Mohawk Industries (Calhoun, Ga.) announced net earnings of $202 million in the second quarter of 2019, a 2.5% increase from the $197 million it earned during the same period last year.
Mohawk Industries (Calhoun, Ga.) announced net earnings of $202 million in the second quarter of 2019, a 2.5% increase from the $197 million it earned during the same period last year.
Mohawk also had an uptick in net sales during the quarter, increasing 0.3% to $2.6 billion, as its earnings per share grew from $2.62 to $2.79. Sales in the company’s Flooring North America segment dropped 7.0%.
“Most markets we operate in remain soft, with pressure on volume and pricing, and we anticipate the environment to remain difficult,” stated Jeffrey Lorberbaum, chairman and CEO of Mohawk.
As it moves forward, Lorberbaum said the company is looking to cut costs by streamlining operations, consolidating facilities and taking out higher cost assets.
“The general conditions in our flooring markets around the world have become more challenging, and competition is more intense,” he stated, noting that the U.S. flooring market is “the most difficult.” The company is focusing on broadening its product offering and expanding its customer base with new investments in the U.S., Europe, Russia, Australia, New Zealand and Brazil.