Mohawk Sales, Earnings Rise Sharply

Calhoun, GA, Feb. 21, 2014 -- Mohawk Industries reported fourth quarter net earnings of $95 million and earnings per share of $1.29.

Excluding unusual charges and discontinued operations, net earnings for the quarter were $131 million.

Net sales for the quarter were approximately $1.9 billion, an increase of 34% versus the prior year's fourth quarter, or 33% on a constant exchange basis.

For the fourth quarter of 2012, net sales were approximately $1.4 billion and net earnings were $66 million.

Excluding unusual charges, net earnings were $70 million in 2012.

For 2013, net sales were approximately $7.3 billion, an increase of approximately 27% versus the prior year, while net earnings were $349 million.

"Our fourth quarter results were better than projected primarily as a result of higher top-line growth in our U.S. ceramic business, a strong performance from our Pergo acquisition and lower interest expense due to an upgrade in our credit rating," said CEO Jeffrey S. Lorberbaum.

Carpet segment net sales for the quarter were $747 million, up 3% over last year, primarily due to the performance of the company's ultra-soft residential products and expansion of the polyester product line.

Ceramic net sales for the quarter were $738 million, up 84% compared to the prior year, with strong growth from the Dal-Tile business and the Marazzi acquisition.

Laminate and wood segment net sales for the quarter were $466 million, up 41% over last year, with most of that increase from growth in the U.S. and the acquisitions of Pergo and Spano.

"Through investments in acquisitions and capital expenditures, productivity improvements and product innovation, we have positioned Mohawk for growth and improved profitability in all segments during 2014," said Lorberbaum.

"We are optimistic about the future of the flooring industry and our participation in it."



Other Archived Articles

Mohawk Adds New Soil Protection to SmartStrand   Full Article
Calhoun, GA, Dec. 5, 2014 -- Mohawk said it is enhancing its flagship SmartStrand carpet by adding a new soil protection system called Forever Clean.

Factory Orders Decline in October   Full Article
Washington, DC, Dec. 5, 2014 -- New orders to U.S. factories fell for a third straight month in October, according to the Commerce Department.

Jobs Increase Most in Nearly Three Years   Full Article
Washington, DC, Dec. 5, 2014 -- Employers added 321,000 jobs in November and the unemployment rate remained at 5.8%, according to the Labor Department.

Interior Design Names Products of Year   Full Article
New York, NY, Dec. 5, 2014 -- Interior Design Magazine hosted its 9th annual Best of Year Awards Thursday.

Mortage Rates Lowest in More Than a Year   Full Article
Washington, DC, Dec. 5, 2014 -- Long-term mortgage rates have fallen to their lowest level since May 2013, according to Freddie Mac.

QEP Names Kura Executive Vice President   Full Article
Boca Raton, FL, Dec. 4, 2014 –- Q.E.P. Co. said it has named Brian Kura as its new executive vice president.

Initial Unemployment Claims Fall Last Week   Full Article
Washington, DC, Dec. 4, 2014 -- Initial claims for unemployment benefits fell last week, according to the Labor Department.

Planned Layoffs Plunge in November   Full Article
Chicago, IL, Dec. 4, 2014 -- The number of planned layoffs by U.S. employers declined 30% in November from October, according to outplacement firm Challenger, Gray & Christmas.

TISE Says Education Program Space Filling Fast   Full Article
Dallas, TX, Dec. 4, 2014 -- The International Surface Event said that space is filling up fast for the TISE 2015 education program.

Stone & Pewter Accents Rebrands as Lunada Bay   Full Article
Torrance, CA, Dec. 4, 2014 -- Stone & Pewter Accents, a manufacturer of stone and pewter tile, said it has rebranded as Lunada Bay Tile.

Pantone Names Marsala 2015 Color of Year   Full Article
Dalton, GA, Dec. 4, 2014 -- Pantone said that its Color of the Year 2015 is Marsala 18-1438.

Services Sector Expands at Faster Pace   Full Article
Tempe, AZ, Dec. 3, 2014 -- The services sector of the economy grew faster than expected in November, according to the Institute for Supply Management.

Private Sector Jobs Increase by 208K in November   Full Article
Roseland, NJ, Dec. 3, 2014 -- The private sector added 208,000 jobs in November, according to the monthly ADP Employment Report.

Propex Rebrands ISIS Carpet Tile Backing   Full Article
Chattanooga, TN, Dec. 3, 2014 -- Propex said it is replacing the brand name “ISIS” with “ARTIS” for its woven post-consumer recycled PET primary backing for modular tile.

Home Purchase Mortgage Applications Rise   Full Article
Washington, DC, Dec. 3, 2014 -- Mortgage application volume fell last week as refinancing applications declined, according to the Mortgage Bankers Association.

Nora Sheet Flooring Wins Award   Full Article
Salem, NH, Dec. 3, 2014 -- Nora said that its Noraplan nTx has been awarded a 2014 Record Product Award from Architectural Record magazine.

WFCA Lobbies for Internet Sales Taxes   Full Article
Anaheim, CA, Dec. 2, 2014 -- World Floor Covering Association officials recently met with the staffs of top members of Congress about proposed Internet sales taxes and and other issues of importance to flooring industry retailers.

Construction Spending Edges Higher in October   Full Article
Washington, DC, Dec. 2, 2014 -- Construction spending in October was estimated at a seasonally adjusted annual rate of $971.0 billion, 1.1% above the revised September estimate of $960.3 billion, according to the Commerce Department.

Distributor Belknap White Expands Armstrong Line   Full Article
Lancaster, PA, Dec. 2, 2014 -- Armstrong Floor Products said that distributor Belknap White (Patriot) will handle Armstrong residential products in Southern Connecticut, Metro New York and Northern New Jersey effective January.

Easy Turf Signs Tomlinson as Spokesperson   Full Article
Vista, CA, Dec. 2, 2014 -- EasyTurf has re-signed NFL Most Valuable Player LaDanian Tomlinson as a spokesperson.