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In the first quarter of 2009, the net loss was $106 million and loss per share was $1.55. Excluding the 2009 charges, net earnings and earnings per share would have been $10 million and $0.14 per share, respectively. Net sales for the first quarter of 2010 were $1,347 million, which was a 2% increase from the 2009 adjusted net sales, or a 1% increase with a constant exchange rate.
“Our earnings were higher than expected as the economic cycle has bottomed and we had more favorable cost reductions and foreign exchange,” said Jeffrey S. Lorberbaum, chairman and CEO. “Our first quarter sales were flat compared to the fourth quarter due to an improving residential business. During the first quarter, we have introduced innovative new products, enhanced manufacturing and distribution processes, reduced the cost structure, and improved quality and productivity throughout the business. We purchased $200 million of our bonds in April that will save cash and improve earnings this year. Both rating agencies upgraded their outlook of Mohawk to stable, in recognition of our strong cash flow and the improving economy.”
Dal-Tile sales were down 5% in the 2010 first quarter, due to the impact of new home construction and the commercial market in the ceramic business. According to Mohawk, Dal-Tile’s market share remains strong and is about five times larger than its nearest competitor. In the first quarter, the Mexican ceramic industry turned positive (3% growth), and Dal-Tile continued to outpace the industry, improving its market share. Process improvements in tile manufacturing have resulted in increased productivity and quality, while new investments have increased capacity and reduced costs in color mixing, glaze and trim production.
For more information, visit www.mohawkind.com or www.dal-tile.com.