Mohawk Industries, Inc. announced 1Q 2019 net earnings of $122 million and diluted earnings per share (EPS) of $1.67. Adjusted net earnings were $154 million, and EPS was $2.13, excluding restructuring, acquisition and other charges.
Net sales for the 1Q 2019 were $2.44 billion, up 1% in the quarter and 6% on a constant currency and days basis. For the 1Q 2018, net sales were $2.41 billion, net earnings were $209 million and EPS was $2.78, adjusted net earnings were $225 million, and EPS was $3.01, excluding restructuring, acquisition and other charges.
Commenting on Mohawk Industries’ 1Q performance, Jeffrey S. Lorberbaum, Chairman and CEO, stated, “In the 1Q, we delivered results in-line with the high end of our expectations despite economies weakening in most regions and a stronger U.S. dollar, reducing our translated results. While U.S. housing markets began softer and higher inputs increased costs, both are showing signs of improvement as we enter the second quarter. Around the world, uneven demand impacted volume, increasing pressure on both price and mix. We reduced our production rates to balance our inventories with our customers’ demand and manage our working capital. Results from our recent acquisitions in Australia, New Zealand and Brazil are on track, and we remain optimistic about our ability to improve their market positions and costs.”
Mohawk, the world's largest flooring company, provides unlimited style and design options from over 30 flooring types.
