|MOHAWK INDUSTRIES REPORTS RECORD Q4 AND 22% FULL-YEAR INCREASE
CALHOUN, Ga. -- Mohawk Industries, Inc. on Feb. 9, 2016 announced 2016 fourth quarter record net earnings of $234 million and diluted earnings per share of $3.13, a 22 percent increase versus prior year.
Excluding restructuring, acquisition expenses and other charges, net earnings were $243 million, and EPS was $3.26, a 16 percent increase over last year's fourth quarter adjusted EPS. Net sales for the fourth quarter of 2016 were $2.2 billion, up 9 percent versus the prior year's fourth quarter as reported and 7 percent on a legacy basis applying constant days and currency rates. For the fourth quarter of 2015, net sales were $2.0 billion, net earnings were $192 million and EPS was $2.57; excluding restructuring, acquisition and other charges, net earnings were $210 million and EPS was $2.82.
For the twelve months ending December 31, 2016, net earnings and EPS were $930 million and $12.48, respectively. Net earnings excluding restructuring, acquisition expenses and other charges were $940 million, and EPS was $12.61, an increase of 24 percent over the 12-month period adjusted EPS result in 2015. For the 12-month period, net sales were $9.0 billion, an increase of 11 percent versus prior year as reported and 5.5 percent on a legacy basis applying constant currency rates. For the twelve-month period ending December 31, 2015, net sales were $8.1 billion, net earnings were $615 million and EPS was $8.31; excluding restructuring, acquisition expenses and other charges, net earnings and EPS were $756 million and $10.20.
Commenting on Mohawk Industries' fourth quarter and full year performance, Jeffrey S. Lorberbaum, chairman and CEO, stated, "In the fourth quarter, our sales and earnings per share set records for the period. Our operating margin for the quarter rose to 14.0 percent, a 150 basis point improvement over the prior year and the highest fourth quarter result in the company's history."