Propex Releases Second Quarter Earnings.
Earnings fell $47.8 million to $8.8 million from $56.6 million a year ago, largely reflecting the sale of its Roanoke plant last year.
Total net revenue decreased $21.2 million, or 10.3%, to $184.3 million from $205.5 million a year ago. Propex cited decreases of $28.5 million in North American furnishings, $200,000 in North American industrial products, and $200,000 in geosynthetics. However, sales of concrete fiber rose by $2.5 million.
The company said it was also hurt by the backward integration efforts of Shaw Industries and Mohawk Industries, Inc., formerly two of its largest customers.
Related Topics:Shaw Industries Group, Inc., Mohawk Industries