Mohawk Sales up 9%; Dal-Tile Sales Grow Nearly 10%
Mohawk Industries Inc. recently announced 2011 fourth quarter net earnings of $43 million. Net sales for the quarter were $1.4 billion, increasing 9% as reported and 10% with a constant exchange rate. Net earnings were $45 million, vs. $46 million for the fourth quarter 2010.
For the full year of 2011, net earnings were $174 million; excluding unusual items, net earnings for the full year were $202 million, a 16% increase over last year. Net sales for 2011 were $5.6 billion, up 6% compared to 2010. For the full year 2010, net earnings were $185 million.
The Dal-Tile segment reported an increase in net sales of almost 10% during the quarter, with commercial growth exceeding residential. Residential sales continued their positive growth trends for the third consecutive period.
“The company’s fourth quarter results reflect improvements in sales and adjusted net earnings over last year, with all segments showing sales growth for the last three quarters,” said Jeffrey S. Lorberbaum, Mohawk’s chairman and CEO. “In the U.S., sales in both the residential and commercial categories expanded, with commercial growing at a faster pace. Increased prices across many product categories are being implemented in the first quarter to recover higher material costs. Each segment has reduced costs through process improvements, investments in technology and strategic realignment of assets. Our net debt to adjusted EBITDA ratio was 2.0 and we have available liquidity of more than $900 million to redeem the 2012 bonds and provide flexibility for future opportunities.”
For more information, visit www.mohawkind.com.