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Jul 04, 2021
Interface Q2 2021 Earnings Report
Interface reported strong second quarter results driven by recovering economic activity and order growth.
Key Takeaways
Interface, Inc. announced strong second quarter results with a 14% increase in net sales to $295 million, driven by recovering economic activity. Orders increased 38% year over year. GAAP earnings per share were $0.26, and adjusted earnings per share were $0.30. The company maintains a strong liquidity position with $401 million.
Q2 2021 orders increased 38% compared to Q2 2020.
Net sales totaled $295 million, up 14% compared to Q2 2020.
Q2 2021 GAAP earnings per share of $0.26; Q2 2021 adjusted earnings per share of $0.30.
Strong liquidity of $401 million at quarter end comprised of approximately $102 million in cash and $298 million of availability under the revolving credit facility.
Forward Guidance
The Company anticipates net sales in the third quarter of 2021 of approximately $310 million to $320 million.
Positive Outlook
- Net sales in the third quarter of 2021 of approximately $310 million to $320 million.
- Adjusted gross profit percentage in the second half of 2021 of approximately 36% to 37%.
- Adjusted SG&A expense for the full year of 2021 of approximately $325 million, with the remaining portion spread fairly evenly across the third and fourth quarters of 2021.
- Interest & Other expense for the full year of 2021 of approximately $31 million.
- Capital expenditures of approximately $30 million for full year of 2021.
Challenges Ahead
- There continues to be disruption in the global economy due to COVID-19.
- A significant level of uncertainty created by the global pandemic.
- Industry-wide supply chain volatility negatively impacted our bottom line in the second quarter.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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