Mohawk Industries Second Quarter Earnings Jump 61%; Ceramic Segment Sales Up 88%
Mohawk Industries Inc. recently announced 2013 second quarter net earnings of $85 million. Excluding unusual charges, net earnings were $134 million, a 61% increase over last year’s second quarter adjusted EPS. Net sales for the second quarter of 2013 were $2 billion, an increase of approximately 35% vs. the prior year’s second quarter.
For the six months ending June 29, 2013, net sales were $3.5 billion, an increase of 20% compared to $2.9 billion in the prior year. Net earnings for the six-month period were $135 million, with net earnings excluding unusual charges of $195 million.
Ceramic segment net sales were $760 million, up 88% over last year, with strong growth in the Dal-Tile business as well as the Marazzi acquisition. Operating income, excluding unusual charges, was 12% of sales, up 260 basis points over the prior year due to increased volume, the Marazzi acquisition, sales mix and manufacturing efficiencies. North American sales rose in the low teens with strength in commercial specialty retail, home center channels and continued expansion in Mexico.
“Mohawk, the world’s largest flooring manufacturer, today reported our most successful second quarter on record with strong revenue and profit growth, as both our legacy business and recent acquisitions delivered solid performances that exceeded our expectations,” said Jeffrey S. Lorberbaum, chairman and CEO. “For the quarter, our legacy net sales increased 6% as reported, with the balance of our growth stemming from our recent acquisitions of Pergo, Marazzi and Spano. Our adjusted SG&A improved by 110 basis points due to continuing control of our costs, and our adjusted operating income rose to 10% of sales, an improvement of 190 basis points.”
For additional information, visit www.mohawkind.com.