Mohawk Industries, Inc. announced Q1 2024 net earnings of $105 million and earnings per share (“EPS”) of $1.64; adjusted net earnings were $119 million, and adjusted EPS was $1.86.
Net sales for the Q1 2024 were $2.7 billion, a decrease of 4.5% as reported and 5.5% on a legacy and constant basis versus the prior year. During the Q1 2023, the Company reported net sales of $2.8 billion, net earnings of $80 million and EPS of $1.26; adjusted net earnings were $112 million, and adjusted EPS was $1.75.
Commenting on the Company’s Q1 results, Chairman and CEO Jeff Lorberbaum stated, “Though economic headwinds are impacting industry sales, margins and mix, our Q1 results reflected the positive effect of actions we are taking to enhance our performance. Our earnings per share rose year over year as a result of restructuring, productivity initiatives and benefits from lower cost raw materials and energy, partially offset by weaker pricing and mix.
Across our regions, market conditions remained similar to the prior quarter, with significant pricing and mix pressure due to industry competition for volume. Though slowing, the commercial channel continues to outperform residential. Residential remodeling remains soft due to low housing sales and the impact of inflation on discretionary spending. Retailers have reported that consumers are reluctant to initiate higher ticket projects, with flooring facing greater pressure since most replacements can be readily deferred.”
Mohawk Industries is the leading global flooring manufacturer.
