Mohawk Industries Inc. recently announced 2011 third quarter net earnings of $47 million and adjusted net earnings of $57 million. For the third quarter of 2010, net earnings were $51 million; net sales were $1.4 billion, an increase of 10% as reported and 8% with a constant exchange rate. For the nine months ended October 1, net sales were $4.3 billion, an increase of approximately 5% as reported and 4% with a constant exchange rate. For the nine-month period, net earnings were $131 million.
Net sales in the Dal-Tile segment grew almost 11% during the period, with both residential and commercial categories showing gains and product mix continuing to decline. In the comparable 2010 period, business was lower than expected due to flooding in the company’s Mexican facility from Hurricane Alex. During the 2011 quarter, sales increased in all channels, with particular strength in home centers due to additional commitments for the company’s mosaics, wall tile and porcelain tile. Mexican ceramic sales grew significantly on a local basis as new products and broader distribution were implemented.
“The company’s third quarter results reflect an improvement in sales and earnings over last year, even with increased raw material costs and consumer reluctance to invest in renovation projects,” said Jeffrey S. Lorberbaum, chairman and CEO. “Sales in both the residential and commercial categories expanded with commercial renovation leading the growth and new residential continuing to lag. Each segment continues to lower costs with new processes, reduced infrastructure and investment in more efficient assets.”
For more information, visit www.mohawkind.com