Mohawk Industries reported a net loss of $760 million in the third quarter of 2023. The results were a further drop from the company’s loss of $534 million in the third quarter of 2022.
Net sales declined 5.2% to $2.8 billion.
Chairman and CEO Jeff Lorberbaum said the quarter’s results were “in line” with the company’s expectations due to industry pressures such as “constrained residential investments and further tightening of consumer discretionary spending.”
“The predicted timing of the housing sector recovery continues to be postponed, and we are managing the business to optimize our results and cash flow until it occurs,” he added. “We are taking actions to increase our volumes while managing margins and operating expenses.”
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