Mohawk's Q2 Earnings Up 21.5% on Flat Sales

Calhoun, GA, Aug. 7, 2015—Mohawk Industries, Inc. has announced 2015 second quarter net earnings of $186 million, or diluted earnings per share (EPS) of $2.53, compared to net earnings of $153 million, or diluted EPS of $2.08 in second quarter 2014.

Excluding unusual charges, net earnings were $199 million and EPS was $2.69, a 22% increase over last year's second quarter adjusted EPS and the highest adjusted quarterly EPS in the company's history.

Net sales for the second quarter of 2015 were $2.0 billion, flat versus the prior year's second quarter or a 7% increase on a constant currency exchange rate basis. For the second quarter of 2014, net sales were $2.0 billion, net earnings were $153 million and EPS was $2.08.

Segment performance is difficult to report on based on the company’s recent shift in reporting structure to a more geographic breakout. North American flooring sales were up 3%, which included three weeks of IVC results. Carpet tile, laminate, wood, rugs and vinyl category sales were all up, and broadloom sales were down slightly.

Floor sales for the rest of the world (ROW) were down 7% based on currency fluctuations but grew 13% on a constant foreign exchange basis. The addition of IVC Belgium was a factor in these results.

For the six months ending July 4, 2015, net sales were $3.92 billion, an increase of approximately 2% versus prior year or an increase of approximately 9% on a constant currency exchange rate basis. Net earnings and EPS for the six-month period were $209 million and $2.83, respectively. Net earnings excluding unusual charges were $324 million and adjusted EPS was $4.39, an increase of 28% over the six-month period adjusted EPS result in 2014. For the six-months ending June 28, 2014, net sales were $3.86 billion, net earnings were $234 million and EPS was $3.19.