Interface, Inc. (NASDAQ:TILE) released earnings and showed strong year-over-year growth. The company saw a rise in demand for its products and rode that momentum to a strong fourth quarter. Revenue for the quarter came in at $272.1 million which was a 8% increase compared to the same period last year. US sales rose over 11% with the company’s corporate office market being up 10%. Non-office segments rose 11%. Education and healthcare sales dropped slightly at 2% and 3% respectively.
Interface, Inc. (NASDAQ:TILE) showed solid growth in Europe and posted revenues gains of 6.5% compared to the fourth quarter of 2013. The European corporate market sales rose 13% but those were offset by a 13% drop in non-office sales. The dollar strengthening against the euro hurt profits slightly in Europe. Asia was the largest sales percentage gain rising 13% against the same period in 2013. Operating income was strong also and the company posted $a 9.8% gain there. Net income came in at $15.8 million which equated to a per share profit of 24 cents.
The fourth quarter was positive in many ways. Interface, Inc. (NASDAQ:TILE) saw increased demand and overcame a fire in the Australian unit. The company utilized effective cost cutting measures to pull the quarter together and show a good profit. Asian and pacific sales showed strong interest and growth. As the currency in Europe settles the company will benefit from that also. They lost money in conversions due to the strong dollar. Four months ago the company seemed to be teetering but management showed it is prepared to deal with any issues and proved it with the strong fourth quarter. The company also issued its dividend for this period. It will pay out 4 cents per share for shareholders of record on 3/6/15.
The stock raced to new highs and it needs the help. It has suffered some technical damage but the acceleration is quickly correcting them. Support remains at $18.75.