Mohawk earnings rise
May 6, 2011-- Home Textiles Today,
Calhoun, Ga. - Despite flat sales, efficiency gains at Mohawk Industries help drive up first quarter earnings.
The flooring manufacturer reported net earnings of $23 million, or 34 cents per share, up 9.5% from earnings of $21 million, or 30 cents per share.
Sales were $1.34 million for the quarter ended April 2.
Chairman and ceo Jeffrey Lorberbaum said the outlook for the balance of the year is looking up.
"In the U.S., both remodeling and home sales are expected to improve over last year, and non-residential investment is estimated to increase over 8% in 2011," he said.
The company said residential order trends flipped into positive territory late in the first quarter and continued to remain positive in April. The commercial and hospitality business are also rebounding, the company said.