Interface raises FY24 revenue view to $1.32B-$1.33B from $1.3B-$1.32B

Consensus $1.31B. Lowers FY24 capital expenditures view to $37M from $42M. Lowers FY24 adjusted effective tax rate view to 25% from 27.5%. The company said, “Interface (TILE) delivered impressive results in the third quarter of 2024 and enters the fourth quarter of 2024 with strong orders and a healthy backlog. As a reminder, the Company’s fourth quarter of 2023 adjusted gross profit margin benefited 160 basis points from non-recurring items that reduced the Company’s cost of sales in that quarter. Separately, Interface continues to anticipate strong Retail billings in the fourth quarter of 2024, which have slightly lower gross profit margins. With that backdrop in mind, the Company is raising its full year outlook.”