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

Georgia Unemployment Grows but Dalton Layoffs Fall   Full Article
Atlanta, GA, Aug. 14, 2014 -- Unemployment in Georgia in July rose to the highest rate since last October, according to the Georgia Department of Labor.

Initial Jobless Claims Rise Last Week   Full Article
Washington, DC, Aug. 14, 2014 -- Initial claims for unemployment benefits rose 21,000 to 311,000 in the week the ended Aug. 9, according to the Labor Department.

Higher Downpayments Hitting First-Time Home Buyers   Full Article
New York, NY, Aug. 14, 2014 -- Growing requirements for downpayments are shutting many first time buyers out of the housing market, Bloomberg News reports.

Tarkett Contest Features Commercial Flooring   Full Article
Chagrin Falls, OH, Aug. 14, 2014 -- Tarkett has launched a WeLikeItNatural Creative Contest featuring its commercial vinyl flooring.

Retail Sales Flat in July   Full Article
Retail Sales were flat in July as car demand slowed and consumers remained cautious in their spending. This is the weakest performance in six months.

Mortgage Application Volume Down Last Week   Full Article
New York, NY, Aug. 13, 2014 -- Mortgage application volume fell last week as both purchase and refinancing applications declined, according to the Mortgage Bankers Association.

Valinge Awarded Another U.S. Patent   Full Article
Viken, Sweden, Aug. 13, 2014 -- Valinge said it has been awarded a U.S. patents regarding mechanical locking of LVT/resilient floorboards.

Another Investment Firm Discloses Armstrong Position   Full Article
New York, NY, Aug. 13, 2014 -- Another investment firm has disclosed a large position in the shares of Armstrong World Industries.

Home Price Increases Continue To Moderate   Full Article
Washington, DC, Aug. 12, 2014 -- Home-price growth continued to moderate in many metropolitan areas in the second quarter, according to the National Association of Realtors.

Domotex Turkey 2015 Set for May   Full Article
Hannover, Germany, Aug. 12, 2014 -- The dates for Domotex Turkey 2015 are May 25-28 at the Turkish carpet trading capital, Gaziantep.

Job Openings Edge Higher in June   Full Article
Washington, DC, Aug. 12, 2014 -- Job openings increased to 4.67 million in June, according to the latest Job Openings and Labor Turnover Summary from the Bureau of Labor Statistics.

Ceramic Tile Standards Subject of Gathering in SC   Full Article
Clemson, SC, Aug. 12, 2014 -- International trade and standards for ceramic tile were the focus of discussions as delegates from 15 countries met in Clemson to develop new standards.

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.