Mohawk Industries, Inc. announced 1Q 2022 net earnings of $245 million and diluted earnings per share (EPS) of $3.78. Adjusted net earnings were $246 million, and adjusted EPS was $3.78, excluding restructuring, acquisition, and other charges. Net sales for the 1Q 2022 were $3 billion, an increase of 13% as reported and 17.3% on a constant currency and days basis. For the 1Q 2021, net sales were $2.7 billion, net earnings were $237 million and EPS was $3.36. Adjusted net earnings were $246 million, and adjusted EPS was $3.49, excluding restructuring, acquisition, and other charges.
Jeffrey S. Lorberbaum, Chairman and CEO, stated, “Mohawk’s results exceeded our expectations as 1Q sales rose to an all-time record, reflecting higher pricing, growth in our ceramic businesses, an improving commercial sector and benefit from our small acquisitions. Operating income exceeded our forecast as strength in our global ceramic businesses offset rising European energy costs, improved operational strategies enhanced Flooring North America’s results and our management of European market pressures benefited Flooring Rest of the World.”
For the quarter, Flooring Rest of World Segment net sales increased 14.2% as reported or approximately 22.1% on a constant currency basis. The Segment’s operating margin was 15.3% as reported and 15.5% on an adjusted basis, impacted by inflation, supply chain disruptions and the impact of foreign exchange, partially offset by pricing and mix gains during the quarter. In challenging conditions, the segment’s leadership team took actions to manage escalating energy costs, rising inflation and unstable supply chains.
In the quarter, Flooring North America Segment sales increased 10.6% as reported or 12.3% on a constant days basis, and our operating margin was 8.9% as a result of pricing and mix improvements and productivity, partially offset by inflation and a return to more normal seasonality. The Segment is managing the greatest inflation we have ever experienced and is implementing further price increases.
Mohawk Industries is the leading global flooring manufacturer.
