Mohawk Industries Inc announced 2006 third quarter net earnings of $127,708,000 and diluted earnings per share (EPS) of $1.88 (both 10 percent above last year), in accordance with U.S. Generally Accepted Accounting Principles (GAAP).
Adjusted net earnings for the third quarter of 2006 were $123,948,000 and adjusted EPS were $1.82 per share.
The adjusted net earnings exclude a stock option charge that was not required in 2005 increasing net earnings by $1,855,000 and exclude a partially-paid refund from U.S. Customs decreasing net earnings by $5,615,000.
Net sales for the quarter were $2,024,019,000 an increase of 19 percent from 2005. The sales growth resulted from the Unilin acquisition, hard surface sales growth, and price increases.
For the first nine months of 2006, net earnings were $326,342,000 (14 percent above last year) and EPS were $4.80 (13 percent above last year), in accordance with U.S. GAAP.
Adjusted net earnings for the first nine months of 2006 were $322,525,000 and adjusted EPS were $4.74 per share.
The adjusted net earnings exclude a stock option charge that was not required in 2005 increasing net earnings by $5,701,000 and exclude a partially-paid refund from U.S. Customs decreasing net earnings by $9,518,000.
This increase is attributable to the Unilin acquisition, strong hard surface sales growth and price increases.
The Company is anticipating continued slow sales in the fourth quarter that will result in unabsorbed overhead costs and impact our margin dollars.
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