Samples are displayed on the wall at Mohawk Flooring Center on Thursday, Nov. 12, 2015, in Calhoun, Ga. Mohawk cut the ribbon Thursday on its new LEED gold-certified building at its Calhoun campus.Wall to wall gains for Mohawk Industries
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 Thursday 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. 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 in releasing the earnings results after the market Thursday. "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."
Coca-Cola slims down not just with its drinks
Coke is trying to slim down its business, not just its sodas.
The Atlanta-based company said its profit fell 55 percent as global sales volume dipped and it booked charges related to getting out of the manufacturing and distribution of its drinks.
Coca-Cola Co. has been selling those operations back to independent bottlers around the country and plans to complete the process by the end of this year. That frees up the company to focus on the more profitable work of burnishing its brand, while selling concentrates to bottlers.
"Basically, you're becoming a branding company and selling a little syrup on the side," said Ali Dibadj, a Bernstein analyst.
The company also has been refranchising bottling operations overseas. The structure is comparable to companies such as McDonald's Corp. and Yum Brands Inc., which make most their money from taking a cut of the sales of restaurants run by franchisees. Those two fast-food companies also are working on refranchising more of their restaurants, which reduces risk and increases profitability.
For the quarter ended Dec. 31, Coca-Cola's global sales volume dipped 1 percent, dragged down by a 4 percent drop in Latin America. Volume rose 1 percent in both North America and Europe.
Coca-Cola earned $550 million, or 13 cents per share. Adjusted for one-time costs and asset impairment costs, it earned 37 cents per share. Total revenue dropped to $9.41 billion from $10 billion, dragged down partly by a strong dollar, acquisitions and divestitures.
Nissan profits rise 3.5 percent in quarter
Nissan reported Thursday that its October-December profit rose 3.5 percent from last year as vehicle sales climbed in all major markets.
Nissan Motor Co, reported a fiscal third quarter profit of 131.7 billion yen ($1.2 billion), up from 127.2 billion yen the same period a year ago.
Nissan, which makes the Leaf electric car and other vehicles in Tennessee, sold 1.09 million vehicles worldwide during the quarter, up from 1.02 million in the previous year.
The automaker kept its annual forecasts unchanged, projecting 525 billion yen ($4.7 billion) profit, up slightly from the previous fiscal year, on 11.8 trillion yen ($105 billion) sales, down 3.2 percent.
"We expect to deliver solid earnings and strong free cash flow generation for fiscal year 2016," said Nissan Chief Executive Carlos Ghosn.
CVS earnings top Wall Street forecast
CVS Health Corporation on Thursday reported fourth-quarter earnings of $1.71 billion, or $1.59 per share. Earnings, adjusted for one-time gains and costs, were $1.71 per share.
The results topped Wall Street expectations. The average estimate of 21 analysts surveyed by Zacks Investment Research was for earnings of $1.67 per share.
The drugstore chain and pharmacy benefits manager posted revenue of $45.97 billion in the period, which fell short of Street forecasts.
For the current quarter ending in April, CVS Health expects its per-share earnings to range from $1.07 to $1.13. Analysts surveyed by Zacks had forecast adjusted earnings per share of $1.11.