Mohawk Ind confirms admirable Dal-Tile performance during Q2
21 Jul '05
5 min read
Tufted broadloom carpet and rugs maker Mohawk Industries Inc announced 2005 second quarter net earnings of $93,811,000 and diluted earnings per share (EPS) of $1.39 (both 8% above last year). This compares to $87,158,000 in net earnings and $1.29 in EPS for the second quarter of 2004.
Net sales for the quarter were $1,624,692,000 in 2005 compared to net sales of $1,485,897,000 in 2004, an increase of 9%. The growth in EPS resulted from selling price increases, lower selling, general and administrative expenses as a percent of net sales and growing hard surface sales partially offset by continuing raw material and energy cost increases.
The net sales growth was attributable to price increases and internal growth. The Mohawk segment net sales of $1,184,914,000 in the second quarter of 2005 were up 7% from $1,105,493,000. This was primarily attributable to increases in prices as well as growth in commercial and hard surface sales.
The Dal-Tile segment net sales of $439,778,000 in the second quarter grew 16% from $380,404,000 primarily as a result of internal growth and improved product mix.
EPS for the first half of 2005 was $2.42 and net earnings were $163,831,000 (both 7% above last year) compared to EPS of $2.27 and $153,465,000 in net earnings for the first half of 2004.
This increase in EPS and net earnings is attributable to selling price increases, lower selling, general and administrative expenses as a percent of net sales and growing hard surface sales partially offset by continuing raw material and energy cost increases.
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