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Mohawk Industries announces Q4 earnings

16
Feb '07
Mohawk Industries Inc announced 2006 fourth quarter net earnings of $129.5 million (30% above last year) and diluted earnings per share (EPS) of $1.90 (29% above last year).

The 2006 fourth quarter net earnings include $3.3 million in closing costs for a ceramic plant, $1.8 million for stock options charges not required in the prior year and income of $2.8 million for a partially paid customs refund, all net of taxes.

Net sales for the quarter were $1,898.6 million, an increase of 5% from 2005. The sales growth resulted from the Unilin acquisition (completed October 31, 2005), hard surfaces sales growth and price increases.

Cash flow from operations and EBITDA during the quarter remained strong at $235.8 million and $303.9 million, respectively. After paying down debt of $602.7 million during the year and $190.9 million during the fourth quarter, debt to EBITDA ratio improved to 2.5 and our debt to capitalization ratio improved to 43%. Working capital also showed improvement over last year.

For the year 2006, net earnings were $455.8 million (18% above last year) and EPS were $6.70 (17% above last year). The 2006 net earnings include $3.3 million in closing costs for a ceramic plant, $7.5 million for stock options charges not required in the prior year and income of $12.3 million for a partially paid customs refund, all net of taxes.

Net sales for the year were $7,905.8 million, an increase of 19% from 2005. This increase is attributable to the Unilin acquisition, hard surface sales growth, and price increases.

Click here to read more:

Mohawk Industries Inc, USA


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