 |
 |
||||||
[May 2002]
Mohawk Industries Announces Record First Quarter Earnings
Mohawk Industries Inc (Calhoun, GA, USA) has announced record net earnings
and diluted earnings per share (EPS) for the first quarter of 2002 with
US$43.21 million (59% above last year) in net earnings and US$0.77 per share
(51% above last year).
This compares to US$27.206 million in net earnings and EPS of US$0.51 for
the first quarter of 2001.The improvement was the result of increased sales, improved gross profit and
reduced interest expense. Dal-Tile results and related acquisition costs
had no material impact on EPS. Net sales for the quarter increased 12% to
US$866.71 million compared to US$777.339 million in Q1 2001. The sales
increase was attributable to internal growth of Mohawk products and the
Dal-Tile acquisition.President and CEO Jeffrey Lorberbaum said: "We are pleased with our
performance this quarter and believe these results along with those from the
previous quarter indicate we are on the upside of an economic recovery. Our
sales growth was the result of internal growth of 8% in our various product
lines and the addition of Dal-Tile sales of $28,484,000. Gross profit as a
percentage of net sales improved from 22.8% to 24.8% because of improvement
in Mohawk product mix and costs (1.5%) and the impact of Dal-Tile (0.5%)".
ENDS