Mohawk Industries (Dallas) saw a 4 percent increase in profit in the first quarter of 2018 compared with the same period last year as its net income increased from $200.5 million to $208.7 million.
The company’s net sales in the first quarter of 2018 saw a 9 percent increase from last year, growing to $2.4 billion.
Mohawk saw significant growth in LVT sales in its largest markets as well as growth in its ceramic business outside of the U.S., according to Chairman and CEO Jeffrey Lorberbaum.
Mohawk’s Flooring North America Segment’s sales saw an increase of 1 percent from the same quarter last year.
Material and freight inflation increased more than the company anticipated during the quarter, according to Lorberbaum.
“We are initiating selective pricing actions by product and region that, combined with improving mix and cost reductions, will offset expected inflation,” Lorberbaum said in a statement.
The company anticipates an increase in sales for the rest of the year as it looks to grow its new production and introduce additional products. It is also in the process of acquiring Australia-based Godfrey Hirst Carpets, an acquisition expected to increase the company’s revenue by $180 million.
