Jeffrey Lorberbaum, CEO of Mohawk Industries, speaks to the Chattanooga Rotary Club Thursday, Nov. 6, 2014.Mohawk Industries Inc. boosted profits and sales to an all-time record in the second quarter with results that were 11 cents per share better than what analysts had expected for the three-month period.
The Calhoun, Georgia-based floorcovering manufacturer said today its net income in the second quarter rose 35 percent from a year ago to $255.2 million, or $3.42 per share, on sales of $2.31 billion. When adjusted for one-time gains and costs, net income in the period came to $3.47 per share.
The quarterly profits surpassed Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of $3.36 per share.
For the current quarter ending in October, Mohawk Industries said it expects per-share earnings to range from $3.40 to $3.49. Analysts surveyed by Zacks had forecast adjusted earnings per share of $3.37.
"We delivered our highest sales for any quarter in the company's history, and our earnings per share set an all-time record for the company, marking the ninth consecutive quarter that Mohawk has delivered a year over year record quarterly adjusted earnings per share," Mohawk CEO Jeffrey Lorberbaum said in a statement today. "Our innovations in products and processes, investments in efficiencies and integration of our acquisitions enhanced our performance during the quarter and provide a foundation for long-term growth."
Mohawk Industries shares have risen nearly 10 percent since the beginning of the year, while the Standard & Poor's 500 index has increased almost 6 percent.