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[February 2004]
Mohawk Industries Announces Record Fourth Quarter and Year Earnings
Mohawk Industries Inc (Calhoun, GA, USA) announced on 5 February 2004 the highest quarterly net earnings in its history of US$102.142 million and diluted earnings per share of US$1.51 (both 21% above last year) for the fourth quarter of 2003. This compared to US$84.201 million in net earnings and US$1.25 in EPS for the fourth quarter of 2002. This improvement was the result of strong sales growth, increased operating income and lower interest costs. Net sales for Q4 2003 increased by 14% to US$1.3699 billion from US$1.2035 billion in 2002. This increase was primarily the result of strong internal growth of both Mohawk and Dal-Tile products and the Lees Carpet acquisition completed during the quarter end. Additionally, Q4 2003 had one additional day when compared to 2002 which added approximately 2% to the sales growth.
The Dal-Tile segment net sales of US$335.735 million in Q4 2003 grew by 18% from US$283.525 million, primarily due to internal growth.
Net earnings for the year 2003 were US$310.149 million (9% above last year). This improvement was primarily attributable to sales growth and operating earnings growth in the second half of 2003 as well as the acquisition of Dal-Tile during the first quarter of 2002. Net sales for the year 2003 increased by 11% to US$5.005053 billion from US$4.522336 billion.
The Dal-Tile ceramic tile segment growth was exceptionally strong, continuing said President and CEO Jeffrey Lorberbaum to support the company's strategy to grow all hard surface categories.
ENDS