In the second quarter of 2013, Mohawk Industries Inc. (Calhoun, Ga.) had net earnings of $85 million and diluted earnings per share (EPS) of $1.16, increasing from $73 million and $1.10 in the same quarter of 2012. Excluding unusual charges, net earnings were $134 million and EPS was $1.84, a 61 percent increase over last year's second quarter adjusted EPS.
In the second quarter of 2013, Mohawk Industries Inc. (Calhoun, Ga.) had net earnings of $85 million and diluted earnings per share (EPS) of $1.16, increasing from $73 million and $1.10 in the same quarter of 2012. Excluding unusual charges, net earnings were $134 million and EPS was $1.84, a 61 percent increase over last year's second quarter adjusted EPS.
Jeffrey S. Lorberbaum, chairman and CEO, said it was "our most successful second quarter on record with strong revenue and profit growth, as both our legacy business and recent acquisitions delivered solid performances that exceeded our expectations."
Net sales for the second quarter of 2013 were $2.0 billion, an increase of approximately 35 percent versus the prior year's second quarter. For the six months ending June 29, net sales were $3.5 billion, an increase of 20 percent versus the prior year. Net earnings and EPS for the six-month period were $135 million and $1.89, respectively. Net earnings excluding unusual charges were $195 million and adjusted EPS was $2.73, an increase of 58% over the six-month adjusted EPS results in 2012.
Net sales for the wood flooring and laminate segment were $471 million, up 33 percent over last year. The company attributed the increase primarily due to acquisitions of Pergo and Spano, with "stronger sales in legacy North America offsetting our slower legacy European business." Operating income, excluding unusual charges, was 13 percent of sales, an improvement of 90 basis points over the prior year due to lower amortization and increased North American sales.
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