Interface Net Income up 19% in Second Quarter
Atlanta, GA, July 23, 2014 – Interface reported second quarter net income of $13.1 million, or $0.20 per share, up 19% its $11.0 million results in the second quarter of last year.
Sales for the second quarter were up 7% to $260.6 million from 243.5 million in the second quarter of 2013.
“We expect the second half of the year to be better than the first, based on strong demand in Europe and steady performance in our U.S. business, which has yet to see a true office market rebound this year,” said CEO Daniel T. Hendrix.
Other highlights of Interface’s second quarter performance:
-- Sales in Australia are approaching pre-fire levels. Sales overall in Asia/Pacific were up 5%.
-- Sales where up 4% in the Americas with growth in hospitality (+30%), retail (+21%) and education (+7%). Government (-4%) and healthcare (-2%) were down and corporate office sales were flat.
-- Europe was up 9% in local currency.
-- FLOR sales declined 9% year-over-year and management changes are being made to correct this negative trend.
For the first half of the year, net income was 17.1 million versus $16.1 million last year. Sales increased 5.7% to $479.6 million versus $453.9 million last year.