Interface Reports Second Quarter 2022 Results

About this update from Interface, Inc.

[{"type":"text","content":"ATLANTA, Aug. 5, 2022 /PRNewswire/ -- Interface, Inc. (Nasdaq: TILE), a worldwide commercial flooring company and global leader in sustainability, today announced results for the second quarter ended July 3, 2022.\n\n \n \n \n \n \n \n\n \nQuarterly Highlights:\nNet sales totaled $347 million, up 17.6% year-over-year. Excluding negative foreign currency impacts, net sales were up 22.8% year-over-year.GAAP SG&A expenses at 23.5% of net sales, down from 27.1% in Q2 2021; adjusted SG&A expenses at 23.2% of net sales, down from 26.9% in Q2 2021.GAAP operating income up 18.1% year-over-year; adjusted operating income up 24.0% year-over-year.GAAP earnings per share of $0.28, up 7.7% year-over-year; adjusted earnings per share of $0.36, up 20.0% year-over-year.Orders increased 10% year-over-year on a currency-neutral basis.\"We delivered strong second quarter results, with revenue up 18%, reflecting growth across the business. Continued strong demand for our carbon neutral and carbon negative products drove a 10% year-over-year increase in backlog, highlighting our established leadership in design and sustainability,\" said Laurel Hurd, CEO of Interface. \"We continue to be encouraged by the activity we are seeing in our business globally, despite ongoing inflationary pressures and FX-related headwinds. We remain focused on our growth and diversification strategy, which we believe positions Interface for continued success over the long term.\"\n\"Our balance sheet remains strong and supports our balanced capital allocation strategy. We repurchased $5.6 million of shares in the quarter while continuing to invest in the business and reducing leverage. We remain focused on maintaining a strong financial foundation and returning value to our shareholders as we enter the second half of the year, which, from a seasonal perspective, is the period when the business customarily generates the most cash,\" added Bruce Hausmann, CFO of Interface.\nSecond Quarter 2022 Financial Summary\nSales: Second quarter net sales were $346.6 million, up 17.6% versus $294.8 million in the prior year period on broad-based growth.\nGross profit margin was 33.7% in the second quarter, a decrease of 330 basis points from the prior year period. Adjusted gross profit margin was 34.3%, a decrease of 315 basis points from adjusted gross margin for the prior year period...

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