Mohawk Industries Inc. (Dallas) reported a profit of $152.7 million in the second quarter of 2014, up from $84.5 million the year before.
Net sales were $2.05 billion, a 4 percent increase compared with the prior year's second quarter results of $1.98 billion. The company's earnings per share, excluding unusual charges, was $2.21-the highest quarterly adjusted EPS in the company's history.
"Top line growth was less than we anticipated due to slower improvement in U.S. housing and remodeling; however, profits were in line with expectations as a result of successful product introductions, productivity improvements and better cost controls," said Jeffrey Lorberbaum, Mohawk Chairman and CEO, in a statement.
Laminate and Wood segment sales were up six percent over last year to $501 million. Operating income for the segment increased 21 percent from acquisitions, productivity improvements and cost reductions.
