Mohawk Industries earnings rise to another record

Mohawk Industries earnings rise to another record

February 9th, 2017 by Dave Flessner in Breaking News

Mohawk Industries, Inc. boosted its net income last year by 24 percent to a record high $930 million, or $12.48 per share.

The Calhoun, Ga.-based floorcovering manufacturer said today that it boosted sales last year by 11 percent to $9 billion with gains in both carpets and hard floorings, including ceramic, hardwood, vinyl and laminate.

For the fourth quarter, Mohawk reported earnings of $233.7 million, or $3.13 per share. Earnings, adjusted for restructuring costs, came to $3.26 per share, which was 4 cents per share above the average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of $3.22 per share. The company posted revenue of $2.18 billion in the final three months of 2016, which also topped Street forecasts.

"For the full year, Mohawk delivered an outstanding performance," Mohawk CEO Jeff Lorberbaum said today. "Our revenues for the year rose to an all-time high, our (earnings before taxes, interest charges, depreciation and amortization) increased to $1.7 billion and we generated adjusted operating income of $1.3 billion, up 24 percent over the prior year, the highest in our history."

Mohawk Industries shares have increased roughly 8 percent since the beginning of the year, while the Standard & Poor's 500 index has climbed 3 percent.