Interface Quarterly Income More Than Doubles
Atlanta, GA, Feb. 20, 2014 -- Interface said its fourth quarter net income was $15.3 million, or $0.23 per share, versus $7.4 million, or $0.11 per share, in the fourth quarter last year.
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Sales for the quarter were $251.7 million, up slightly from sales of $249.6 million in the fourth quarter of 2012.
"We had a reasonably good finish to the year, as our expectations for fourth quarter growth were somewhat tempered by the softened order level we saw for a few weeks in the previous quarter," said CEO Daniel T. Hendrix.
"Our Americas business continued its gradual but steady growth in the fourth quarter, gaining additional share in a U.S. commercial market that has yet to see a true rebound."
For the year, net income was $48.3 million, or $0.73 per share, compare to net income of $5.9 million, or $0.09 per share in 2012.
Sales for the year were $960.0 million, compared with $932.0 million in 2012.
"We are carrying good momentum into 2014, with orders firming in the Americas and Europe, and we're seeing a much improved pipeline of project activity compared with a year ago," Hendrix said.
"We have, however, seen some impact in the first six weeks from extreme winter weather in the U.S. and an early Chinese New Year."