Mohawk Reports Higher 3Q Earnings, Sales

Calhoun, GA, Nov. 2, 2012 -- Mohawk Industries reported third quarter net earnings of $70 million and earnings per share of $1.01.

Excluding restructuring charges, net earnings were $72 million and $1.04 per share, a 25% increase over last year.

Net sales for the quarter were $1.5 billion, an increase of 2% versus prior year and an increase of 4% on a constant exchange rate.

A year ago, net sales were $1.4 billion and net earnings were $47 million and $0.68 per share.

"All of our segments delivered solid third quarter performances with improvements in product mix, pricing, volume and productivity, as well as lower interest expense contributing to our results," said CEO Jeffrey Lorberbaum.

The Mohawk segment reported flat sales compared to 2011.

Carpet sales were stronger in the specialty and contractor channels but were offset by the timing of product transitions in the home center channel, Mohawk said.

Dal-Tile sales grew 9% during the quarter or 10% on a constant exchange rate. The segment improved sales in both residential and commercial categories and continued significant growth in the Mexican market, Mohawk said.

Sales grew across all residential channels.

Unilin segment sales during the quarter were flat as reported, but grew 9% on a constant exchange rate.

Outside North America, laminate and wood flooring sales grew from continued expansion into the DIY channel.

In North America, Mohawk said laminate and wood sales grew due to new product introductions, increased home center penetration, gains within the builder channel and promotional activity.



Other Archived Articles

Mohawk Executives Get Double-Digit Raises   Full Article
Calhoun, GA, April 8, 2014 -- Mohawk CEO Jeffrey Lorberbaum got a 21.9% boost in his compensation last year.

InstaFloor Named Starnet Vendor Partner   Full Article
Bella Vista, AR, April 8, 2014 -- InstaFloor North America has recently been approved as an official Starnet Vendor Partner.

Job Openings Highest in More Than Six Years   Full Article
Washington, DC, April 8, 2014 -- Job openings rose by 300,000 to 4.17 million in February, the most in more than six years, according to the Labor Department.

Kennebec Lumber Signs Distributor Mr. Floor   Full Article
Solon, Maine, April 8, 2014 – Kennebec Lumber, parent company of Maine Traditions Hardwood Flooring, has signed an agreement with distributor Mr. Floor.

Bellavita Tile China Factory Gets ISO Certifications   Full Article
Carrollton, TX, April 8, 2014 -- Bellavita Tile said it has obtained ISO 9001 & 14001 certification for its wall tile factory in Tianjin, China.

Vacation Home Sales Surge in 2013   Full Article
Washington, DC, April 8, 2014 -- Vacation home sales rose strongly in 2013, while investment purchases fell below the elevated levels seen in the previous two years, according to the National Association of Realtors.

Floor Focus Vision Design Award Winners Announced   Full Article
Chattanooga, TN, April 8, 2014 -- We are honored to announce the winners of the fifth annual Vision Design Awards. This award was created to celebrate the dynamic integration of flooring and architecture.

More Housing Markets Continue to Improve   Full Article
Washington, DC, April 7, 2014 -- Of the approximately 350 metro markets nationwide, 59 returned to or exceeded their last normal levels of economic and housing activity in March.

Home Prices Rise Nationwide in February   Full Article
Irvine, CA, April 7, 2014 -- CoreLogic reported that home prices nationwide, including distressed sales, increased 12.2% in February compared to February 2013.

Commercial Firm H.J. Martin Wins Dal-Tile Award   Full Article
Green Bay, WI, April 7, 2014 -- An increase in product sales by over 50% from the prior year has earned commercial contractor H.J. Martin the 2013 Dal-Tile ‘Platinum Award’ for the Midwest Region.

Mullican Products Featured in 'Flipping Boston'   Full Article
Johnson City, TN, April 7, 2014 -- Mullican Flooring has provided solid hardwood flooring for two episodes of “Flipping Boston.”

Florida Tile Opens Designer Showroom in Dallas   Full Article
Dallas, TX, April 7, 2014 -- Florida Tile has opened its newest designer showroom concept and warehouse, a 15,000-square-foot facility in Dallas.

Starnet Closing in on Carpet Recycling Goal   Full Article
Darien, CT, April 4, 2014 -- Starnet said its commercial carpet reclamation program said that as of the end of March its members had recycled more than 44.6 million pounds of carpet.

Greenbuild Set for Los Angeles in 2016   Full Article
Washington, DC, April 4, 2014 -- The Greenbuild trade show will move from San Diego to Los Angeles in 2016.

Economy Adds 192,000 Jobs in March   Full Article
Washington, DC, April 4, 2014 -- U.S. employers added 192,000 jobs in March, according to the Labor Department.

Mannington Producing Click LVT Domestically   Full Article
Calhoun, GA, April 4, 2014 -- Mannington Commercial said it has become the only manufacturer to produce click installation system commercial LVT in the U.S.

Builder Beazer Says Sales, Orders Fall   Full Article
Atlanta, GA, April 4, 2014 -- Beazer Homes said severe weather contributed to a decline in completed home sales and new orders in the first quarter.

J+J Flooring Partners With Health Design Center   Full Article
Dalton, GA, April 4, 2014 -- J+J Flooring Group said it has become the exclusive industry partner for The Center for Health Design’s Research Coalition.

Growth in Services Sector Picks Up in March   Full Article
Tempe, AZ, April 3, 2014 -- Growth in the U.S. services sector accelerated in March, according to the Institute for Supply Management.

Jobless Claims Tick Higher Last Week   Full Article
Washington, DC, April 3, 2014 -- Initial claims for unemployment benefits edged higher unexpectly last week, according to the Labor Department.