Mohawk Industries has reported record diluted earnings per share (EPS) and net earnings for the second quarter of 2004 of $1.29 (15 percent above last year) and $87.2 million (16 percent above last year), respectively. This compares to EPS and net earnings of $1.12 and $75 million, respectively, for the second quarter of 2003.
The improvement in EPS results from strong sales growth in both the Mohawk and Dal-Tile segments, better leverage of selling, general and administrative costs, and the Lees Carpet acquisition. These gains, however, were offset by higher raw material and energy costs. Net sales for the quarter increased 19 percent to $1.49 billion compared to $1.25 billion for the second quarter of 2003. The sales increase was primarily due to organic growth in both segments and the Lees acquisition.