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[April 2004]
Record First Quarter Earnings for Dal-Tile Parent
Mohawk Industries Inc (Calhoun, GA, USA) announced on 21 April 2004 record first quarter earnings of US$66.307 million, up 59% on last year. This improvement was the result of strong sales growth and increased operating income. Net sales for the quarter increased by 28%, from US$1.0847 billion in Q1 2003 to US$1.3913 billion in Q1 2004.
The ceramic tile business of Dal-Tile brought in sales of US$359.283 million - up an impressive 30% on the Q1 2003 sales figure of US$276.604 million. The increase was generated largely from organic growth in the tile and stone business.
Mohawk's President and CEO, Jeffrey Lorberbaum, said: "All of our businesses turned in outstanding results this quarter with each product category experiencing organic revenue growth as well as increased operating earnings. The operating profits in the first quarter were surprisingly good given the unanticipated rise in natural gas, oil and commodity prices along with the resulting increase in carpet material, energy and distribution costs. The soft surface products all rebounded from the economically depressed first quarter of 2003.
"The hard surface product growth continues to be strong as a result of a broader offering, improved service and greater customer support. The regional market meetings that were completed in the first quarter were very successful resulting in a more effective and timely roll out of new products and programs. New product placements were implemented earlier with strong support from our retailers."
ENDS