Research Desk Line-up: Albany Intl. Post Earnings Coverage
LONDON, UK / ACCESSWIRE / November 22, 2017 / Pro-Trader Daily has just published a free post-earnings coverage on Interface, Inc. (NASDAQ: TILE), which can be viewed by registering at http://protraderdaily.com/optin/?symbol=TILE, following the Company's announcement of its financial results on October 25, 2017, for the third quarter fiscal 2017. The manufacturer of modular carpet's net revenue and EPS surpassed analysts' expectations. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member's account at:
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Get more of our free earnings reports coverage from other constituents of the Textile Industrial industry. Pro-TD has currently selected Albany International Corp. (NYSE: AIN) for due-diligence and potential coverage as the Company reported on October 30, 2017, its financial results for Q3 2017. Register for a free membership today, and be among the early birds that get access to our report on Albany Intl. when we publish it.
At Pro-TD, we make it our mission to bring you news that matter about the stock you follow. Today, our research desk covers a blog story on TILE; also brushing on AIN. With the links below you can directly download the report of your stock of interest free of charge at:
http://protraderdaily.com/optin/?symbol=TILE
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Earnings Reviewed
For three months ended October 01, 2017, Interface's net revenue increased 3.7%, or 3.9% on an organic basis, to $257.43 million from $248.35 million in Q3 FY16. Net revenue surpassed analysts' expectations of $254.6 million.
During Q3 FY17, Interface's gross profit increased 6.1% to $98.54 million from $92.92 million in the same period last year. For the reported quarter, the Company's gross margin increased 90 basis points to 38.3% of revenue from 37.4% of revenue in Q3 FY16. The increase was due to productivity enhancements delivering margin expansion greater than the negative margin impact of exiting the FLOR specialty retail stores. For the reported quarter, the Company's depreciation and amortization (D&A) expenses increased 3.6% to $7.78 million from $7.51 million in Q3 FY16.
For the reported quarter, Interface's selling, general, and administrative (SG&A) expenses decreased 70 basis points to 26.3% of revenue from 27% of revenue in Q3 FY16. The improvement was due to enhanced spending discipline as well as repurposing SG&A from the exited FLOR specialty retail stores to the core carpet tile business and recently launched LVT business.
During Q3 FY17, the Company's operating income increased 20.1% to $30.91 million from $25.74 million in the same period last year. For the reported quarter, the Company's operating margin increased 160 basis points to 12% of revenue from 10.4% of revenue in the third quarter of last year. The increase was due to gross margin expansion and effective SG&A management.
For the reported quarter, Interface' net income increased 22.2% to $19.44 million on a y-o-y basis from $15.90 million in Q3 FY16. During Q3 FY17, the Company's diluted EPS increased 28% to $0.32 on a y-o-y basis from $0.25 in the same period last year. Diluted EPS surpassed analysts' expectations of $0.30.
Order Update
During Q3 FY17, Interface's organic order growth increased 6.5% to $255.20 million, driven equally by the Company's core carpet tile and its new LVT product lines.
Balance Sheet
As on October 01, 2017, Interface's cash decreased 52.9% to $78.11 million from $165.67 million on January 01, 2017. For the reported quarter, the Company's long-term debt decreased 14% to $219.51 million from $255.35 million in Q4 FY16.
For the reported quarter, the Company's accounts receivable increased 6.2% to $133.87 million from $126.00 million in the fourth quarter of 2016. For the reported quarter, the Company's accounts payable increased 15.3% to $52.31 million from $45.38 million in Q4 FY16.
During Q3 FY17, Interface's cash provided by operating activities increased 3.6% to $45.96 million from $44.35 million in the same period last year.
On October 25, 2017, the Company's Board of Directors declared a regular quarterly cash dividend of $0.065 per share, payable on November 24, 2017, to shareholders of record as of November 10, 2017. During Q3 FY17, Interface amended and extended its credit facility for a 5-year term, and fixed the interest rate on $100 million of its outstanding debt.
During Q3 FY17, the Company repurchased stock totaling $25 million.
Stock Performance
At the closing bell, on Tuesday, November 21, 2017, Interface's stock rose 1.01%, ending the trading session at $24.95. A total volume of 338.71 thousand shares have exchanged hands. The Company's stock price soared 33.07% in the last three months, 23.51% in the past six months, and 36.34% in the previous twelve months. Moreover, the stock skyrocketed 34.50% since the start of the year. The stock is trading at a PE ratio of 29.08 and has a dividend yield of 1.04%. The stock currently has a market cap of $1.50 billion.
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