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[Oct 2005]
Dal-Tile Continues Sales Growth
Mohawk Industries Inc (Calhoun, GA, USA), the parent company of Dal-Tile, announced net sales for the third quarter of 2005 up 11% at US$1.6976 billion. Diluted earnings per share and net earnings for Q3 2005 were US$1.61 and US$108.652 million respectively, a drop of 4% in both cases over Q3 2004.
The third quarter results were impacted by higher raw material costs, increasing energy costs and additional ceramic tile introductions that were shifted from the second to the third quarter partially offset by higher sales volume. The sales increase was due to higher sales volume in both the Mohawk and Dal-Tile segments as well as price increases. In Q3 2005, the Mohawk segment net sales increased by 11% to US$1.2482 billion and the Dal-Tile segment net sales increased by 12% to US$449.418 million.
In his comments on the Q3 figures, Chairman and CEO Jeffrey Lorberbaum said: "The Dal-Tile segment continues to perform well with sales growing at 12% from the previous year. The expansion of our ceramic manufacturing operations in Mexico and Oklahoma is on track for completion".
On short-term future performance he said that the economy continues to show strength but the short-term impact of the Gulf Coast storms on energy and the petrochemical industry had created uncertainty and higher costs. Additionally, consumer confidence and interest rates could impact the economy. He said that unforeseen changes in Mohawk Industries' supply chain may affect results. Based on these factors the company had a fourth quarter earnings forecast sin the range US$1.49 to US$1.58 per share.
www.mohawkind.com
ENDS