Mohawk Industries Inc. recently announced 2010 fourth quarter net earnings of $46 million. For the fourth quarter of 2009, net earnings were $20 million. Net sales for the fourth quarter of 2010 were $1.3 billion, a decrease of approximately 6% vs. 2009. Net sales for the quarter increased 2% over the prior year on a constant days and exchange rate basis.
Net sales for the Dal-Tile segment declined 4% but increased 4% after adjusting for the lower number of days this period and a constant exchange rate. Dal-Tile’s net sales for the fourth quarter of 2010 were $317,000, compared to $329,000 in the same period of 2009.
“Our earnings exceeded our expectations, as results were positively impacted by enhanced manufacturing efficiencies, benefits from restructuring actions, reducing SG&A costs and improved process consistency,” said Jeffrey S. Lorberbaum, chairman and CEO. “Our operating margin of 6.8% continues to show improvement compared to last year, despite rising raw material costs. During 2010, our emphasis on innovation, new products, manufacturing improvements, and cost reduction have benefited our margins and increased earnings. Investments in the Russian, Chinese, and Mexican flooring markets are expanding our international presence and will provide platforms for future revenue and profit growth. The consensus among economists is that these markets will outperform the more mature U.S. and western European flooring markets. The U.S. industry decline experienced over the past few years appears to have bottomed, with some markets showing signs of improvement.”
For additional details, visit www.mohawkind.com