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Oct 01, 2023
Interface Q3 2023 Earnings Report
Interface reported third quarter 2023 results, showing resilience in a sluggish market with increased gross profit margin and strong cash flow.
Key Takeaways
Interface reported net sales of $311.0 million, a decrease of 5.1% year-over-year, but increased its gross profit margin to 35.5%, up 226 basis points. The company generated $66.3 million in cash from operations and repaid $30.6 million in debt. GAAP earnings per share were $0.17, and adjusted earnings per share were $0.28.
Net sales totaled $311.0 million, down 5.1% year-over-year.
Gross profit margin increased to 35.5%, up 226 basis points year-over-year.
GAAP earnings per share reached $0.17; Adjusted earnings per share was $0.28.
Generated $66.3 million of cash from operations, repaid $30.6 million of debt in the quarter.
Forward Guidance
Interface anticipates net sales of $1.245 billion to $1.265 billion, an adjusted gross profit margin of approximately 34.4%, and adjusted SG&A expenses of approximately $329 million for the full fiscal year 2023.
Positive Outlook
- Adjusted Interest & Other expenses of approximately $35 million.
- An adjusted effective tax rate of approximately 29.5%.
- Fully diluted weighted average share count of approximately 58.3 million shares.
- Capital expenditures of approximately $32 million.
Challenges Ahead
- Ongoing retail sector softness
- Sluggish global demand
Historical Earnings Impact
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Avg. Return Before/After Earnings
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