Mohawk Industries reported a net loss of $48 million in the second quarter of 2020 compared with a net income of $202 million in the same period last year.
Net sales dropped 21% to $2.0 billion compared with $2.6 billion in the second quarter of 2019.
“Though sales trends have improved significantly since government restrictions were lifted, the current environment is the most unpredictable in the history of our business,” Mohawk Chairman and CEO Jeffrey Lorberbaum said in a statement. “During the quarter, all of our businesses were dramatically impacted, with most of our customers and facilities operating either in a limited capacity or completely shut down for some time.”
The company’s Flooring North America Segment had a 19% decline in sales during the quarter and an operating loss of $45 million.
Mohawk has seen improvement in all of its businesses and markets since bottoming out in April, the company said.
“The residential remodeling and new construction channels have recovered more than commercial, where businesses are maintaining a cautious approach to investment,” the company stated.
The full second quarter financial report can be found here.
