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Jun 30, 2024
Interface Q2 2024 Earnings Report
Interface demonstrated growth and profitability expansion driven by the One Interface strategy, raising full year guidance.
Key Takeaways
Interface reported a 5.2% year-over-year increase in net sales to $346.6 million for the second quarter of 2024. The company's gross profit margin increased to 35.4%, with GAAP earnings per share at $0.38 and adjusted earnings per share at $0.40. Currency neutral orders were up 8% year-over-year, and the company increased its full fiscal year net sales estimate.
Net sales increased by 5.2% year-over-year, reaching $346.6 million.
Gross profit margin rose to 35.4%, a 145 basis point increase year-over-year.
GAAP earnings per share were $0.38, with adjusted earnings per share at $0.40.
Currency neutral orders increased by 8% 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 adjusted gross profit margins this fiscal year.
Positive Outlook
- Net sales of $330 million to $340 million for Q3 2024.
- Adjusted gross profit margin of approximately 36.0% for Q3 2024.
- Adjusted SG&A expenses of approximately $86 million for Q3 2024.
- Adjusted Interest & Other expenses of approximately $7 million for Q3 2024.
- Net sales of $1.30 billion to $1.32 billion for full fiscal year 2024.
Challenges Ahead
- Adjusted gross profit margin of approximately 36.0% for full fiscal year 2024.
- Adjusted SG&A expenses of approximately $342 million for full fiscal year 2024.
- Adjusted Interest & Other expenses of approximately $27 million for full fiscal year 2024.
- An adjusted effective tax rate for the full year of approximately 27.5%.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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