Mohawk Industries reported net earnings of $271 million in the third quarter of 2021, a 32.1% jump compared with the third quarter of 2020.
Net sales increased 9.4% to $2.8 billion. The increases came despite a “changing environment,” rife with labor and supply challenges, Chairman and CEO Jeffrey Lorberbaum noted. Home sales remained strong across most geographies, however, as did remodeling investments.
“Most of our businesses are carrying significant order backlogs, and we plan to run our operations at high levels during the fourth period to improve our service and efficiencies,” Lorberbaum stated. “Currently, some of our fastest growing products are being limited by material and capacity constraints. We have initiated additional investments to increase our production of those and increase our sales and service.”
The company announced it acquired a European wood veneer plant to improve supply yields and the costs of its wood flooring.
The full Mohawk report can be found here.
