Mohawk Industries boosted its first-quarter earnings by more than 38 percent from a year ago as the world’s biggest floorcovering manufacturer continued to report gains in carpet and ceramic sales.
The Calhoun, Ga.-based flooring manufacturer said Thursday it earned $22.3 million, or 30 cents per share. Net earnings, adjusted for nonrecurring costs and restructuring expenses, totaled a record first-quarter high $125 million, or $1.70 earnings per share. That was 10 cents per share above the average estimate of seven analysts surveyed by Zacks Investment Research.
Mohawk’s total sales for the first-quarter of this year were strong, coming in at $1.9 billion.
“Throughout the business, we are introducing new products across all categories that are being well received in their markets, generating sales growth and increasing margins,” said Jeff Lorberbaum, chairman and CEO of Mohawk, in Thursday’s report.
The company saw $739 million in net sales in its carpet segment in the quarter, an approximate 10 percent increase over the same period last year.