Mohawk earnings jump 50 percent in first quarter

Mohawk earnings jump 50 percent in first quarter

May 2nd, 2013 by Dave Flessner in Local - Breaking News

Mohawk Industries, Inc. boosted its first quarter operating earnings by 50 percent over a year ago as the floorcovering company capitalized on improved products and productivity and the January purchase of the Pergo ceramic tile business.

The Calhoun, Ga.-based floorcovering manufacturer said today its operating earnings in the first three months of the year rose to $61 million, or 87 cents per share, on sales of $1.5 billion. In the same period a year ago, Mohawk earned $40 million, or 58 cents per share, on sales of $1.4 billion.

Mohawk earnings, excluding extraordinary items, were 2 cents per share better than analysts forecasts. But the company missed the the average revenue estimate of $1.53 billion.

"Improvements in the U.S. market, product mix, productivity improvements, lower amortization and the Pergo acquisition all contributed to our results, offset by the negative impact of a slower European economy and one less day in the period compared to last year," Mohawk CEO Jeff Lorberbaum said.

Net income in the first quarter totaled $50 million, or 72 cents per share.