Interface Reports Second Quarter 2024 Results

About this update from Interface, Inc.

[{"type":"text","content":"\nOne Interface strategy drives growth and profitability expansion; Company raises full year guidance\n\n\n ATLANTA--(BUSINESS WIRE)--\nInterface, Inc. (Nasdaq: TILE), a worldwide commercial flooring company and global leader in sustainability, today announced results for the second quarter ended June 30, 2024.\n\n\nSecond quarter highlights:\n\n\n\nNet sales were $346.6 million, up 5.2% year-over-year, and 5.8% on a currency neutral basis.\n\n\n\nGross profit margin increased to 35.4%, up 145 basis points year-over-year.\n\n\n\nGAAP earnings per share of $0.38; Adjusted earnings per share of $0.40.\n\n\n\nCurrency neutral orders up 8% year-over-year.\n\n\n\n\"Our growth and profitability expansion in the second quarter demonstrates the successful execution of our One Interface strategy. Growth in the quarter was primarily driven by continued strength from our Americas business as net sales increased 7% and orders were up 15% on a currency neutral basis. We are proactively driving growth in Education which remains a prominent market segment with global billings up 13% year-over-year. Based on industry trends, we gained market share in Corporate Office, with global billings up 4% year-over-year,\" commented Laurel Hurd, CEO of Interface.\n\n\n“Strong commercial execution led to an 8% increase in consolidated currency neutral orders in the second quarter, and our backlog increased by 33% since the beginning of 2024, positioning us for strong year-over-year growth in the second half of the year. As a global organization, we are focused on strategically leveraging our strengths to accelerate growth and create value for our shareholders,” concluded Hurd.\n\n\n“We continue to drive margin expansion through increased volume and higher selling prices while benefiting from overall input cost deflation, which expanded gross profit margin in the second quarter. We also continue to pay down debt and strengthen the balance sheet while investing in the business,” added Bruce Hausmann, CFO of Interface.\n\n\nSecond Quarter 2024 Financial Summary\n\n\nSales: Second quarter net sales were $346.6 million, up 5.2% versus $329.6 million in the prior year period.\n\n\nGross profit margin was 35.4% in the second quarter, an increase of 145 basis points from the prior year period. Adjusted gross profit margin was 35.7%, an increase of 183 basis points...

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