Calhoun-based Mohawk Industries announced that its second-quarter results exceeded their expectations despite drops both in sales and net earnings compared to the previous year’s results.
Mohawk reported net earnings of $46 million, or 67 cents per share. During the second quarter of last year, Mohawk earned $88.8 million.
Sales in the three months ending June 27 were $1.4 billion, a 24 percent drop from the $1.84 billion in sales during the same quarter last year.
Jeffrey Lorberbaum, Mohawk chairman and chief executive, praised the results in a release.
“Our second-quarter earnings surpassed our expectations,” he said. “Our results improved from the first quarter as we benefited from increased sales, lower costs and higher utilization rates. We are transitioning to a leaner, lower cost structure to emerge in a stronger position when the economy recovers.”
During the first six months of the year, the Calhoun, Ga.-based flooring manufacturer reported a net loss of $60 million or 87 cents per share.
Sales during this time dropped 27 percent compared to the first six months of 2008.