Armstrong Flooring, Inc. (AFI), a company designs, manufactures, sources, and sells resilient flooring products, has rocketed 51.01% in aftermarket trading session. Consequently, AFI stock is trading at $2.99 at the time of the writing. The surge in stock could be attributed to amendments to ABL and term loan facilities. On Friday, AFI closed the day at $1.98 after increasing by 1.54% in the regular trading session.
Why AFI Surging?
On Friday, AFI announced that it had successfully amended the ABL credit facility and the term loan facility. The amendments would provide certain modifications under the ABL and term loans facilities until the 30th of June 2022. The current term loan lender of the company, Pathlight Capital LP, has provided the company with an additional amount of $35 million as a term loan to provide the company with financial stability in pursuit of its operational and strategic goals.
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Q3 2021 Operational Results
On 4th November, AFI released the operational results for the third quarter of the fiscal year 2021. The quarter ended on 30th September 2021. The net sales generated by the company during the quarter stood at $168.5 million against $129 million for the same quarter of 2020. The operating loss for the three months was $28.8 million against $10.1 million for the same period of 2020. The net loss for the period was $29.7 million (or $1.34 per basic and diluted share) against $11.7 million (or $0.53 per basic and diluted share) for the same period of 2020.
Executive Commentary
Michel Vermette, President and Chief Executive Officer of AFI, while commenting on the results said that during the third quarter, the company was able to grow its sales by approximately 8% on a year-over-year basis. The company would continue to adjust the disruptions of the supply chain and is expecting a large volume of incoming sourced material during the next quarter.
Future Outlook for AFI
The last three months have seen AFI stock decline by more than 30%. Analysts believe that the looking ahead, the stock tends to attract investors for long-term investments. Hence, potential investors should keep a close eye on the performance of AFI stock.
