Mohawk Reports Net Loss of $440 Million in 2023

Mohawk Industries Inc. announced fourth quarter 2023 net earnings of $139 million and earnings per share of $2.18 (adjusted net earnings were $125 million, and adjusted EPS was $1.96). Net sales for the quarter were $2.6 billion, a decrease of 1.4% as reported and 4.1% on a legacy and constant basis versus the fourth quarter of 2022. 

For the twelve months ending Dec. 31, 2023, Mohawk reported a net loss of $440 million and a loss per share of $6.90. Those numbers included non-cash impairment charges of $878 million; adjusted net earnings were $587 million, and adjusted EPS was $9.19. Net sales were $11.1 billion, a decrease of 5.1% as reported and 7.7% on a legacy and constant basis versus the prior year.

Chairman and CEO Jeff Lorberbaum stated, “Our fourth quarter results were ahead of our expectations, with benefits from cost containment, productivity and lower input costs. The industry reduced selling prices, and we passed through declining costs in energy and raw materials."

In the fourth quarter, Mohawk's Flooring North America Segment sales declined 3.6%. The company reported that "reduced market volumes led to low industry utilization rates and aggressive competition in the marketplace." 

Mohawk reported that as 2024 begins, the industry is at a cyclical low and it expects seasonality in the first quarter to be more aligned with long-term historical levels. It said its businesses are "minimizing expenses, reducing overhead and restructuring operations to adapt to present conditions." 

The full fourth-quarter report can be read here.

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