Ceramic Industry News / Whitewares

Mohawk 2013 Sales Grow 27%; Ceramic Segment Net Sales Jump 84%

February 28, 2014
/ Print / Reprints /
ShareMore
/ Text Size+

Mohawk Industries Inc. recently announced 2013 fourth quarter net earnings of $95 million. Excluding unusual charges and discontinued operations, net earnings for the fourth quarter 2013 were $131 million, a 77% increase over last year’s fourth quarter adjusted EPS.

Net sales for the fourth quarter of 2013 were approximately $1.9 billion, an increase of 34% vs. the prior year's fourth quarter or 33% on a constant exchange basis. For the fourth quarter of 2012, net sales were approximately $1.4 billion and net earnings were $66 million.

For the 12 months ending December 31, 2013, net sales were approximately $7.3 billion, an increase of approximately 27% compared to the prior year. Net earnings and EPS for the 12 month period were $349 million and $4.82, respectively. Net sales for the year were approximately $5.8 billion.

Ceramic segment net sales for the quarter were $738 million, up 84% compared to the prior year, with reportedly strong growth from the Dal-Tile business and the Marazzi acquisition. During the period, operating margins, excluding unusual charges, grew 320 basis points to 10% of net sales as a result of higher volumes, efficiency gains and improved product mix. In the U.S., the integration of Dal-Tile and Marazzi has been completed, reportedly resulting in new collections with enhanced style and design, as well as improved technologies across the business. In Mexico, the company’s ceramic business is increasing distribution, enhancing product mix and improving margins. In Russia, sales benefited from expanded participation in the new construction and home center channels, supported with unique products and dedicated sales teams. Restructuring the company’s ceramic business in Europe reduced cost structures, improved the sales organization through a geographic realignment and decreased manufacturing complexities.

“Our fourth quarter results were better than projected, primarily as a result of higher top-line growth in our U.S. ceramic business, a strong performance from our Pergo acquisition and lower interest expense due to an upgrade in our credit rating,” said Jeffrey S. Lorberbaum, chairman and CEO. “Our legacy net sales increased approximately 6% as reported, with additional revenue growth from our recent acquisitions. As a result of improved product mix, increased productivity and SG&A management, our adjusted operating income for the quarter rose 260 basis points from last year to approximately 10% of net sales and for the year improved by 250 basis points to 9.4% of net sales. We believe we are well positioned for both revenue and earnings growth in 2014.”

For more information, visit 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

June 2014 Issue Highlights

Our June 2014 issue is now available!

Podcasts

Manufacturing Day 2014

Manufacturing Day organizers share their insights with Managing Editor Kelsey Seidler.

More Podcasts

Ceramic Industry Magazine

CI October 2014 cover

2014 October

Materials advances, refractories and renewable energy - oh, my! Check out our October issue today!

Table Of Contents Subscribe

Personal Smartphones

Do you use your personal smartphone or other device to complete tasks for your job?
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!