Mohawk logoMohawk Industries’ expansion into the European ceramic market this year paid off this summer with better-than-expected profits.
Led by a 33 percent jump in summertime sales following the purchase of three European hard surface floorcovering companies, Mohawk Industries said Thursday its third quarter net income nearly doubled to a record high.
The Calhoun, Ga.-based carpet maker, the largest floorcovering manufacturer in the world, earned $149 million, or $2.02 per share, from continuing operations on sales of $2 billion in the three months ended Sept. 28. In the same period a year ago, Mohawk earned $72 million, or $1.04 per share, on sales of $1.5 billion.
“This quarter we are reporting the highest adjusted earnings per share in company history,” Mohawk CEO Jeff Lorberbaum said in releasing the quarterly earnings statement after the market closed Thursday.
The earnings were 12 cents per share better than the consensus estimate of industry analysts, pushing Mohawk’s stock higher in after-hours trading Thursday night.