Interface, Inc. (Nasdaq: TILE), a worldwide commercial flooring company and global leader in sustainability, today announced results for the fourth quarter and full fiscal year ended December 31, 2023.
Fourth quarter highlights:
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Net sales totaled $325.1 million, down 3.1% year-over-year.
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Gross profit margin increased to 37.9%, up 646 basis points year-over-year.
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GAAP earnings per share of $0.33; Adjusted earnings per share of $0.41.
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Generated $27.8 million of cash from operations, repaid $29.6 million of debt in the quarter.
Fiscal Year:
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Net sales totaled $1,261.5 million, down 2.8% year-over-year.
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Gross profit margin increased to 35.0%, up 124 basis points year-over-year.
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GAAP earnings per share of $0.76; Adjusted earnings per share of $1.00.
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Generated $142.0 million of cash from operations, repaid $105.3 million of debt in the year.
“Strong fourth quarter performance rounded out a solid year, reinforcing our confidence that our strategy is working. Education remains a standout market segment with total sales up 5% for the full year, and notable strength in the Americas. We continue to take share in Corporate Office, as global sales increased 4% in the fourth quarter and were flat for the year in an incredibly dynamic market,” commented Laurel Hurd, CEO of Interface.
“Continued softness in the retail sector drove the majority of our year-over-year net sales decline both in the fourth quarter and the full year. While retail remains a small percentage of our overall revenue, it did have an outsized impact on net sales in the second half of 2023 and we expect this headwind to persist through the first half of 2024,” continued Hurd. “The team did a great job driving mix and holding price, and our margins further benefited from raw material cost deflation.”
“We are intently focused on commercial excellence and leveraging our strengths as one global organization. Our sales teams are aligned to our fastest growing…
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