CALHOUN, GA - International floor products manufacturer Mohawk Industries Inc. (NYSE: MHK) continued its profit surge, posting net earnings of $50 million on $1.5 billion in sales in the first quarter of 2013 despite a weak European market.
After excluding unusual charges, Mohawk's Q1 net earnings were $61 million compared to $40 million for Q1 2012.
Jeffrey Lorberbaum, chairman and CEO of Mohawk Industries, said, "Improvements in the U.S. market, product mix, productivity improvements, lower amortization and the Pergo acquisition all contributed to our results, offset by the negative impact of a slower European economy and one less day in the period compared to last year."
Mohawk completed its acquisition of laminate flooring producer Pergo from Pfleiderer in January. Lorberbaum said the company is now "executing our integration strategy, which includes asset consolidation, manufacturing process improvements, product line enhancements, and management, sales and administrative restructuring."
Mohawk also owns laminate flooring maker Unilin whose Q1 sales increased approximately 20%. Mohawk's purchase of Belgium panel manufacturer Spano for $168 million is pending finial approvals.
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