Shaw's Earnings, Revenues Slide in 2009

Omaha, NE, March 1, 2010--Shaw Industries reported net revenue of $4.01 billion in 2009, down 21 percent from the previous year's revenues of $5.05 billion.

Shaw said its earnings before income taxes, non-controlling interests and equity method earning were $144 million, down from $205 million the previous year.

The numbers were disclosed in parent company Berkshire Hathaway's annual report.

Berkshire CEO Warren Buffett, however, was fairly upbeat about the housing industry.

He noted that "within a year or so residential housing problems should largely be behind us, the exceptions being only high-value houses and those in certain localities where overbuilding was particularly egregious."

The company said the 2009 sales decline was mostly due to an 18 percent decline in carpet sales.

Shaw also reported that pretax earnings fell 30 percent or $61 million for the year. The firm said it was also hurt by higher manufacturing costs due to declines in sales volume, which decreased plant efficiency. Shaw also said its costs for plant closures were $101 million.

Shaw said its earnings before income taxes, non-controlling interests and equity method earning were $144 million, down from $205 million the previous year.

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