Mohawk Sees $22 Million Profit, Decrease in Wood Sales in Q1

Mohawk Industries (Dallas) made $22 million in the first quarter of 2015, a decrease from $81 million in the first quarter of 2014. Without unusual charges, however, the company’s profits were $125 million.

The company’s wood and laminate segment sales totaled $448 million, a 4 percent decrease from last year’s figure of $468 million. Operating income for the segment grew almost $15 million since last year to $58.9 million in the first quarter this year, compared with $44.1 million in the same quarter of 2014.

Carpet and ceramic segments sales combined totaled $1.45 billion.

“We were pleased with our progress during the first quarter and anticipate the improving U.S. economy and a stronger flooring market will benefit our business for the remainder of the year,” the company said in a statement.

The unusual charges in the first quarter of 2015 were the result of two company acquisitions, a Bulgarian ceramic tile manufacturer and a Belgian LVT manufacturer, and a $125 million settlement in a price-fixing lawsuit that dates back to 2010.