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Mohawk Industries fiscal Q1 profit climbs 42.5% YOY

Mohawk Industries Inc. said its normalized net income for the fiscal first quarter ended April 2 amounted to $1.98 per share, compared with the S&P Capital IQ consensus estimate of $2.32 per share.

EPS climbed 40.6% year over year from $1.41.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $147.5 million, a gain of 42.5% from $103.6 million in the prior-year period.

The normalized profit margin rose to 6.8% from 5.5% in the year-earlier period.

Total revenue increased 15.5% on an annual basis to $2.17 billion from $1.88 billion, and total operating expenses increased 12.9% on an annual basis to $1.92 billion from $1.70 billion.

Reported net income rose on an annual basis to $171.3 million, or $2.30 per share, from $22.1 million, or 30 cents per share.