TITLE

Mohawk Chops Costs Boosts Profits

AUTHOR(S)
Hogsett, Don
PUB. DATE
October 2004
SOURCE
Home Textiles Today;10/25/2004, Vol. 26 Issue 9, p1
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
The article reports on the financial performance of Mohawk Industries Inc. with respect to its growing profits and cost reduction schemes. Mohawk pushed third quarter profits up far in excess of Wall Street expectations to $112.7 million. Helped by its acquisition of Lees Carpets, Mohawk pushed sales ahead 17.5 percent, to $1.5 billion from $1.3 billion in the year 2003. Sales in the core Mohawk floor coverings and home business advanced 16.9 percent. Dal-Tile International Inc. profits rose by 19.2 percent. Mohawk kept cutting away at overhead costs, reducing expenses 50 basis points. Jeffrey Loberbaum, chairman and CEO has held the rising prices of natural gas and oil responsible for the low third quarter margins in 2004.
ACCESSION #
14847549

 

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