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Flooring business remains slow at Mohawk Industries

20
Apr '07
Mohawk Industries Inc announced 2007 first quarter net earnings of $90 million and diluted earnings per share (EPS) of $1.32 (both 14% above last year). The 2007 first quarter net earnings include income of $5.8 million from a partially paid customs refund, net of taxes.

Net sales for the quarter were $1,864 million, a decrease of 3% from 2006. We continued to generate strong cash flow during the quarter. Cash flow from operations was $89 million and EBITDA was $249 million during the quarter. In addition, debt of $84 million was paid down during the quarter.

In commenting on the first quarter results, Jeffrey S. Lorberbaum, Chairman and CEO, stated: "The first quarter results were better than we had anticipated and exceeded our estimate. The U.S. flooring business remains slow, however comparisons to the prior year, when the industry slowed down, will be easier in the second half of 2007. The residential business remains challenging in all product categories reflecting softness in both the new and remodeling businesses."

"Commercial sales are outperforming the rest of the business and are expected to continue throughout this year. In the U.S., we are managing our costs and improving productivity while still maintaining investments in products, marketing and assets. All businesses are managing their inventory levels, expenses and production schedules to adapt to the current industry downturn."

"The European economy maintained its positive trend and appears to have good momentum. The improved economic conditions in Europe allowed us to pass through rising material and energy costs."


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