Acquisitions Push Mohawk Sales, Income Higher
Calhoun, GA, Nov. 1, 2013 -- Mohawk Industries reported third quarter net earnings of $119 million and earnings per share of $1.63. That compares to net earnings of $70 million from a year ago.
Net sales were approximately $2.0 billion, an increase of 33% from a year ago.
"This quarter we are reporting the highest adjusted EPS in company history," said CEO Jeffrey Lorberbaum.
"During the period, higher U.S. volumes, efficiency improvements and the performance of our Pergo, Marazzi and Spano acquisitions supported our strong growth."
Carpet segment net sales for the quarter were $773 million, up 3% over last year, rising with stronger demand from residential new construction and remodeling.
Ceramic segment net sales were $767 million, up 84% over last year, with strong results from both the legacy Dal-Tile business and the Marazzi acquisition.
North American ceramic sales rose in the low teens with strong performances in the specialty retail, home center, builder and commercial channels and Mexican sales that outpaced the market.
Laminate and wood net sales were $451 million, up 37% over last year, with most of that increase from the acquisitions of Pergo and Spano and growth in North America across all product categories and customer channels.
"Mohawk today is in the strongest position in our company's history," Lorberbaum said.