Bruce Hausmann, Vice President and Chief Financial Officer of Interface Inc. (NASDAQ:TILE), recently sold 30,000 shares of the company's common stock. The shares were sold at an average price of $25.50 each, resulting in a total transaction value of approximately $765,000. Following this sale, Hausmann retains ownership of 168,475 shares, which include unvested restricted shares and performance shares subject to certain conditions. The sale was executed on November 21, 2024, and details were provided in an SEC filing.
In other recent news, Interface Inc. reported an 11% year-over-year increase in net sales, reaching $344.3 million in Q3 2024. This growth has been attributed to strategic initiatives such as the integration of the Nora and Interface sales teams, and investments in automation. The company also raised its full-year 2024 outlook, with net sales projected between $1.315 billion and $1.325 billion and a gross profit margin target set between 38% to 38.5%.
Despite longer installation timelines impacting healthcare net sales, the retail sector is showing signs of recovery, contributing to the company's overall growth. The sales force for the Nora brand increased by 20% to enhance market coverage, resulting in strong sales momentum and market share gains.
These are recent developments that indicate Interface Inc.'s commitment to internal efficiencies and sustainability, with a goal to become carbon-negative by 2040. The company's focus on balancing revenue growth against inflation and productivity improvements, along with targeted investments to support growth, suggest a positive outlook for the future. However, this is based on the company's projections and not a prediction.
InvestingPro Insights
The recent stock sale by Interface Inc.'s CFO Bruce Hausmann comes at a time when the company's shares are trading near their 52-week high, as indicated by InvestingPro data. This aligns with one of the InvestingPro Tips, which notes that TILE is "Trading near 52-week high." The stock's strong performance is further underscored by its impressive 153.04% total return over the past year.
InvestingPro data reveals that Interface Inc. has a market capitalization of $1.49 billion and a P/E ratio of 16.9, suggesting a relatively moderate valuation compared to its earnings. The company's revenue for the last twelve months as of Q3 2024 stood at $1.31 billion, with a revenue growth of 2.66% over the same period.
Investors should note that Interface Inc. has maintained dividend payments for 18 consecutive years, as highlighted by an InvestingPro Tip. This demonstrates the company's commitment to returning value to shareholders, even though the current dividend yield is modest at 0.16%.
For those seeking a deeper understanding of Interface Inc.'s financial health and market position, InvestingPro offers 13 additional tips, providing a comprehensive analysis for informed investment decisions.
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