Ceramic Industry News

Mohawk Announces Second Quarter Results; Dal-Tile Sales Increase Over 4%

Mohawk Industries Inc. recently announced 2011 second quarter net earnings of $61 million. Excluding restructuring charges, net earnings were $66 million. For the second quarter of 2010, net earnings were $68 million. Excluding non-recurring tax benefits, redemption premium on bonds and restructuring charges, net earnings were $53 million. Net sales for the second quarter of 2011 were $1.5 billion, an increase of 6% as reported and 3% with a constant exchange rate.

For the six months ended July 2, 2011, net sales were $2.8 billion, an increase of approximately 3% as reported and 2% with a constant exchange rate. For the six-month period, net earnings were $84 million. For the six months ended July 3, 2010, net earnings were $89 million.

The Dal-Tile segment’s net sales grew more than 4% in the 2011 second quarter, with commercial sales growth exceeding residential. Sales in all channels grew over the prior year, as the company reportedly outperformed the overall market. Higher product prices and fuel surcharges were implemented in the period to recover rising transportation costs. The company’s market share has improved as well. A merchandised ceramic tile shop was introduced, as well as a new installation warranty to differentiate Dal-Tile products. Reveal Imaging technology is being expanded throughout the company’s manufacturing operations.

“All of our businesses reported year-over-year sales growth and our operating margin improved to 7.3%, an increase of 50 basis points over last year, excluding restructuring charges,” said Jeffrey S. Lorberbaum, chairman and CEO. “This is our highest operating margin since 2008 as a result of continuing cost reductions, selling price increases and productivity gains throughout the enterprise. U.S. economic growth was lower than expected in the second quarter, with the U.S. residential business remaining soft and the commercial business continuing to grow.”

For more information, visit www.daltile.com or www.mohawkind.com.

Did you enjoy this article? Click here to subscribe to Ceramic Industry Magazine.

You must login or register in order to post a comment.

Multimedia

Videos

Image Galleries

2015 Ceramics Expo

Snapshots from the 2015 Ceramics Expo, April 28-30, Cleveland, Ohio. Posted: May 14, 2015.

Podcasts

Ceramics Expo podcast
Editor Susan Sutton discusses the upcoming Ceramics Expo with event director Adam Moore.
More Podcasts

Ceramic Industry Magazine

June 2015 ceramic industry

2015 June

This issue features our first annual Supplier of the Year Awards. Be sure to check it out!
Table Of Contents Subscribe

Daily News

We know where you find the latest ceramic industry news (ahem), but where do you catch up on the rest of your daily news?
View Results Poll Archive

THE CERAMIC INDUSTRY STORE

M:\General Shared\__AEC Store Katie Z\AEC Store\Images\Ceramics Industry\handbook of advanced ceramics.gif
Handbook of Advanced Ceramics Machining

Ceramics, with their unique properties and diverse applications, hold the potential to revolutionize many industries, including automotive and semiconductors.

More Products

Clear Seas Research

Clear Seas ResearchWith access to over one million professionals and more than 60 industry-specific publications,Clear Seas Research offers relevant insights from those who know your industry best. Let us customize a market research solution that exceeds your marketing goals.

STAY CONNECTED

facebook_40px twitter_40px  youtube_40pxlinkedin_40google+ icon 40px

Directories

CI Data Book July 2012

Ceramic Industry's Directories including Components, Equipment Digest, Services, Data Book & Buyers Guide, Materials Handbook and much more!