Mohawk Fourth Quarter Earnings Up 40%

Calhoun, GA, Feb. 22, 2013 -- Mohawk Industries reported fourth quarter net earnings of $66 million and earnings per share of $0.95.

Excluding restructuring charges, net earnings were $70 million and per-share earnings were $1.01, a 40% increase over last year's fourth quarter adjusted EPS.

Net sales for the quarter were $1.44 billion, an increase of 4% versus the prior year's fourth quarter.

For the fourth quarter of 2011, net sales were $1.38 billion, net earnings were $43 million and EPS was $0.62.

For the year ended December 31, net sales were $5.79 billion, an increase of 3% versus the prior year.

Net earnings and EPS for the year were $250 million and $3.61, respectively.

Excluding restructuring charges, net earnings were $262 million and EPS was $3.78, an increase of 29% over adjusted EPS in 2011.

For the year ended December 31, 2011, net sales were $5.64 billion, net earnings were $174 million and EPS was $2.52.

"Price increases, productivity improvements, mix and lower interest all contributed to solid results for the period," said CEO Jeffrey Lorberbaum.

Mohawk segment sales were flat during the fourth quarter, with carpet sales performing better than rug sales, the company said.

Rug sales improved from last quarter, though they remain below the prior year.

Dal-Tile segment sales grew 15% during the quarter, with gains in the U.S. and Mexico supported by new product introduction.

Unilin segment sales grew 1% or 5% at a constant exchange rate, partly on increased laminate and hardwood sales in North America.

Mohawk said it believes that U.S. residential remodeling should see improvement in the future and that the European economic conditions are near a bottom. In addition, recent acquisitions should help boost sales.



Other Archived Articles

Factory Orders Rise More Than Expected   Full Article
Washington, DC, April 2, 2014 -- Factory orders rose 1.6 % in February, the U.S. Commerce Department said Wednesday

Jobs Growth Picks Up in March   Full Article
Roseland, NJ, April 2, 2014 -- Private firms grew their payrolls in March by the most in three months, according to the ADP Employment Report.

Mortgage Application Volume Declines   Full Article
Washington, DC, April 2, 2014 -- Mortgage application volume fell last week on lower refinancing demand, according to the Mortgage Bankers Association.

Analyst Lowering Mohawk Estimates Due to Weather   Full Article
New York, NY, April 2, 2014 -- Flooring industry analyst Stifel Nicolaus said it is lowering its first quarter estimates for Mohawk due to weather issues but is maintaining a "buy" rating on the stock.

Mohawk a Finalist for Atlanta Environmental Award   Full Article
Calhoun, GA, April 2, 2014 -- Mohawk said it is a finalist in the Metro Atlanta Chamber’s E3 environmental awards for Atlanta area businesses.

Haines Vice President of Operations Dies   Full Article
Glen Burnie, MD, April 1, 2014 -- Distributor Haines said its vice president of operations, Mark Blakely, died March 27 from health complications.

Manufacturing Keeps Expanding in March   Full Article
Washington, DC, April 1, 2014 -- U.S. manufacturing continued to expand in March at a higher pace than in February, according to the Institute for Supply Management.

Construction Spending Edges Up in February   Full Article
Washington, DC, April 1, 2014 -- Construction spending ticked up in February, according to the Commerce Department.

Perfect Timing for New Chocolate Flooring   Full Article
Vancouver, BC, April 1, 2014 -- For a limited time, BuildDirect is offering real chocolate plank flooring.

Del Conca Opens U.S. Manufacturing Facility   Full Article
Loudon, TN, April 1, 2014 -- Del Conca USA held a ribbon-cutting ceremony for its new manufacturing facility in Loudon.

Vinyl Institute Names Vice President of Marketing   Full Article
Alexandria, VA, April 1, 2014 -– The Vinyl Institute has named Susan Wade vice president of marketing and communications.

Tandus Centiva Offering Green Innovation Grant   Full Article
Dalton, GA, March 31, 2014 -- Tandus Centiva said it will award $3,000 in Green Innovation grant funds to a K-12 school.

SelecTech Signs Agreement with Spartan   Full Article
Avon, MA, March 31, 2014 -- SelecTech, a manufacturer of flooring products from recycled materials, has signed an agreement with Spartan Surfaces to represent Selectech in the Midwest.

Chicago Manufacturing Expands at Slower Pace   Full Article
Chicago, IL, March 31, 2014 -- Manufacturing activity in the Chicago area grew at a slower rate in March.

Fuse Alliance Adds Four New Members   Full Article
Aurora, CO, March 31, 2014 -- Fuse Alliance said it has added four new commercial flooring contractors and 20 new locations to the network.

J+J Sponsoring Education Facilities Workshop   Full Article
Dalton, GA, March 31, 2014 -- J+J Flooring Group has recently joined with APPA, the world-wide professional association of education facility managers, to present an APPA Facilities Drive-In workshop.

Consumer Spending, Incomes Rise in February   Full Article
Washington, DC, March 28, 2014 -- Consumer spending rose 0.3% in February after a 0.2% rise in January, the Commerce Department said.

Tuftex Wins California Recycled Water Award   Full Article
Santa Fe Springs, CA, March 28, 2014 -- Shaw's Tuftex division received the Recycled Water Customer of the Year Award from the WateReuse Association's California Section.

NWFA Expands Scholarship Program   Full Article
St. Louis, MO, March 28, 2014 -- The National Wood Flooring Association said it will significantly expand its scholarship program under its new Education & Research Foundation.

Consumer Sentiment Falls in March   Full Article
Ann Arbor, MI, March 28, 2014 -- Consumer sentiment declined to a final March reading of 80 from 81.6 in February, according to the University of Michigan and Thomson Reuters survey.