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Jul 02, 2023
Interface Q2 2023 Earnings Report
Interface reported second quarter results with net sales down 4.9% year-over-year and GAAP earnings per share of $0.27.
Key Takeaways
Interface's second quarter results showed a decrease in net sales by 4.9% year-over-year. However, education sales were particularly strong, up 7% year-over-year. The company repaid $25.9 million of debt during the quarter and is focused on strengthening the balance sheet and improving gross margins.
Net sales totaled $329.6 million, down 4.9% year-over-year.
GAAP earnings per share was $0.27; Adjusted earnings per share was $0.25.
Generated $18.3 million cash from operations, repaid $25.9 million of debt in the quarter.
Education sales were particularly robust in the second quarter, up 7% year-over-year.
Forward Guidance
Interface remains cautiously optimistic about the back half of the year.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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