ICS Magazine

Mohawk Industries 4th-qtr profit rises

February 6, 2003
CALHOUN, Ga., Feb 6 (Reuters) - Mohawk Industries Inc., the No. 2 U.S. maker of flooring products, said on Thursday its fourth-quarter earnings rose from a year earlier thanks to higher sales, cost savings and an acquisition.

Calhoun, Georgia-based Mohawk said net earnings for the fourth quarter rose to $84.2 million, or $1.25 a share, from $59.2 million, or $1.11, a year earlier. Net sales rose to $1.2 billion from $895.8 million in the year-ago period.

Nine analysts' earnings estimates polled by market tracker Thomson First Call ranged from $1.18 to $1.22, with a mean of $1.21 per share.

Looking forward, Mohawk said it expected first-quarter earnings to range from flat to up 6 percent.