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Mar 31, 2024
Interface Q1 2024 Earnings Report
Delivered strong results with One Interface strategy, achieving notable strength in the Americas and significant profitability expansion.
Key Takeaways
Interface, Inc. reported first quarter net sales of $289.7 million, a 2% decrease year-over-year. However, the company saw a significant increase in gross profit margin to 38.1%, and GAAP earnings per share of $0.24. Currency neutral orders were up 5.1% year-over-year.
Net sales totaled $289.7 million, down 2% year-over-year.
Gross profit margin increased to 38.1%, up 569 basis points year-over-year.
GAAP earnings per share and Adjusted earnings per share were $0.24.
Currency neutral orders increased by 5.1% year-over-year.
Revenue by Geographic Location
Forward Guidance
Interface is increasing its full fiscal year net sales estimate and continues to expect a year-over-year increase in gross profit margins this fiscal year.
Positive Outlook
- Net sales of $335 million to $345 million for the second quarter of 2024.
- Adjusted gross profit margin of approximately 34.5% for the second quarter of 2024.
- Adjusted SG&A expenses of approximately $86 million for the second quarter of 2024.
- Net sales of $1.29 billion to $1.31 billion for the full fiscal year 2024.
- Adjusted gross profit margin of 35.5% to 36.0% for the full fiscal year 2024.
Challenges Ahead
- Adjusted Interest & Other expenses of approximately $8 million for the second quarter of 2024.
- Fully diluted weighted average share count of approximately 58.8 million shares for the second quarter of 2024.
- Adjusted SG&A expenses that are approximately 26.0% of net sales for the full fiscal year 2024.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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