Mohawk Industries Inc. (Dallas, Texas) on Thursday announced 2013 fourth quarter net sales of approximately $1.9 million, an increase of 34 percent over the previous fourth quarter. Net earnings for the quarter were approximately $95 million, up from $66 million for the same period in 2012. Excluding unusual charges and discontinued operations, net earnings for the quarter were $131 million.
Mohawk Industries Inc. (Dallas, Texas) on Thursday announced 2013 fourth quarter net sales of approximately $1.9 million, an increase of 34 percent over the previous fourth quarter. Net earnings for the quarter were approximately $95 million, up from $66 million for the same period in 2012. Excluding unusual charges and discontinued operations, net earnings for the quarter were $131 million.
For the 12 months ending December 31, 2013, net sales were approximately $7.3 billion, an increase of approximately 27 percent, compared with 2012, while net earnings for 2013 were $473 million, an increase of 73 percent over the previous 12 months.
Laminate and wood segment net sales for the quarter were $466 million, up 41 percent over 2012 with most of that increase from growth in the U.S. and the acquisitions of Pergo and Spano. Operating margins, excluding unusual charges, were approximately 12 percent of net sales, up 260 basis points over the prior year due to lower SG&A, higher volume in North America and reduced amortization. U.S. wood business grew significantly during the quarter, along with new home sales.
"Our fourth quarter results were better than projected, primarily as a result of higher top-line growth in our U.S. ceramic business, a strong performance from our Pergo acquisition and lower interest expense due to an upgrade in our credit rating, Jeffrey S. Lorberbaum, Mohawk's chairman and CEO, said in a statement. "We are optimistic about the future of the flooring industry and our participation in it. This year, we anticipate increasing capital investments in our businesses to support additional growth, expand our product offerings and reduce costs."
To see Mohawk's full statement of operations, click here.