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

Analyst Sees Stronger Second Half for Lumber Liquidators   Full Article
New York, NY, Sept. 8, 2014 -- Flooring industry analyst Stifel Nicolaus said it expects a stronger second half of the year for Lumber Liquidators but believes the firm will have a difficult time meeting its projected margins.

First Woman Named Chair of Textile Machinery Association   Full Article
Frankfurt, Germany, Sept. 8, 2014 -- Regina Brückner has been named the new chairperson of the Textile Machinery Association.

Rudd Company Names Vice President of Sales   Full Article
Seattle, WA, Sept. 8, 2014 -- Rudd Company has named Tom Parker vice president of sales.

Red Roof Moving Toward Hard Surfaces   Full Article
Chattanooga, TN, Sept. 8, 2014 -- Carpet may be on its way out in rooms in the Red Roof hospitality chain.

Unemployment Falls but August Job Gains Muted   Full Article
Washington, DC, Sept. 5, 2014 -- Employers in the U.S. added 142,000 jobs in August, the lowest monthly total of the year, according to the Labor Department.

Horizon Floors Signs Denver Hardwoods   Full Article
New York, NY, Sept. 5, 2014 -- Horizon Floors has a distribution agreement with Denver Hardwoods.

Invista Surfaces Makes Executive Promotions   Full Article
Kennesaw, GA, Sept. 5, 2014 -- Invista Surfaces has promoted Maggie Bidlingmaier to vice president of its residential business.

Gerflor Becomes Starnet Approved Vendor   Full Article
Chicago, IL, Sept. 5, 2014 -- Resilient flooring firm Gerflor said it has attained approved vendor status in Starnet.

USG Signs Private Label Agreement With Powerhold   Full Article
Chicago, IL, Sept. 5, 2014 -- USG Corporation said it has entered a private-label agreement with Powerhold, the largest flooring accessories distributor network in the country.

Shaw Ranked Fourth on E-learning List   Full Article
Dalton, GA. Sept. 5, 2014 -- Shaw Industries ranked fourth on E-learning! magazine’s Learning! 100.

H.B. Fuller Acquires ProSpec Construction Products   Full Article
St. Paul, MN, Sept. 4, 2014 -- H.B. Fuller Company said it has acquired ProSpec Construction Products, a provider of tile and stone installation products.

Builder Hovnanian Says Income Doubled   Full Article
Red Bank, NJ, Sept. 4, 2014 -- Homebuilder Hovnanian Enterprises reported third quarter net income of $17.1 million, or $0.11 a share, up from $8.5 million, or $0.06 a share, a year earlier.

Services Sector Expands at Faster Pace in August   Full Article
Tempe, AZ, Sept. 4, 2014 -- Growth in the services sector of the economy accelerated in August to the highest level since 2005, according to the Institute for Supply Management.

Initial Jobless Claims Still Near Eight-Year Low   Full Article
Washington, DC, Sept. 4, 2014 -- Initial claims for unemployment benefits last week ticked up although claims remain near an eight-year bottom.

Private Sector Job Growth Remains Steady   Full Article
Roseland, NJ, Sept. 4, 2014 -- Private sector employment increased by 204,000 jobs from July to August, according to the August ADP National Employment Report.

CRI's Mendez Named SGAC Board President   Full Article
Dalton, GA, Sept. 4, 2014 -- Carpet and Rug Institute vice president for government relations Jennifer Mendez was named president of the board of directors of the State Government Affairs Council.

Royal Adhesives Acquires Toronto-Based Chemque   Full Article
South Bend, IN, Sept. 4, 2014 -- Royal Adhesives & Sealants said that its subsidiary Royal Adhesives & Sealants Canada will acquire polyurethane foams and adhesives maker Chemque.

Domotex Bringing Back Innovations Event   Full Article
Hannover, Germany, Sept. 3, 2014 -- Domotex is bringing back its Innovations@Domotex for a second season next year.

Factory Orders Increase by Record Amount   Full Article
Washington, DC, Sept. 3, 2014 -- Factory orders rose by a record amount in July, mostly on the strength of commercial aircraft.

Shaw Moves Up on Selling Power List   Full Article
Dalton, GA, Sept. 3, 2014 -- Shaw Industries said it has been ranked no. 13 and is the only flooring manufacturer on the latest Selling Power 50 Best Companies to Sell For list.