Business
Interface Reports Third Quarter 2021 Results
ATLANTA, Nov. 5, 2021 /PRNewswire/ -- Interface, Inc. (Nasdaq: TILE), a worldwide commercial flooring company and global leader in sustainability, today
About this update from Interface, Inc.
[{"type":"text","content":"ATLANTA, Nov. 5, 2021 /PRNewswire/ -- Interface, Inc. (Nasdaq: TILE), a worldwide commercial flooring company and global leader in sustainability, today announced results for the third quarter ended October 3, 2021.\n\n \n \n \n \n \n \n\n \nQuarterly Highlights:\nQ3 2021 orders increased 24% year over year compared to Q3 2020. Net sales totaled $313 million, up 12% year over year compared to Q3 2020. Q3 2021 GAAP earnings per share of $0.19; Q3 2021 adjusted earnings per share of $0.29. Debt paydown continues to be strong with $30 million of debt repaid in the third quarter. European carpet tile production no longer using petroleum-based bitumen backing.\"We delivered solid results this quarter, growing sales 12% year over year, while generating $29 million of cash from operating activities and paying down debt to reach pre-pandemic leverage. Order momentum continued, increasing 24% year over year, reflecting a 34% increase in the Americas region and a 12% increase in our EAAA region. Demand for our carbon neutral and carbon negative products continues to build, and we are proud to announce that we have transitioned our European carpet tile backing entirely to CQuest™Bio, removing petroleum-based bitumen in favor of bio-based materials and recycled fillers,\" said Dan Hendrix, Chairman and CEO of Interface. \"We continue to take great strides on our Climate Take BackTM journey. Last month, we also announced that we are the first global flooring company to receive third-party validation of our 2030 greenhouse gas (GHG) reduction targets as science-based by the Science Based Targets initiative (SBTi). These now validated science-based targets (SBT) commit Interface to further reduce our Scopes 1, 2 and 3 emissions in alignment with our goal of becoming a carbon negative company by 2040.\"\n\"We expect a strong end to the year, as we ended Q3 with backlog up 33% year over year and 8% sequentially. Gross margins will continue to be hampered due to ongoing industry-wide supply chain challenges, but those impacts will be partially offset with pass throughs of price increases and freight surcharges,\" added Bruce Hausmann, CFO of Interface.\nThird Quarter 2021 Financial Summary\nSales: Third quarter net sales were $312.7 million, up 12% versus $278.6 million in the prior year period. The strong sales activity resulted from a release o...