Interface Q1 net sales slip 2% to $289.7 million; full-year sales outlook raised
Interface reported first-quarter 2024 net sales of $289.7 million, down 2.0% from a year earlier, while GAAP and adjusted earnings per share rose to $0.24 from a GAAP loss of $0.01 a year earlier. The company raised its full-year 2024 net sales guidance to $1.29 billion to $1.31 billion, which matters to shareholders because it signals management's updated view of the year's top line.
- Q1 2024 net sales were $289.7 million, down 2.0% from $295.8 million; currency neutral orders rose 5.1%.
- GAAP net income was $14.2 million, or $0.24 per diluted share, versus a GAAP net loss of $0.7 million, or $0.01 per share, in Q1 2023.
- Gross profit margin was 38.1%, up 569 basis points year-over-year, driven mainly by input cost deflation and higher prices.
- Full-year 2024 net sales guidance is $1.29 billion to $1.31 billion; Q2 2024 net sales guidance is $335 million to $345 million.