Mohawk Industries (Calhoun, Ga.) reported net earnings of $245 million in the first quarter of 2022, a 3.6% increase compared with the same period last year.
Net sales increased 13% to $3.0 billion, an all-time record, according to Chairman and CEO Jeffrey Lorberbaum. Lorberbaum credited growth in Mohawk’s ceramic business, improving commercial sector and small acquisitions for the positive results, which he said exceeded the company’s expectations.
“Market conditions for flooring remain favorable, even as governments raise interest rates to combat inflation,” Lorberbaum said in a statement. Mohawk’s Flooring North America Segment sales increased 10.6%. The company also implemented price increases during the quarter.
“During the past year, rapid cost escalations have required multiple pricing actions to pass through inflation,” Lorberbaum added. “We have implemented these unprecedented increases across our markets and have announced additional increases across the business as inflation continues to rise.”
The full report can be found here.
