Interface (TILE) Reports Q2 & Six-Month Earnings
Atlanta, GA, July 27, 2018-Interface’s net sales for Q2 2018 rose 12.7% and for the first half of the year rose 10.9% in a year over year comparison.
Net income fell 1.6% YOY for the quarter but rose 21% for the first six months.
"We delivered another solid quarter in line with our expectations and remain focused on executing our value creation strategy across our core carpet tile and LVT product lines. Organic sales and organic order trends continue to demonstrate strong momentum in our business, with organic sales up 10.6% year over year and organic orders up 9.7% year over year," said Jay Gould, CEO of Interface. "Second quarter gross margin was slightly down year over year as a result of delayed productivity initiatives due to increased sales volume, and a change in this quarter's revenue mix that was more heavily weighted toward the InterfaceServices business.
Carpet tile and LVT contributed relatively equally to sales growth in the first half of 2018.
In Q2, the company announced its intention to acquire Nora, a transaction expected to close in the third quarter.