Mohawk Earns $336M with Record-Breaking Sales in Q2 2021

Mohawk Industries (Calhoun, Ga.) reported net earnings of $336 million in the second quarter of 2021, rebounding from the second quarter of 2020 when the company lost $48 million due largely to the impact of the COVID-19 pandemic. The earnings are a 66% surge compared with $202 million in earnings in the second quarter of 2019.

Mohawk reported net sales of $3.0 billion during the second quarter of 2021, a 44% spike and the highest quarterly sales of any period of the company’s history, according to Chairman and CEO Jeffrey Lorberbaum. The company’s earnings per share—$4.82—is also the highest on record for any quarter.

“Our second quarter results were significantly stronger than we had anticipated across all our businesses with sales building on the momentum from our first period,” Lorberbaum said in a statement.

The company continued to deal with challenges in the industry during the quarter, including material and labor shortages.

“Raw material constraints in many of our operations led to unplanned production shutdowns during the period,” stated Lorberbaum. “Overall, we successfully managed these interruptions that impeded our normal operations as well as regional manufacturing and customer closings related to COVID regulations in local areas.”

Sales in Mohawk’s North America Segment increased 35% during the quarter.

The full report can be found here.