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.
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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.