Mohawk Industries posted third-quarter profits of $51 million, or 74 cents per share, compared to third-quarter 2009 earnings of $34 million, or 50 cents per share, up about 50 percent.
Sales, however, fell 5.3 percent to $1.3 billion from 1.38 billion in the third quarter of 2009, the company said in a news release.
Jeffrey Lorberbaum, chairman and CEO of Calhoun, Ga.-based Mohawk, said earnings were in line with expectations, though business was hurt by soft industry conditions.
“Our Mohawk segment made progress improving operating margins excluding restructuring charges by 34 percent,” Lorberbaum said. “However, some of the progress came at the expense of lower sales which were down 6 percent.”