Mohawk Industries realized record first quarter net earnings of $66.3 million, 59 percent above the same period last year, and diluted earnings per share (EPS) of 98 cents, 58 percent higher than last year, for the first quarter of 2004. This compares to $41.6 million in net earnings and 62 cents in EPS for the first quarter of 2003. This improvement was the result of strong sales growth and increased operating income.
Net sales for the quarter increased 28 percent to $1.39 billion from $1.08 billion in 2003. This increase was primarily the result of strong organic growth of both Mohawk and Dal-Tile products and the Lees Carpet acquisition. Additionally, the company's fiscal calendar for 2004 when compared to 2003, increased by four days in the first quarter and decreased by four days in the fourth quarter which added approximately 7 percent to sales in the first quarter of 2004.