Mohawk Reports Higher 3Q Earnings, Sales
Calhoun, GA, Nov. 2, 2012 -- Mohawk Industries reported third quarter net earnings of $70 million and earnings per share of $1.01.
Excluding restructuring charges, net earnings were $72 million and $1.04 per share, a 25% increase over last year.
Net sales for the quarter were $1.5 billion, an increase of 2% versus prior year and an increase of 4% on a constant exchange rate.
A year ago, net sales were $1.4 billion and net earnings were $47 million and $0.68 per share.
"All of our segments delivered solid third quarter performances with improvements in product mix, pricing, volume and productivity, as well as lower interest expense contributing to our results," said CEO Jeffrey Lorberbaum.
The Mohawk segment reported flat sales compared to 2011.
Carpet sales were stronger in the specialty and contractor channels but were offset by the timing of product transitions in the home center channel, Mohawk said.
Dal-Tile sales grew 9% during the quarter or 10% on a constant exchange rate. The segment improved sales in both residential and commercial categories and continued significant growth in the Mexican market, Mohawk said.
Sales grew across all residential channels.
Unilin segment sales during the quarter were flat as reported, but grew 9% on a constant exchange rate.
Outside North America, laminate and wood flooring sales grew from continued expansion into the DIY channel.
In North America, Mohawk said laminate and wood sales grew due to new product introductions, increased home center penetration, gains within the builder channel and promotional activity.