CALHOUN, GA -- Panel, flooring and carpeting manufacturer Mohawk Industries, Inc. (NYSE: MHK) 2012 fourth quarter net earnings were $66 million, up 40% increase over last year's fourth quarter on an earnings-per-share basis.
Net sales for the fourth quarter of 2012 were $1.44 billion, an increase of 4% over 2011.
"In the U.S., we improved our mix as our higher value products gained greater traction with consumers," said Jeffrey S. Lorberbaum, CEO. "We are continuing to strategically invest in growing our core businesses and since October." Mohawk recently acquire three businesses – Pergo from Pfleiderer for $150 million in cash, tile maker Marazzi, and panel manufacturer Spano in Europe."
In Mohawk's panel and wood flooring Unilin segment - it sells Columbia and Century hardwood flooring and QuickStep engineered flooring - sales grew 5% at a constant exchange rate. Increased laminate and hardwood sales in North America, growth in insulation boards, expanded participation in the DIY channel and solid results from an Australian distribution business contributed to our sales improvement.
In North America, new product introductions, promotions and additional home center business enhanced sales. "We have licensed patents for our click furniture to additional manufacturers who are introducing new products that will increase interest in the technology," the company said.
In the U.S., low mortgage rates, stabilizing home prices and improving employment should sustain the housing recovery, Mohawk predicts. "We believe that U.S. residential remodeling should see improvement in the future and that the European economic conditions are near a bottom. We anticipate revenue growth for 2013 as the U.S. market improves and we realize some benefits from recent acquisitions."
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