Mohawk Industries Reports Second Quarter Earnings
Mohawk Industries announced its second quarter 2011 earnings of $61 million, or $0.88 per diluted share. Net sales increased 6% year-over-year to $1.5 billion.
Calhoun, Ga. Mohawk Industries reported second quarter 2011 net earnings of $61 million, or $0.88 per diluted share. Excluding restructuring charges, net earnings were $66 million, or $0.95 per share.
For the second quarter of 2010, the company posted net earnings of $68 million, or $0.95 per share. Excluding certain items in 2010, net earnings were $53 million, or $0.77 per share.
Net sales for the second quarter of 2011 reached $1.5 billion, a 6% increase as reported and a 3% increase on a constant currency basis. The company's cash position at the end of the quarter was $285 million.
Chairman and CEO Jeffrey S. Lorberbaum stated that all business segments reported year-over-year sales growth and operating margin improved to 7.3%, the highest level since 2008. He attributed this to ongoing cost reductions, selling price increases, and productivity gains. The U.S. residential market remained soft, while the commercial sector continued to grow.