Mohawk Reports Record Profits in Q1

Mohawk Industries (Calhoun, Ga.) reported a record profit of $200.55 million in the first quarter of 2017, a 16.9 percent increase compared with its profit of $171.55 million in the first quarter of 2016.

Mohawk sales in the first quarter 2017 were $2.22 billion, a 2.2 percent increase compared with sales of $2.17 billion in the first quarter of 2016.

“Our sales and earnings per share set records for the first quarter with volume, mix and productivity adding approximately $60 million to operating income,” said CEO Jeffrey Lorberbaum in a statement.

Mohawk’s Flooring North America sales were $939.49 million in the first quarter, a 3.6 percent increase compared with $906.36 million in the first quarter of 2016. Sales for Mohawk’s Rest of World flooring segment were $496.18 million, a 0.8 percent increase compared with sales of $491.96 million in the first quarter of 2016.

“Our raw materials have risen, and we are increasing prices as necessary,” Lorberbaum said. “Sales of our hard surface products continue to outpace our carpet category, with our LVT and premium laminate growing the fastest.”