search
cart
facebook twitter linkedin youtube
  • Sign In
  • Create Account
  • Sign Out
  • My Account
  • NEWS
    • Breaking Flooring News
    • eNewsletters
  • PRODUCTS
    • Carpet & Area Rugs
    • Hardwood
    • Installation Products
    • Installation Tools & Equipment
    • Laminate
    • Resilient
    • Specialty
    • Tile & Stone
  • A&D
  • INSTALLATION
  • MARKETS
    • Commercial
    • Residential
  • AWARDS
    • Installation Awards
    • Top Flooring Products
  • EDUCATION
    • Continuing Education
    • Webinars
  • BUYER'S GUIDE
  • MEDIA
    • FLOOR Podcast
    • Videos
    • TISE 2025 Videos
    • eBooks
  • EMAGAZINE
    • eMagazine
    • Archive Issues
    • Contact
    • Advertise
  • SIGN UP
Breaking Flooring News

Mohawk Industries announces record fourth quarter and year earnings

February 6, 2004
Mohawk Industries Inc. has announced the highest quarterly net earnings in its history of $102,142,000 and diluted earnings per share (EPS) of $1.51 (both 21 percent above last year) for the fourth quarter of 2003. This compares to $84,201,000 in net earnings and $1.25 in EPS for the fourth quarter of 2002. This improvement was the result of strong sales growth, increased operating income and lower interest costs. Net sales for the quarter increased 14 percent to $1,369,991,000 from $1,203,476,000 in 2002. This increase was primarily the result of strong internal growth of both Mohawk and Dal-Tile products and the Lees Carpet acquisition completed during the quarter end.

Additionally, the fourth quarter of 2003 had one additional day when compared to 2002 which added approximately 2 percent to the sales growth.

The Mohawk segment net sales of $1,034,256,000 in the fourth quarter of 2003 were up 12 percent from $919,951,000 due to improving sales across all product categories as well as acquisitions. The Dal-Tile segment net sales of $335,735,000 in the fourth quarter of 2003 grew 18 percent from $283,525,000 primarily due to internal growth.

Net earnings for the year 2003 were $310,149,000 (9 percent above last year), or $4.62 in EPS (5 percent above last year), compared to $284,489,000 in net earnings, or $4.39 in EPS, for the year 2002. This improvement in net earnings is primarily attributable to sales growth and operating earnings growth in the second half of 2003 as well as the acquisition of Dal-Tile during the first quarter of 2002. Net sales for the year 2003 increased 11% to $5,005,053,000 from $4,522,336,000. This sales increase resulted primarily from internal growth in both the Mohawk and Dal-Tile segments, the acquisition of Dal-Tile in 2002 and three acquisitions in 2003.

The earnings for the fourth quarter of 2002 included a charge of $10,700,000 related to the change in classification of an interest rate hedge on the company's variable rate debt.

The company believes the economy will continue to improve and our revenue growth should continue to outpace the prior years. However, high oil and natural gas prices will continue to put pressure on Mohawk's cost structure. Additionally, we are adjusting our fiscal calendar this year resulting in the first quarter of 2004 having four additional days and the fourth quarter of 2004 having four fewer days when compared to 2003. This adjustment will impact revenues in the first quarter and fourth quarter sales of 2004 when compared to 2003 by approximately 6%. After considering these factors, the first quarter of 2004 earnings forecast range is from $0.95 to $1.02 EPS.

Share This Story

Looking for a reprint of this article?
From high-res PDFs to custom plaques, order your copy today!

Recommended Content

JOIN TODAY
To unlock your recommendations.

Already have an account? Sign In

  • resilient flooring

    The 7 Types of Resilient Flooring

    The resilient flooring category is comprised of many...
    Resilient Flooring
    By: Resilient Floorcovering Institute
  • QuickDrain USA’s ShowerLine linear drain

    Tips for Curbless Shower Installation Using a Linear Drain

    Consider these four tips when planning for a curbless...
    Flooring Installation Products
    By: Darryl Jones
  • 2024 New Flooring Product Guide

    2024 New Flooring Products Guide

    We explore this year's introductions in area rugs,...
    Flooring Installation
    By: FLOOR Trends & Installation Editors
You must login or register in order to post a comment.

Report Abusive Comment

Manage My Account
  • eMagazine
  • eNewsletter
  • Online Registration
  • Manage My Preferences
  • Subscription Customer Service

More Videos

Sponsored Content

Sponsored Content is a special paid section where industry companies provide high quality, objective, non-commercial content around topics of interest to the FLOOR Trends & Installation audience. All Sponsored Content is supplied by the advertising company and any opinions expressed in this article are those of the author and not necessarily reflect the views of FLOOR Trends & Installation or its parent company, BNP Media. Interested in participating in our Sponsored Content section? Contact your local rep!

close
  • Woodura Herringbone 2.0
    Sponsored byBjelin

    The Herringbone Floor of the Future

Popular Stories

salesperson meeting with clients

How to Dominate Flooring Sales: The Art of Listening Before Selling

Mimi Mulugeta and Michael Barrows

Military Vet Trades Retirement for New Flooring Venture in Alpharetta

company branding

Branding and Marketing Strategies for Flooring Contractors


Download the Free Moisture Meters Guide

Events

December 1, 2030

Webinar Sponsorship Information

For webinar sponsorship information, visit www.bnpevents.com/webinars or email webinars@bnpmedia.com.

View All Submit An Event

Poll

Growth Challenges in the Flooring Industry

What’s holding you back from growth in 2025?
View Results Poll Archive

Products

2025 BNI Interiors Square Foot Costbook

2025 BNI Interiors Square Foot Costbook

See More Products

FLOORtalk podcasts - Listen Now

Related Articles

  • Mohawk Industries Inc. announces record fourth quarter and year net earnings

    See More
  • Mohawk Industries Inc. announces record quarterly earnings in third quarter

    See More
  • Mohawk Industries Inc. announces record second quarter earnings per share

    See More
×

We’re rolling out the red carpet of flooring knowledge!

Stay in the know on the latest flooring retail trends.

JOIN TODAY!
  • RESOURCES
    • Advertise
    • Contact Us
    • Directories
    • Store
    • Want More
  • SIGN UP TODAY
    • Create Account
    • eMagazine
    • eNewsletters
    • Customer Service
    • Manage Preferences
  • SERVICES
    • Marketing Services
    • Reprints
    • Market Research
    • List Rental
    • Survey/Respondent Access
  • STAY CONNECTED
    • LinkedIn
    • Facebook
    • Instagram
    • YouTube
    • X (Twitter)
  • PRIVACY
    • PRIVACY POLICY
    • TERMS & CONDITIONS
    • DO NOT SELL MY PERSONAL INFORMATION
    • PRIVACY REQUEST
    • ACCESSIBILITY

Copyright ©2025. All Rights Reserved BNP Media.

Design, CMS, Hosting & Web Development :: ePublishing