Interface Reports Higher Income, Sales
Atlanta, GA, July 25, 2013 -- Carpet tile maker Interface, Inc. reported second quarter net income of $11.0 million, or $0.17 per share, compared with $10.3 million, or $0.16 per share, a year ago.
Sales for the quarter were up 6.1% to $243.5 million, compared with $229.5 million in the second quarter of 2012.
"We made tremendous strides improving our performance during the second quarter, reflected by our increased sales, gross margin and earnings," said CEO Daniel T. Hendrix.
"We're very pleased with our surge in the Americas business, with sales up 12% year-over-year and well ahead of the overall commercial market."
The Americas business had sales increase 11.6% year-over-year and hit an all-time quarterly record within the U.S. commercial business.
The growth occurred across nearly all market segments, Interface said, led by the corporate office segment (up 11%) and the non-office segments of hospitality (up 63%), government (up 16%) and healthcare (up 13%).
Flor consumer business sales were up 65% over last year, due primarily to the larger Flor store footprint and increased web traffic.
"In short, these results show continued modest sequential improvements on the top-line and earnings should follow as some spending has occurred in front of sales. Europe remains a challenge but still represents the greatest margin leverage opportunity," said analyst Stifel Nicolaus.