|Over a month ago|
Interface price target raised to $15 from $9 at Truist » 08:2703/0303/03/21
Truist analyst Keith…
Truist analyst Keith Hughes raised the firm's price target on Interface to $15 from $9 and keeps a Buy rating on the shares. The company's Q4 sales results and guidance demonstrated a "bottoming" in non-residential demand in the U.S. and "signs of life" in Europe/Asia markets, the analyst tells investors in a research note. Hughes adds that Interface should see a "flattish" 2021 as quicker ramp in SG&A spending weigh on the first half of the year before supporting faster growth in the second half.
Interface sees Q1 revenue down $25M from Q4, two estimates $259.6M » 05:5103/0203/02/21
Sees FY21 capital…
Sees FY21 capital expenditures $30M. The company said, "In the first quarter of 2021, the company anticipates net sales to decline both sequentially and year over year due to customary seasonality, continued effects of the COVID-19 pandemic, and the fact that the first quarter of 2020 had fourteen weeks of activity versus thirteen weeks of activity in the first quarter of 2021."
Interface reports Q4 adjusted EPS 27c, consensus 25c » 05:4903/0203/02/21
Reports Q4 revenue…
Reports Q4 revenue $276.95M, consensus $278.8M. "We continued to generate solid cash flow during the fourth quarter, despite operating in a soft demand environment due to the COVID-19 pandemic. We are encouraged by the accelerated pace of vaccinations globally and remain hopeful that people can return to a sense of normalcy," said Dan Hendrix, chairman and CEO of Interface. "Selling activity has increased in recent weeks including a growing number of engagements and RFPs, a ramp up in sample activity and an increase in the number of return-to-work and renovation planning discussions. Our sales team is reporting an increase in overall conversations, offering a glimpse into the anticipated stabilization of our end markets. We are also seeing early signs of recovering demand in certain geographic regions including APAC and Europe and believe weakness in the U.S. market has bottomed out."
|Over a quarter ago|
Interface reports Q3 adj. EPS 28c, consensus 20c » 05:4111/0611/06/20
Reports Q3 revenue…
Reports Q3 revenue $278.64M, consensus $272.63M. "During the third quarter, we intensified our focus on new product innovation, our customers and investing in initiatives to position Interface for long-term success, while remaining focused on the operational and financial levers within our control. Our operations teams have done an outstanding job of providing best-in-class service and ensuring safety, while flexing our cost structure to maintain healthy margins. We generated $65 million of cash from operations and repaid $43 million of debt during the quarter," commented Dan Hendrix, chairman and CEO of Interface.
Fly Intel: Pre-market Movers » 09:0408/0708/07/20
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Interface not providing FY20 guidance due to COVID-19 » 05:3308/0708/07/20
Interface said in its Q2…
Interface said in its Q2 earnings release, "Given the continued disruption of the global economy due to COVID-19, and the significant level of uncertainty created by the global pandemic, Interface is not providing fiscal year 2020 guidance. The company has implemented several cost reducing initiatives to align with reduced customer demand and anticipates full year 2020 adjusted SG&A expenses of approximately $320 million. In addition, the company has moderated its capital spending plans and currently anticipates capital expenditures of $45 - $50 million for the full year 2020."
Interface reports Q2 GAAP EPS 8c, consensus 6c » 05:3308/0708/07/20
Reports Q2 revenue $260M,…
Reports Q2 revenue $260M, consensus $251.7M. Reports Q2 adjusted EPS 27c. "During the second quarter, Interface managed through significant headwinds related to the global pandemic and resulting economic fallout by significantly reducing expenses and increasing our financial flexibility. We generated strong cash flow from operations of $48 million in the quarter, while pivoting our sales team to focus on more robust industries during this period, including healthcare and education. We also amplified our omni-channel marketing strategies, including online sales, in our FLOR business," said Dan Hendrix, Chairman and CEO of Interface. "We will continue our efforts to expand market share during this difficult period through our targeted product innovation investments and focused sales and marketing initiatives. We remain committed to further improving the sustainability of our products, and we are on track to deliver our first-ever carbon negative carpet tile this year. We are encouraged by the early response from our customers as we prepare to bring our new non-vinyl and bio-based backing offerings to market before the end of 2020," he concluded.
Interface cuts quarterly dividend to 1c from 6.5c per share » 16:4305/1905/19/20
The newly declared…
The newly declared dividend is payable June 19, 2020 to shareholders of record as of June 5, 2020. Dan Hendrix, CEO of Interface, commented, "The Board made the decision to reduce the dividend out of an abundance of caution to conserve cash during this period of COVID-19 restrictions and resulting economic impact. This decision will be revisited in subsequent periods and the board intends to consider increasing the dividend in the future if economic conditions warrant."
Interface price target raised to $16 from $13 at Nomura Instinet » 06:4205/1105/11/20
Nomura Instinet analyst…
Nomura Instinet analyst Michael Wood raised the firm's price target on Interface to $16 from $13 and keeps a Buy rating on the shares. While too early to know whether or not April represents trough demand, Interface is seeing improvement in markets that lift shelter-in-place orders, Wood tells investors in a research note.
Interface withdraws FY20 guidance due to COVID-19 » 05:4105/0805/08/20
Given the continued…
Given the continued disruption of the global economy due to COVID-19, and the significant level of uncertainty created by the global pandemic, Interface has withdrawn its FY20 guidance. The company has implemented several cost reducing initiatives to align with anticipated customer demand including a voluntary separation program, temporary furloughs and other time-and-pay reduction programs, involuntary separations where necessary to streamline roles and responsibilities, and various other cost avoidance initiatives. The company also has suspended merit-based pay increases, as well as 401(k) and non-qualified savings plan company matching contributions, and is expected to benefit from lower than originally anticipated performance-based compensation and variable compensation. In addition, the company has moderated its capital spending plans and currently anticipates capital expenditures of $45M-$50M for FY20.