FROM floorcoveringweekly.com: Mohawk Industries announced 2009 fourth quarter net earnings of $20 million which included a restructuring charge of approximately $30 million primarily related to distribution and manufacturing infrastructure. Excluding the restructuring charge, net earnings would have been $39 million.
For the full year of 2009, the companys net loss was $5 million. Net sales for 2009 were $5,344 million representing a 22-percent decrease from 2008. The sales decrease for both the quarter and the year in the U.S. and Europe is primarily attributable to continuing weak consumer discretionary spending, low home sales and soft business investment.
"Our fourth quarter earnings exceeded expectations due to the implementation of cost savings efforts, personnel reductions and plant consolidations. All our segments have reduced infrastructure and capacity and improved productivity. New products have been developed in all segments that will enhance our sales and market position. In spite of the very difficult environment, we are strategically positioning our company for growth," said Jeff Lorberbaum, chairman and CEO.
Mohawk segment sales were down 8 percent for the fourth quarter, better than the industry.
Dal-Tile sales for the fourth quarter were down 20 percent as reported or 21 percent with a constant exchange rate. Dal-Tile continues to outperform the market with broad product offering and market saturation. The segment also expanded its position in the Home Centers and the Mexican market.
Unilin sales increased 2 percent for the quarter as reported and decreased 7 percent on a constant exchange rate.
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