In the News – Mohawk Reports Record Q2 Earnings of $255 Million, 35% YOY Increase
Mohawk has announced 2016 Q2 net sales of $2.3 billion, compared to $2.0 billion in 2015 Q2.
For the quarter, the company had record net earnings of $255 million, or $3.42 diluted earnings per share (EPS), versus $185 million, or diluted earnings per share of $2.53 in Q2 2015, a 35% increase versus prior year.
For the six months ending July 2, net earnings and EPS were $427 million and $5.73, respectively, compared to $209 million and $2.83 in the first six months of 2015.
For the six month period, net sales were $4.5 billion, an increase of 14% versus prior year’s $3.9 billion.
Of the results, analyst Stifel says, “In the U.S., new residential construction leads the revenue growth parade with commercial and home improvement following in that order… North America grew 1% organically and reported sales of $980.7 million. Sales grew in commercial carpet, laminate (which is importing product from the European operation to satisfy demand in North America), and vinyl. We believe Mohawk grew its market share in carpet and that margins in this product category continue to expand to record levels. The press release commented that additional engineered wood capacity is being installed and of course work on the LVT production facility is underway to double capacity by the end of 2017.”
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