NEW YORK (TheStreet) -- Shares of Armstrong World Industries (AWI - Get Report) closed higher by 1.46% to $42.47 on heavy trading volume Friday after the company posted better-than-anticipated results for the 2016 second quarter.

Before today's opening bell, the Lancaster, PA-based producer of floor products and ceiling systems reported adjusted earnings of 56 cents per diluted share, beating analysts' estimates of 51 cents per share.

Revenue for the period was $314.3 million, higher than analysts' projections of $311.65 million.

The company also announced a stock repurchase program of up to $150 million.

About 1.71 million of the company's shares were traded today, above its average volume of 535,723 shares per day.

Separately, TheStreet Ratings Team has a "Hold" rating with a score of C on the stock.

The primary factors that have impacted the rating are mixed. The company's strengths can be seen in multiple areas, such as its revenue growth, reasonable valuation levels and largely solid financial position with reasonable debt levels by most measures.

But the team also finds weaknesses including deteriorating net income, disappointing return on equity and poor profit margins.

Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.

You can view the full analysis from the report here: AWI