Interface Turns To Profit In Q1, Tops Estimates; Sees Q2 Sales Above Market

(RTTNews) - Interface Inc. (TILE), a commercial flooring company, reported Friday that its first-quarter net income was $6.94 million or $0.12 per share, compared to last year's net loss of $102.17 million or $1.75 per share.

Adjusted net income was $10 million or $0.17 per share, compared to $19 million or $0.32 per share a year ago.

First-quarter net sales were $253.26 million, down 12 percent from prior year's $288.17 million.

On average, analysts polled by Thomson Reuters expected earnings of $0.04 per share on sales of $252.7 million. Analysts' estimates typically exclude special items.

The company noted that the declines in carpet tile were somewhat moderated by lesser declines in LVT and gains in rubber flooring.

Orders increased 11 percent sequentially.

Looking ahead for the second quarter, the company projects net sales of approximately $290 million and adjusted gross profit percentage of approximately 38.5 percent.

Analysts expect second-quarter net sales of $278.03 million.