Mohawk Industries (Calhoun, Ga.) earned $46 million last quarter, according to Mohawk's fourth quarter earnings report released Tuesday. This figure is more than double its fourth quarter earnings in 2009, which reached $20 million. The company's net sales for the fourth quarter were $1.3 billion, a decrease of approximately 6% versus 2009.
For all of 2010, Mohawk earned $185 million; in 2009 the company lost $5 million. It sold $5.3 billion worth of products in 2010, which is a slight decrease from 2009.
"Our earnings exceeded our expectations as results were positively impacted by enhanced manufacturing efficiencies, benefits from restructuring actions, reducing SG&A costs and improved process consistency," said the company's Chairman and CEO Jeffrey S. Lorberbaum.
He continued: "Investments in the Russian, Chinese and Mexican flooring markets are expanding our international presence and will provide platforms for future revenue and profit growth. The consensus among economists is that these markets will outperform the more mature U.S. and Western European flooring markets. The U.S. industry decline experienced over the past few years appears to have bottomed with some markets showing signs of improvement."
Mohawk also stated that it is expanding its Malaysian wood manufacturing operations.
