Mohawk Industries’ First Quarter Sales Grow 5.5%; Dal-Tile up 5%
Mohawk Industries Inc. recently announced 2013 first quarter net earnings of $50 million. Net sales for the first quarter of 2013 were $1.5 billion, an increase of 5.5% vs. the prior year’s first quarter sales of $1.4 billion.
Dal-Tile sales increased 5% as new residential construction, commercial sales and Mexican business continued to show strength. Positive results for the quarter were reportedly supported by new product introductions featuring both rustic and polished surfaces, new larger sizes, and Reveal Imaging® designs. Margins were reportedly supported by higher volumes and improved labor productivity, but were partially offset by rising energy costs.
“Improvements in the U.S. market, product mix, productivity improvements, lower amortization and the Pergo acquisition all contributed to our results, offset by the negative impact of a slower European economy and one less day in the period compared to last year,” said Jeffrey S. Lorberbaum, chairman and CEO. “During the quarter, we generated adjusted EBITDA of $151 million and reduced SG&A by 90 basis points, relative to net sales, across the enterprise even as we increased investment in growth areas of the business.”
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