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Sep 29, 2024
Interface Q3 2024 Earnings Report
Interface reported strong third quarter results driven by strategy execution, profitability expansion, and order growth.
Key Takeaways
Interface reported net sales of $344.3 million, a 10.7% increase year-over-year. GAAP earnings per share were $0.48, and currency-neutral orders increased by 10% year-over-year. The company generated $76.2 million in cash from operations and repaid $51.3 million of debt during the quarter.
Net sales increased by 10.7% year-over-year, reaching $344.3 million.
Gross profit margin rose to 37.1%, a 162 basis point increase year-over-year.
GAAP earnings per share reached $0.48, with adjusted earnings per share also at $0.48.
Currency-neutral orders grew by 10% year-over-year, indicating strong commercial execution.
Revenue by Geographic Location
Forward Guidance
Interface is raising its full year outlook and anticipates net sales of $1.315 billion to $1.325 billion and an adjusted gross profit margin of approximately 36.6% for the full fiscal year 2024.
Positive Outlook
- Strong orders and a healthy backlog entering the fourth quarter of 2024.
- Anticipated strong Retail billings in the fourth quarter of 2024.
- Net sales of $1.315 billion to $1.325 billion.
- Adjusted gross profit margin of approximately 36.6%.
- Adjusted SG&A expenses of approximately $345 million.
Challenges Ahead
- Fourth quarter of 2023 adjusted gross profit margin benefited 160 basis points from non-recurring items.
- Strong Retail billings in the fourth quarter of 2024 have slightly lower gross profit margins.
- Adjusted Interest & Other expenses of approximately $27 million.
- An adjusted effective tax rate for the full year of approximately 25.0%.
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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