovative flooring solutions to inspire beauty. It is committed to creating a stronger future for customers through adaptive and inventive solutions. 

AFI Stock Announced 2ndQuarter 2021 Financial Results 

 On 21st July 2021, AFI stock announced financial results for the second quarter ended on 30th June 2021. CEO of AFI, Michel Vermette, remarked that they continued to improve the business in the second quarter of 2021. They delivered 15.5% top-line growth compared to the second quarter of 2020. The top-line growth was 12.9% when compared to the first quarter of 2021. Their team continued to work diligently to address the dynamics, most recently by announcing their third price increase of 2021. Moreover, they remain focused and agile in managing the current volatile environment. They are resolute in their long-term goal of transforming AFI into a more resilient business for their customers, employees, and shareholders. 

Second Quarter Financial Highlights  

AFI stock reported an increase in net sales of 15.5% to $168.1 million in the second quarter of 2021.  Net sales were $145.6 million in the same quarter of the prior year. Higher net sales reflect the growth in each region in which the company operates. The positive sales momentum remained hampered throughout the quarter due to supply chain disruptions and product availability.  

Operating loss was $18.3 million in the second quarter ended on 30th June 2021. The operating loss was $5.6 million in the second quarter of 2020. The increased loss resulted from higher costs of goods sold due to supply chain disruptions and inflation. AFI reported a net loss of $19.5 million, or diluted loss per share of $(0.89), in the second quarter of 2021. Net loss was $6.3 million, or diluted loss per share of $(0.29), in the second quarter of 2020.  

Adjusted net loss was $17.3 million, or adjusted diluted loss per share of $(0.79) in the second quarter of 2021. The adjusted net loss of $5.1 million, or adjusted diluted loss per share of $(0.23), was reported in the prior year same quarter. Second-quarter 2021 loss in adjusted EBITDA was $3.5 million, compared to adjusted EBITDA of $6.9 million in 2020 same quarter. The decrease in adjusted EBITDA was principally due to higher input costs, driven by the inflationary impacts of both raw materials and shipping costs.