Mohawk Industries reported net earnings of $280.4 million in the second quarter of 2022, a 16.6% slide compared with the same period last year.
The company’s net sales were $3.2 billion, a 6.7% increase compared with the second quarter of 2021.
“As the quarter progressed, the global economic environment became increasingly challenging, and our organization implemented additional actions to support our performance,” Mohawk Chairman and CEO Jeffrey Lorberbaum said in a statement. “Our operating income for the quarter was in line with our expectations, even as material, energy and transportation inflation remained a significant headwind and our translated results were impacted by the strengthening U.S. dollar.”
The company has instituted multiple price increases over the past 18 months due to “extraordinary inflation,” according to Lorberbaum.
Mohawk’s Flooring North America Segment brought in $1.1 billion in net sales, a 1.7% increase.
The company’s full second quarter report can be found here.
