Mohawk Industries (Calhoun, Ga.) announced Thursday that it earned $40 million during the first quarter of 2012, an increase of 74 percent from the $23 million earned during the same period last year. The company's net sales for the first quarter of 2012 were $1.4 billion, an approximately 7.7 percent increase over the $1.3 billion it reported during the same period last year.
"Volume increases, price increases, cost reductions and lower interest expense contributed to our earnings growth in the quarter," said Chairman and CEO Jeffrey Lorberbaum.
In March, Standard & Poor's upgraded Mohawk's credit rating and Moody's elevated its outlook to positive, reducing the interest rate on the company's notes. In April, the company took steps to lower interest rates on its bank loans, Lorberbaum said.
It was disclosed in the earnings report that Mohawk is increasing product placements in big box stores and DIY channels.
