Interface's Sales Up 18% in Q2 & Earnings Up 8%
Atlanta, GA, August 5, 2022-Interface announced Q2 2022 net sales of $346.6 million, up 18% compared to Q2 2021’s $294.8 million.
The company reported net income of $16.8 million in Q2 2022, an 8% increase compared to Q2 2021 net income of $15.5 million.
Net sales for the first six months of 2022 were $634.6 million, up 16% versus $548.0 million in the prior year period.
The company recorded net income of $30.1 million in the first half of 2022, a 34% increase compared to first half 2021 net income of $22.4 million.
"We delivered strong second quarter results, with revenue up 18%, reflecting growth across the business. Continued strong demand for our carbon neutral and carbon negative products drove a 10% year-over-year increase in backlog, highlighting our established leadership in design and sustainability," said Laurel Hurd, CEO of Interface. "We continue to be encouraged by the activity we are seeing in our business globally, despite ongoing inflationary pressures and FX-related headwinds. We remain focused on our growth and diversification strategy, which we believe positions Interface for continued success over the long term."
"Our balance sheet remains strong and supports our balanced capital allocation strategy. We repurchased $5.6 million of shares in the quarter while continuing to invest in the business and reducing leverage. We remain focused on maintaining a strong financial foundation and returning value to our shareholders as we enter the second half of the year, which, from a seasonal perspective, is the period when the business customarily generates the most cash," added Bruce Hausmann, CFO of Interface.