Mohawk Industries’ (Calhoun, Ga.) net sales increased 9.0% in the fourth quarter of 2020 to $2.6 billion—the highest-ever quarterly sales in the company’s history, according to Chairman and CEO Jeffrey Lorberbaum.
The company reported a net profit of $248 million in the quarter, a decline from $264 million in the fourth quarter of 2019.
“Our results improved with higher volumes, restructuring initiatives and leverage on costs, while being adversely affected by lower runs and inventory, higher absenteeism and labor shortages in some operations,” Lorberbaum said in a statement. “We are also seeing greater inflationary pressures in many product categories, and we are increasing prices to recover.”
The company’s laminate, LVT and sheet vinyl outperformed all its other flooring categories.
Mohawk’s Flooring North America Segment sales increased 3%.
The full report can be found here.
The company also announced it has appointed James Brunk CFO. Brunk has served as the company’s corporate controller and chief accounting officer since 2009. He joined the company in 2006 as CFO of the Mohawk Home division.
“He has a deep understanding of our global operations and will positively influence our performance,” stated Lorberbaum. “His expertise in financial planning and analysis, mergers and acquisitions, accounting and investor relations has been exhibited throughout his three-decade career.”
