Exhibit 99.1

Armstrong World Industries Reports

Fourth Quarter and Full Year 2018 Results

Key Highlights

LANCASTER, Pa., February 25, 2019 -- Armstrong World Industries, Inc. (NYSE:AWI), a leader in the design, innovation and manufacture of commercial and residential ceiling, wall and suspension system solutions, today reported financial results for the fourth quarter and full year.

Fourth Quarter Results from Continuing Operations

Consolidated net sales increased compared to the prior year quarter, driven by higher volumes in the Architectural Specialties segment, as well as higher Mineral Fiber average unit values (“AUV”), in which both positive like-for-like pricing and positive mix contributed.

Operating income increased over the prior year quarter, driven by positive Mineral Fiber AUV and volume growth in the Architectural Specialties segment, partially offset by higher SG&A expenses and input costs.  Fourth quarter 2017 earnings from continuing operations and diluted earnings per share benefitted from an $83 million revaluation of deferred taxes as a result of federal tax reform.  This did not reoccur in 2018.

“Our strong fourth quarter capped another solid year for AWI.  For the full year, sales were up 9%, accelerating from 7% growth in 2017,” said Vic Grizzle, President and CEO of Armstrong.  “In 2018 I was especially pleased with our ability to expand margins in an inflationary environment and with our free cash flow generation of $236 million, an improvement of 61% versus 2017.”

Other 2018 highlights include:

Additional (non-GAAP*) Financial Metrics from Continuing Operations

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Consolidated adjusted EBITDA improved 16% in the fourth quarter when compared to the prior year quarter, driven by favorable AUV fall-through to profit, volume growth in the Architectural Specialties segment, and higher equity earnings from WAVE, which were partially offset by higher SG&A expenses and input costs.

Fourth Quarter Segment Highlights

In connection with the announced sale of the EMEA and Pacific Rim businesses, the EMEA and Pacific Rim segments have been excluded from results of continuing operations. As a result, the Company’s operating segments are as follows: Mineral Fiber, Architectural Specialties and Unallocated Corporate.

Mineral Fiber

Net sales grew from AUV expansion of 5% and volume growth of 3% versus the prior year quarter.

Operating income increased, driven mainly by the margin impact of higher sales and higher equity earnings from WAVE, partially offset by higher SG&A expenses and input costs.

Architectural Specialties

Net sales grew primarily by higher sales volume from increased market penetration and new construction activity as well as the 2018 acquisitions of Plasterform and Steel Ceilings.  

Operating income decreased due to higher SG&A expenses, partially offset by the positive impact of higher sales volume.

Unallocated Corporate

Unallocated corporate expense of $2.5 million decreased from $4.6 million of expense in the prior year quarter, primarily due to a higher U.S. pension plan credit.

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Year to Date Results from Continuing Operations

Net sales increased over the prior year period, driven mainly by higher AUVs in the Mineral Fiber segment, in which both positive mix and positive like for like pricing contributed, and volume growth in the Architectural Specialties segment.

Operating income increased over the prior year period, driven mainly by the impact of higher sales and increased equity earnings from WAVE, mostly offset by higher SG&A expenses, lower environmental insurance recoveries and higher plant closure costs.

Market Outlook and 2019 Guidance

“We expect economic conditions in 2019 to be similar to 2018.  Accordingly, our 2019 outlook is consistent with the value creation model we disclosed during our investor day last November.  We project high-single digit sales growth fueled by volume gains in Architectural Specialties, AUV expansion in Mineral Fiber and acquisitions.  We anticipate adjusted EBITDA growth of greater than 10%, driven by sales growth, ongoing productivity and earnings from WAVE” said Brian MacNeal, CFO of Armstrong.  “Once again, we are projecting free cash flow of greater than 20% of sales.”

Earnings Webcast

Management will host a live Internet broadcast beginning at 11:00 a.m. Eastern time today, to discuss fourth quarter and full year results. This event will be broadcast live on the Company's website. To access the call and accompanying slide presentation, go to www.armstrongceilings.com and click Investors. The replay of this event will also be available on the Company's website for up to one year after the date of the call.

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Uncertainties Affecting Forward-Looking Statements

Disclosures in this release, including without limitation, those relating to future financial results, market conditions and guidance, and in our other public documents and comments, contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Those statements provide our future expectations or forecasts and can be identified by our use of words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,” “believe,” “outlook,” “target,” “predict,” “may,” “will,” “would,” “could,” “should,” “seek,” and other words or phrases of similar meaning in connection with any discussion of future operating or financial performance. Forward-looking statements, by their nature, address matters that are uncertain and involve risks because they relate to events and depend on circumstances that may or may not occur in the future. As a result, our actual results may differ materially from our expected results and from those expressed in our forward-looking statements. A more detailed discussion of the risks and uncertainties that could cause our actual results to differ materially from those projected, anticipated or implied is included in the “Risk Factors” and “Management’s Discussion and Analysis” section of our report on Forms 10-K and 10-Q filed with the U.S. Securities and Exchange Commission (“SEC”). Forward-looking statements speak only as of the date they are made. We undertake no obligation to update any forward-looking statements beyond what is required under applicable securities law.

About Armstrong and Additional Information

More details on the Company’s performance can be found in its annual report on Form 10-K for the year ended December 31, 2018 that the Company expects to file with the SEC today.

Armstrong World Industries, Inc. (AWI) is a global leader in the design, innovation and manufacture of commercial and residential ceiling, wall and suspension system solutions. For more information, visit www.armstrongceilings.com.

Additional forward looking non-GAAP metrics are available on the Company’s website at www.armstrongceilings.com under the Investors tab. The website is not part of this release and references to our website address in this release are intended to be inactive textual references only.

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As Reported Financial Highlights

FINANCIAL HIGHLIGHTS

Armstrong World Industries, Inc. and Subsidiaries

(Amounts in millions, except for per-share amounts, quarterly data is unaudited)

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SEGMENT RESULTS

Armstrong World Industries, Inc. and Subsidiaries

(Amounts in millions)

(Unaudited)

Selected Balance Sheet Information

(Amounts in millions)

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Selected Cash Flow Information

(Amounts in millions)

(Unaudited)

Supplemental Reconciliations of GAAP to non-GAAP Results (unaudited)

(Amounts in millions, except per share data)

To supplement its consolidated financial statements presented in accordance with accounting principles generally accepted in the United States (“GAAP”), the Company provides additional measures of performance adjusted to exclude the impact of foreign exchange, restructuring charges and related costs, impairments, U.S. pension plan income/expense, separation costs and certain other gains and losses. The Company excludes U.S. pension income/expense in the non-GAAP results as it represents the actuarial net periodic benefit credit/cost recorded as a component of operating income and for all periods presented, the Company was not required and did not make cash contributions to the U.S. Retirement Income Plan based on guidelines established by the Pension Benefit Guaranty Corporation, nor does the Company expect to make cash contributions to the plan in 2018. Adjusted free cash flow is defined as cash from operations and dividends received from the WAVE joint venture, less expenditures for property and equipment, and is adjusted to remove the impact of cash used or proceeds received for acquisitions and divestitures. The Company believes adjusted free cash flow is useful because it provides insight into the amount of cash that the Company has available for discretionary uses, after expenditures for capital commitments and adjustments for acquisitions and divestitures. Adjusted figures are reported in comparable dollars using the budgeted exchange rate for 2018. The Company uses these adjusted performance measures in managing the business, including communications with its Board of Directors and employees, and believes that they provide users of this financial information with meaningful comparisons of operating performance between current results and results in prior periods. The Company believes that these non-GAAP financial measures are appropriate to enhance understanding of its past performance, as well as prospects for its future performance. A reconciliation of these adjustments to the most directly comparable GAAP measures is included in this release and on the Company’s website. These non-GAAP measures should not be considered in isolation or as a substitute for the most comparable GAAP measures. Non-GAAP financial measures utilized by the Company may not be comparable to non-GAAP financial measures used by other companies.

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In the following charts, numbers may not sum due to rounding.

Consolidated Results From Continuing Operations – Adjusted EBITDA

(1) U.S. pension expense represents the actuarial net periodic benefit cost expected to be recorded as a component of earnings from continuing operations. For all periods presented, we were not required and did not make cash contributions to our U.S. Retirement Income Plan based on guidelines established by the Pension Benefit Guaranty Corporation.

Mineral Fiber

Architectural Specialties

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Unallocated Corporate

(1) U.S. pension expense represents the actuarial net periodic benefit cost expected to be recorded as a component of earnings from continuing operations. For all periods presented, we were not required and did not make cash contributions to our U.S. Retirement Income Plan based on guidelines established by the Pension Benefit Guaranty Corporation.

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Adjusted Free Cash Flow

Consolidated Results From Continuing Operations – Adjusted Diluted Earnings Per Share

(1) U.S. pension (credit) expense represents the actuarial net periodic pension (credit) cost recorded as a component of earnings from continuing operations. For all periods presented, we were not required and did not make cash contributions to our U.S. Retirement Income Plan based on guidelines established by the Pension Benefit Guaranty Corporation.

(2) Based on ~50 million diluted shares outstanding for the three months ended Dec 31, 2018, ~52 million diluted shares for the year ended Dec 31, 2018, and ~54 million diluted shares outstanding for the three months and year ended Dec 31, 2017.  

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Adjusted EBITDA Guidance

(1) U.S. pension (credit) represents the actuarial net periodic benefit expected to be recorded as a component of operating income. For all periods

presented, we were not required and did not make cash contributions to our U.S. Retirement Income Plan based on guidelines established by the Pension

Benefit Guaranty Corporation.

(2) U.S. pension expense represents the actuarial net periodic pension cost recorded as a component of earnings from continuing operations. For all periods presented, we were not required and did not make cash contributions to our U.S. Retirement Income Plan based on guidelines established by the Pension Benefit Guaranty Corporation.

Adjusted Diluted Earnings Per Share (EPS) Guidance

(1) Adjusted EPS guidance for 2018 is calculated based on an adjusted effective tax rate of 25% and based on ~49 million of diluted shares outstanding.

(2) U.S. pension (credit) represents the actuarial net periodic benefit expected to be recorded as a component of operating income. For all periods

presented, we were not required and did not make cash contributions to our U.S. Retirement Income Plan based on guidelines established by the Pension

Benefit Guaranty Corporation.

(3) U.S. pension expense represents the actuarial net periodic pension cost recorded as a component of earnings from continuing operations. For all periods presented, we were not required and did not make cash contributions to our U.S. Retirement Income Plan based on guidelines established by the Pension Benefit Guaranty Corporation.

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Adjusted Free Cash Flow Guidance

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