Hardwood Floor Company Makes Millions
Hardwood flooring company Mohawk Industries earned no less than forty-six million US dollars in the last quarter of 2010, according to the company’s fourth quarter earnings report, which was released on Tuesday. The earnings figures of the company, which specializes in hardwood for flooring and wood floor restoration, is more than twice the amount of money earned in the same period of time just one year earlier, at just twenty million. This is despite the overall net sales for the fourth quarter of 2010 being down from the previous year by about six percent, at 2009. Nonetheless, there is no doubt that things are seriously looking up for the company, which posted a loss of five million in 2009 yet earned a hundred and eighty five million across the whole of last year.
Needless to say, those involved with Mohawk Industries could not be happier about the turnaround. “Our earnings exceeded our expectations as results were positively impacted enhanced manufacturing efficiencies, benefits from restructuring actions, reducing SG&A costs and improved process consistency,” says Jeffrey S Lorberbaum, the chairman and chief executive officer of Mohawk Industries. “Investments in the Russian, Chinese and Mexican flooring markets are expanding our international presence and will provide platforms for future revenue and profit growth.” Lorberbaum adds that economists believe those markets offer greater opportunities for companies such as Mohawk Industries than the US and Western Europe equivalents, though does note that “The US industry decline experienced over the past few years appears to have bottomed with some markets showing signs of improvement”.