Mohawk Industries, Inc. reported 1Q 2017 record net earnings of $201 million and diluted earnings per share (EPS) of $2.68, a 16.5% increase versus prior year. Excluding restructuring, acquisition expenses and other charges, net earnings were $203 million, and EPS was $2.72, a 14% increase over last year's first quarter adjusted EPS.
Net sales for the 1Q 2017 were $2.22 billion, up 2% versus the prior year's 1Q as reported and 4% applying constant days and currency rates. For the first quarter of 2016, net sales were $2.17 billion, net earnings were $172 million and EPS was $2.30; excluding restructuring, acquisition and other charges, net earnings were $177 million and EPS was $2.38.
Commenting on Mohawk Industries' 1Q performance, Jeffrey S. Lorberbaum, Chairman and CEO, stated, "Our sales and earnings per share set records for the 1Q with volume, mix and productivity adding approximately $60 million to operating income. Our operating margin for the quarter rose to 12.4%, a 110 basis point improvement over the prior year and the highest 1Q result in the company's history.”
Mohawk Industries is the leading global flooring manufacturer that creates products to enhance residential and commercial spaces around the world.