Loading...
•
Jul 05, 2020
Interface Q2 2020 Earnings Report
Managed through pandemic headwinds with expense reductions and increased financial flexibility.
Key Takeaways
Interface reported a decrease in net sales by 27% compared to the prior year period, with net sales of $260 million. The company recorded net income of $5 million, or $0.08 per diluted share. They generated strong cash flow from operations of $48 million and maintained solid liquidity, ending the quarter with $92 million in cash.
Strong liquidity of $331 million at quarter end comprised of $92 million in cash and $240 million of borrowing availability under the revolving credit facility
Amended credit facility includes financial covenant flexibility through first quarter of 2022
Q2 2020 GAAP earnings per share of $0.08; Q2 2020 adjusted earnings per share of $0.27
Cash provided by operating activities of $48 million
Forward Guidance
Due to the continued disruption of the global economy due to COVID-19, and the significant level of uncertainty created by the global pandemic, Interface is not providing fiscal year 2020 guidance. The company anticipates full year 2020 adjusted SG&A expenses of approximately $320 million and capital expenditures of $45 - $50 million for the full year 2020.
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
Loading earnings performance data...
Loading earnings reaction data...