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Interface Inc. Q1 Profit Increases Above Estimates - Update

(Adds Outlook)

Interface Inc. (TILE) reported a profit for its first quarter that increased from last year and beat the Street estimates.

The company's bottom line totaled $13.29 million, or $0.22 per share. This compares with $6.94 million, or $0.12 per share, in last year's first quarter.

Excluding items, Interface Inc. reported adjusted earnings of $16.8 million or $0.28 per share for the period.

Analysts on average had expected the company to earn $0.16 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter rose 13.7% to $288.00 million from $253.26 million last year.

Outlook:

Interface issued guidance for the second quarter and full year, amidst a significant level of disruption in the global supply chain and general macro-economic uncertainty.

For the second quarter, the company expects net sales to be in the range of $350 million - $360 million. Analysts on average, expect the firm to report sales at $318.23 million.

For fiscal 2022, the flooring company projects a year-over-year net sales growth of around 10 percent to 12 percent. Analysts project Interface to post its annual sales at $1.29 billion.

The company also expects its capital expenditures to be at around $30 million for the year.

Interface Inc. earnings at a glance (GAAP) :

-Earnings (Q1): $13.29 Mln. vs. $6.94 Mln. last year.
-EPS (Q1): $0.22 vs. $0.12 last year.
-Analyst Estimate: $0.16
-Revenue (Q1): $288.00 Mln vs. $253.26 Mln last year.

-Guidance:
Next quarter revenue guidance: $350 - $360 Mln

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