Mohawk Reports Record Earnings
Mohawk Industries Inc., Calhoun, Ga., sustaining its financial health, announced the highest
quarterly net earnings in the company's history for the fourth quarter of 2003. Net earnings of
$102,142,000 and diluted earnings per share (EPS) of $1.51 were 21 percent higher than year-earlier
figures of $84,201,000 net earnings and $1.25 in EPS. Net sales for the quarter totaled
$1,369,991,000, a 14-percent increase over the same quarter in 2002. Net sales in 2003 were up 11
percent to $5,005,053,000. Net earnings for the same period were 9 percent higher than in 2002,
totaling $310,149,000 or $4.62 in EPS.
Mohawk attributes overall sales increases to strong internal growth of Mohawk and Dal-Tile products, as well as its recent acquisitions, including Lees Carpet. Also, the fourth quarter of 2003 had one day more than the fourth quarter of 2002, which added an additional 2 percent to the sales growth.
"All of our product categories experienced internal revenue growth," said Jeffrey S. Lorberbaum, president and CEO. "The acquisition of Lees Carpet was complete in November 2003. We have integrated the financial and administrative systems into the Mohawk systems. We believe the acquisition will be accretive in 2004."