Mohawk Earnings Surge in First Quarter

Calhoun, GA, May 2, 2014 -- Mohawk Industries reported first quarter net earnings of $81 million and earnings per share of $1.11. That's up from the first quarter last year when it posted net income of $50 million.

Sales for the quarter were $1.8 billion, up from $1.5 billion a year ago.

Excluding unusual charges, net earnings for the quarter were $90 million, a 41% increase over last year's first quarter adjusted earnings.

"First quarter earnings were higher than expected due to our 2013 acquisitions, improved productivity across our business and stronger results outside North America, although severe winter weather in the U.S. impacted sales," said CEO Jeffrey Lorberbaum.

The carpet segment's net sales were $675 million, down 3% from last year with one less day in the period, with residential outperforming the other categories.

The company's said its ultra-soft products continue to take a greater share of the premium carpet category, and its new Continuum products are gaining momentum at both the value added and promotional price points.

Net sales of ceramics were $695 million, up 69% from a year ago, primarily due to the Marazzi acquisition and legacy sales growth in North America.

The company announced the construction of a new U.S. ceramic plant to manufacture premium products, with production scheduled to start up by the end of 2015.

Net sales for laminate and wood were $468 million, an increase of 16% over the prior year, with most of the increase from the Spano acquisition, higher volume in wood flooring and growth in insulation boards.

"Although the weather in the first quarter impacted our U.S. business, orders and shipments began improving as the period ended," Lorberbaum said.

He said the company is planning to increase capital investments to an all-time high of $500 million.



Other Archived Articles

Propex Marks 50th Anniversary of Polybac   Full Article
Hazlehurst, GA, Aug. 11, 2014 -- Propex recently celebrated a significant milestone for the carpet industry at its Hazlehurst manufacturing facility.

Realtors Applaud FICO Calculation Changes   Full Article
Washington, DC, Aug. 11, 2014 -- The National Association of Realtors said it supports the decision of Fair Issac to make some changes related to how it calculates FICO credit scores.

CRI's Seal of Approval Certifies Several Products   Full Article
Dalton, GA, Aug. 11, 2014 -- The Carpet and Rug Institute's Seal of Approval testing and certification program for carpet cleaning supplies and equipment has certified several products.

Wholesale Inventories Rise in June   Full Article
Washington, DC, Aug. 8, 2014 -- Wholesale inventories rose 0.3% in June, the same as the previous month, according to the Commerce Department.

Retail Credit May Come Easier for Many Borrowers   Full Article
New York, NY, Aug. 8, 2014 -- Obtaining retail credit could come easier for millions of Americans following a change in how the most widely used credit score is calculated

Carpet One Members Hear Two Famous Speakers   Full Article
Grapevine, TX, Aug. 8, 2014 -- Carpet One Floor & Home members gathered this week to network with their fellow store members and receive updates on new products and programs.

Mats Inc. Flooring a Finalist in USGBC Program   Full Article
Stoughton, MA, Aug. 8, 2014 -- Purline flooring by Mats Inc. has been named a finalist in the U.S. Green Building Council’s Best of Building Awards 2014 in two categories.

More Markets Returning to Normal in Housing   Full Article
Washington, DC, Aug. 7, 2014 -- Markets in 56 of the approximately 350 metro areas nationwide returned to or exceeded their last normal levels of economic and housing activity in the second quarter.

Builder Confidence Grows in Senior Housing   Full Article
Washington, DC, Aug. 7, 2014 -- Builder confidence in the single-family senior housing market for the second quarter is up year over year, according to the National Association of Home Builders.

Initial Jobless Claims Fall Last Week   Full Article
Washington, DC, Aug. 7, 2014 -- Initial claims for unemployment benefits fell by 14,000 to 289,000 in the week ending Aug. 2, according to the Labor Department.

Investment Firm Takes Significant Stake in Armstrong   Full Article
New York, NY, Aug. 7, 2014 -- San Francisco investment firm ValueAct Capital now owns 16.8% of Armstrong World Industries' common stock.

Surya Breaks Ground on Cartersville Headquarters   Full Article
Cartersville, GA, Aug. 7, 2014 -- Rug company Surya held a groundbreaking ceremony for its $33.5 million, 1-million-square-foot warehouse and headquarters facility in Cartersville.

DFS Green Appoints VP of Business Development   Full Article
Millbrae, CA, Aug. 7, 2014 -- DFS Green, Inc. has named Matthew Tylman vice president of business development in the company’s Phoenix office.

Barclay's Reiterates 'Overweight' Rating on Mohawk   Full Article
New York, NY, Aug. 6, 2014 -- Barclays has reissued an overweight rating on shares of Mohawk Industries.

Small Increases in Price Hurt New Home Market   Full Article
Washington, DC, Aug. 6, 2014 -- Each $1,000 increase in the cost of a new median-priced home price forces 206,000 prospective buyers out of the marketplace, according to a new study by the National Association of Home Builders.

Leonardo Academy Moves to New Office   Full Article
Madison, WI, August 6, 2014 -- Leonardo Academy's Madison, Wisconsin office has moved to a new location at 8401 Excelsior Drive.

Mortgage Application Volume Rises on Refinancing   Full Article
Washington, DC, Aug. 6, 2014 -- Mortgage application volume rose last week as refinancing applications increased, according to the Mortgage Bankers Association.

Tarkett Hosts Braungart at NeoCon Event   Full Article
Chagrin Falls, OH, Aug. 6, 2014 -- Tarkett hosted Michael Braungart, scientific director and founder of the Environmental Protection & Encouragement Agency for a seminar during NeoCon.

Flooring Firm Fire Ruled Spontaneous Combustion   Full Article
Chesterfield County, VA, Aug. 5, 2014 -- A July fire at Better Floors has been ruled a "spontaneous combustion" incident by investigators.

Factory Orders Spike in June   Full Article
Washington, DC, Aug. 5, 2014 -- Factory orders surged in June by 1.1%, the Commerce Department said.