Jeffrey Lorberbaum, CEO of Mohawk Industries, speaks to the Chattanooga Rotary Club Thursday, Nov. 6, 2014.Even in a relatively flat flooring market last year, Mohawk Industries Inc. boosted fourth quarter adjusted net income by 24 percent over a year ago, wrapping up what became a record year for the Calhoun, Ga.-based company.
Mohawk reported Thursday that fourth quarter profits totaled $192 million, or $2.57 per share. Excluding non-recurring costs, the company’s quarterly earnings were $210 million, $2.82 per share – beating by 9 cents per share what the average estimate was among analysts surveyed by Zacks.com.
With the quarterly adjusted profit gains, Mohawk posted its seventh consecutive record earnings quarter.
Net sales in the quarter were $2 billion for the world’s biggest floorcovering manufacturer. Last year, fourth-quarter net sales were $1.95 million, net earnings (excluding non-recurring costs) were $167 million and earnings per share were $2.27.
“Mohawk is one of the few companies who had a good fourth quarter,” said Kemp Harr, publisher of Floor Focus magazine.