Mohawk Industries Inc. announces record quarterly earnings in third quarter

Mohawk Industries Inc. has announced the highest quarterly net earnings in its history of $91,382,000 (12 percent above last year) and diluted earnings per share (EPS) of $1.36 (12 percent above last year) for the third quarter of 2003. This compares to $81,560,000 in net earnings and $1.21 in EPS for the third quarter of 2002.

Mohawk cited this improvement as the result of strong sales growth in the Dal-Tile segment, increased operating income and lower interest costs. Net sales for the quarter increased 6 percent to $1,303,166,000 from $1,224,403,000 in 2002. This increase was primarily the result of internal growth of both Mohawk and Dal-Tile products. The Mohawk segment net sales of $967,405,000 in the third quarter of 2003 were up 4 percent from $927,299,000 due to improving sales across all product categories. The Dal-Tile segment net sales of $335,761,000 in the third quarter of 2003 grew 13 percent from $297,104,000 primarily from internal growth.