Mohawk Industries Inc. announced its year-end net earnings reached $250 million, up 29 percent from last year's $178 million. The company's net sales for the year rose slightly to $5.8 billion from $5.6 billion in 2011, and its gross profit was $1.5 billion, a 5 percent increase from the year before.
The fourth quarter of 2012 was similarly positive. Net earnings reached $66 million, a 33 percent jump from the same quarter in 2011, and net sales rose 4 percent over the same quarter in 2011 to $1.4 billion. For the quarter, Mohawk made a gross profit of $369 million, up from $335 million during the same period a year ago.
"Price increases, productivity improvements, mix and lower interest all contributed to solid results for the period," said Jeffrey S. Lorberbaum, chairman and CEO of Mohawk.
Lorberbaum went on to say the company's upcoming acquisition of Pergo, Marazzi and Spano will "position Mohawk for significant growth in the future." The company has issued $600 million of 10-year bonds to cover the acquisitions. Looking forward, the company expects low mortgage rates, stabilizing home prices and lower unemployment to sustain the housing recovery in the U.S.
