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Interface Q4 Profit Up

Interface Inc. (TILE) Tuesday said its profit for the fourth quarter rose from a year ago, as revenues jumped 27%. Earnings for the quarter trumped analysts estimates, but revenues fell short of expectations.

The company's profit totaled rose to $6.40 million or $0.11 per share from $4.32 million or $0.07 per share last year.

On an adjusted basis, Interface's earnings rose to $0.41 per share from $0.32 per share last year. On average, 8 analysts polled by Thomson Reuters expected earnings of $0.39 per share. Analysts' estimates typically exclude special items.

The company's revenue for the quarter rose 27% to $337.1 million from $266.2 million last year. Analysts had a consensus revenue estimate of $344.60 million.

Looking forward to the full year 2019, Interface expects net sales growth, including nora, of 16 to 18%. Analysts currently expect sales growth of 17.90%.

CEO Jay Gould said, "Our strategic investments in 2018, which included the nora acquisition, advancements in our manufacturing capabilities, and the transformation of our selling system, are successfully fueling growth. Building on a strong 2018 and an energizing kick-off to 2019, we are bringing momentum to the market and remain confident that we can continue to take share in carpet tile, LVT and rubber flooring. Looking forward over a four to six year time horizon, we will be planning and seeking to achieve gross profit margin of 42% and operating income margin of 15%."

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