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."