Mohawk Industries Inc. recently announced 2011 first quarter net earnings of $23 million. Excluding restructuring charges, 2011 first-quarter net earnings were $29 million. For the first quarter of 2010, net earnings were $21 million. Excluding restructuring charges, 2010 first quarter net earnings were $24 million. Net sales for the first quarter of 2011 were $1.3 billion, which was flat vs. 2010.
Net sales for the Dal-Tile segment increased approximately 1% compared to last year. Net sales for the three months were $344,415, compared to $341,396 in the previous year’s quarter.
“We grew our operating margin to 4.7%, excluding restructuring charges, an improvement of approximately 40 basis points over the first quarter last year by continuing to drive cost reductions, manufacturing improvements and efficiency gains throughout the enterprise,” said Jeffrey S. Lorberbaum, chairman and CEO. “Sales reported during the period were flat with last year, with the outlook strengthening for the balance of the year. In the U.S., both remodeling and home sales are expected to improve over last year, and non-residential investment is estimated to increase over 8% in 2011.”
For additional details, visit www.mohawkind.com