Commercial flooring company Interface announced that its first quarter net income was $6.94 million or the period ending April 4, 2021, compared to the a net loss of $102.17 million for the same period a year ago. Adjusted net income was $10 million, compared to $19 million a year ago.
“We delivered solid results for the first quarter 2021 benefiting from our reduced cost structure and a currency tailwind," said Dan Hendrix, chairman and CEO, Interface. "The dynamic market environment is beginning to show tangible signs of recovery, including an 11% sequential increase in orders, primarily driven by rising demand in the Americas and parts of Europe and APAC.
“We are encouraged by the positive indicators we are seeing in many of our market verticals for an eventual economic recovery. Orders and overall customer activity increased notably from last quarter making us optimistic on improved performance in the second half of the calendar year."
“The actions we have taken to reduce our cost structure, strengthen our balance sheet and improve cash flows have created significant earnings power for Interface as our markets continue to recover," added Bruce Hausmann, CFO, Interface. "We are well positioned for growth in the back half of 2021."
For more information, visit interface.com.