By Chris Wack
Interface shares hit their 52-week high after the company reported third-quarter earnings and sales that beat analysts' expectations, and raised its 2024 sales forecast.
Shares of the commercial flooring company were up 31% at $22.88, after trading as high as $23.19 earlier in the session.
The Atlanta company said it had quarterly earnings of $28.4 million, or 48 cents a share, compared with $9.9 million, or 17 cents a share, in the same quarter last year. Analysts polled by FactSet were looking for earnings of $20.3 million, or 36 cents a share.
Sales for the quarter came in at $344,3 million, compared with last year's $311 million and the $336.4 million analysts had expected.
Interface said education billings were up 18% over last year, and corporate billings were 2% higher.
The company also raised its sales outlook for 2024 to $1.315 billion to $1.325 billion, from previous guidance of $1.29 billion to $1.31 billion. Analysts are forecasting 2024 sales of $1.3.14 billion.
Interface cited stronger retail billings in the fourth quarter as leading to its guidance increase.
Write to Chris Wack at chris.wack@wsj.com
(END) Dow Jones Newswires
November 01, 2024 10:49 ET (14:49 GMT)
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