TILE - Why Interface Stock Is Up Big Today
2024-02-27 11:17:29 ET
Interface (NASDAQ: TILE) just reported better-than-expected fourth-quarter earnings and gave an upbeat forecast for 2024. Investors are cheering the news, sending shares of the flooring specialist up 11% as of 10:30 a.m. ET Tuesday.
There have been a lot of headlines this earnings season about the impact of higher interest rates and economic uncertainty on the construction and commercial real estate markets. But some companies appear to be managing the headwinds better than others.
Interface earned $0.41 per share in the fourth quarter, beating Wall Street's $0.31-per-share estimate. Revenue, at $325.1 million, was about $10 million shy of expectations and down 3.1% year over year, but the company was able to keep costs in line and preserve pricing.
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Why Interface Stock Is Up Big Today