Mohawk Industries (Calhoun, Ga.) reported net earnings of $33 million in the fourth quarter of 2022, an 82% decrease compared with the same period last year.
Mohawk Industries (Calhoun, Ga.) reported net earnings of $33 million in the fourth quarter of 2022, an 82% decrease compared with the same period last year.
Net sales for the quarter were $2.7 billion, a 4.0% drop compared with the fourth quarter of 2021.
“After a strong beginning to 2022, the U.S. housing market declined under pressure from rising interest rates and high inflation,” Chairman and CEO Jeffrey Lorberbaum said in a statement. “In Europe, energy and overall inflation escalated, and consumers reduced discretionary spending to pay for essentials. With lower home sales and residential remodeling in the second half of the year, our flooring volumes decreased. Throughout the year, commercial new construction and remodeling activity outperformed residential.”
Residential flooring sales retracted in the fourth quarter due to rising interest rates, declining home sales and lower consumer confidence, Lorberbaum added.
The full report can be found here.