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

New York Manufacturing Improves at Slower Pace   Full Article
New York, NY, Aug. 15, 2014 -- The Empire State manufacturing survey fell back to 14.7 in August after hitting a four-year high of 25.6 in July.

Consumer Sentiment Falls in Early August   Full Article
Washington, DC, Aug. 15, 2014 -- The preliminary August reading on the University of Michigan/Thomson Reuters consumer-sentiment index fell to 79.2 from a final July result of 81.8.

Investors Wondering About Firm's Stake in Armstrong   Full Article
New York, NY, Aug. 15, 2014 -- Flooring industry analyst Stifel Nicolaus says talk is heating among its clients up that Armstrong World Industries could be broken into separate entities.

Office Environments Acquires Flooring Firm   Full Article
Charlotte, NC, Aug. 15, 2014 -- Office Environments, a Charlotte based commercial furniture dealer, said it has acquired Modular Designs, a flooring firm also based in Charlotte.

FCICA Continuing Diamond Member Club   Full Article
West Bloomfield, MI, Aug. 15, 2014 -- FCICA, the Flooring Contractors Association, said it will continue its Diamond Club member program for the 2014-2015 membership year.

Housing Affordability Declines in Second Quarter   Full Article
Washington, DC, Aug. 15, 2014 -- Nationwide housing affordability dipped in the second quarter as several markets saw a firming of home prices, according to the National Association of Home Builders.

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.