Home / Knowledge / News / Textiles / Mohawk Q2 adjusted EPS highest in history
Mohawk Q2 adjusted EPS highest in history
06
Aug '14
For the second quarter of 2014 ending June 28, 2014, carpet and rugs maker Mohawk Industries, Inc has achieved a 20 percent increase over last year's second quarter adjusted EPS, which is the highest quarterly adjusted EPS in the company's history.

Mohawk realised 2014 second quarter net earnings of $153 million and diluted earnings per share (EPS) of $2.08. Excluding unusual charges, net earnings were $162 million and EPS was $2.21, a 20 percent increase over last year's second quarter adjusted EPS and the highest quarterly adjusted EPS in the company's history.

Net sales for the second quarter of 2014 were $2.05 billion, an increase of approximately 4 percent against prior year's second quarter or 3 percent on a constant exchange basis. For the second quarter of 2013, net sales were $1.98 billion, net earnings were $85 million and EPS was $1.16. Excluding unusual charges, net earnings were $134 million and EPS was $1.84.

Carpet segment net sales for the second quarter were $780 million, up one percent over last year. Adjusted operating income for the segment rose 15 percent as a result of increased productivity, improved quality and cost reductions in operations and administration.

Mohawk said that its patented Continuum technology is stimulating growth in its new polyester carpet collections and that its state-of-the-art yarn new project is 75 percent complete. Mohawk is also expanding the distribution of its premium Karastan carpets by providing a broader offering and increasing the number of retailers selling our high-end brand.

Commercial orders are growing now that it has substantially completed the product transition to its own fibers. Mohawk has also reorganized its commercial sales organization into smaller regions segmented by customer type with a complete portfolio for each channel.

From overall sales, ceramic segment net sales were $797 million, up 5 percent over the same period of last year, while laminate and wood segment sales were $501 million, an increase of 6 percent over last year, or 3 percent on a constant exchange rate.

Commenting on Mohawk Industries second quarter performance, CEO Jeffrey Lorberbaum said, "Our adjusted operating income increased 160 basis points as productivity initiatives, cost reductions, price increases and manufacturing consolidation drove higher earnings across the business.

He added, “Top line growth was less than we anticipated due to slower improvement in U.S. housing and remodeling; however, profits were in line with expectations as a result of successful product introductions, productivity improvements and better cost controls.

“We reduced SG&A compared to last year across the enterprise, even as we reinvested into the business to promote new product collections and enhance our sales strategies. We are continuing to invest in our acquisitions to improve profitability, increase mix and streamline the business”.

Fibre2fashion News Desk - India


Must ReadView All

Courtesy: Asmara Group

Apparel/Garments | On 20th Sep 2018

Fragmented nature of Indian apparel sector major challenge

A major challenge for the Indian apparel sector is its fragmented...

Courtesy: Pexels

Textiles | On 20th Sep 2018

Risk to US consumers grows with tariff escalation: NRF

The US National Retail Federation (NRF) has expressed disappointment...

India's 2018-19 forward cotton export contract up by 100%

Textiles | On 20th Sep 2018

India's 2018-19 forward cotton export contract up by 100%

Rise in demand from China, lower domestic prices and depreciation of...

Interviews View All

Prabu Mohanram, Balavigna Weaving Mills Pvt Ltd

Prabu Mohanram
Balavigna Weaving Mills Pvt Ltd

The biggest challenge that the weaving industry faces is high price

Divyesh Mashruwala, Akshar Industries

Divyesh Mashruwala
Akshar Industries

Surat dominates foiling, embossing and pleating

Frank Gossmann, Rotorcraft AG

Frank Gossmann
Rotorcraft AG

‘RT3 motto is: Do not check millimetres, check colours.’

Anupam Arya,

Anupam Arya

<div>Jaipur-based Fabriclore Retailing Pvt. Ltd. is attempting to revive...

Kamal Kulshreshth,

Kamal Kulshreshth

Colorjet is among the fastest-growing wide format digital inkjet print...

Ravi Raj Desai,

Ravi Raj Desai

Himalaya Cotton Yarn Ltd manufactures high quality denier. The spinning...

Silke Brand-Kirsch, Schlegel und Partner

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Ayyappa Nagubandi, Broadcast Wearables Pvt Ltd

Ayyappa Nagubandi
Broadcast Wearables Pvt Ltd

Hyderabad-based Broadcast Wearables has come up with the country's first...

Marcel Alberts, Eurofibers

Marcel Alberts
Eurofibers

Coating at a fibre level is a practice not usually seen in the...

Yash P. Kotak, Bombay Hemp Company

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Mike Hoffman, Gildan Activewear SRL

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

Cigdem Akin, Cigdem Akin

Cigdem Akin
Cigdem Akin

She has carved a niche for herself as the national brand of Turkey. Her...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


September 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Advanced Search