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Mohawk posts strong 3Q

Company makes new investments in poly carpet

Calhoun, Ga. - As sales for the carpet segment continue to increase, Mohawk Industries is investing more in its growing polyester carpet production.

During the company's third quarter conference call this morning, chairman and ceo Jeffrey Lorberbaum the polyester residential carpet business is growing faster than expected.

Last fall, the company began rolling out new polyester soft flooring, and continues to do so this spring, with assortments that cover all price point brackets," Lorberbaum added.

When asked by an analyst if he expects soft flooring prices to increase this year, Lorberbaum said there is a possibility.

"There has been no significant change in raw materials," he explained. "Historically, the carpet industry increases price as raw materials change. But at this point, we don't have any. If we get one, we will announce price increase and pass it along to the customers."

In the third quarter, Mohawk Industries reported net earnings of $119 million and diluted earnings per share of $1.63, compared to net earnings of $70 million and EPS was $1.01 a year ago. Excluding unusual charges, net earnings were $147 million and EPS was $2.02, a 94% increase over last year's third quarter adjusted EPS - "the highest adjusted EPS in company history," Lorberbaum noted.

Net sales for the quarter were $2.0 billion, up 33%.

 

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