CALHOUN, GA – Buoyed by $501 million in wood and laminate flooring sales, Mohawk Industries, Inc. reported second quarter earnings of $162 million, with sales of $2.05 billion, a 4 percent increase.
Laminate and wood sales saw a 6 percent increase over this same time period last year, Mohawk Industries reported. The sales increase was partly due to a rise in using wood flooring in new construction in the United States. The company also saw an increase in wood flooring sales in the United Kingdom and in Nordic countries. A price increase in wood flooring was implemented in July to cover higher wood and transportation costs.
New equipment was installed at a plant in the Czech Republic “to produce higher value wood flooring under the Pergo and Quick-Step brands for the European and Russian markets,” the company reported. Additionally company officials reported an expansion in the insulation business with additional production at a French facility. The integration of the Unilin and Spano businesses progressed with a single sales force providing a comprehensive product offering for all customers, officials said.
“We are continuing to invest in our acquisitions to improve profitability, increase mix and streamline the business; and we anticipate that these actions will result in even higher earnings as the European and Russian economies improve," says CEO Jeffrey S. Lorberbaum.
Mohawk officials said they expect improvement in the U.S. markets during the third quarter with “limited growth in Europe and Russia.”
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