GUILFORD MILLS’ EARNINGS UP 27.1% IN 2ND PERIOD
GREENSBORO, N.C. — Guilford Mills Inc.’s second-quarter earnings jumped 27.1 percent on a 5.3 percent sales gain.
In the quarter ended March 30, earnings rose to $7.6 million, or 34 cents a share, from $5.9 million, or 28 cents, a year ago. Sales advanced to $219.1 million from $207.1 million.
John Emrich, chief operating officer, noted the apparel and home fashions businesses performed well, and swimwear sales starting earlier than last year.
Guilford’s business in Mexico also improved, owing to an uptick in apparel sales there, the stronger Mexican economy and continuing effects of the North American Free Trade Agreement.
“We continue to integrate Guilford Fabrics with our Hoffman Laces operation, which led to a 40 percent sales gain in that area,” he said.
For the six months, earnings surged 49.3 percent to $12.9 million, or 59 cents, from $8.6 million, or 41 cents. Sales rose 12.8 percent to $430 million from $381 million.
Guilford said its board had approved a three-for-two stock split and a 10 percent increase in its quarterly dividend. The stock split is effective May 19 to shareholders of record on May 13. On a post-split basis, the quarterly dividend is 11 cents a share, up from 10 cents.
Guilford manufactures microdenier warp knits and wide-width circular knits of cotton and Lycra spandex blends. Its Hoffman laces division makes window treatments, shower curtains and bedding.