Mohawk Industries Inc.'s (Calhoun, Ga.) first quarter net earnings were $105 million, more than 31% above the $80 million in net earnings in the first quarter of 2023. Earnings per share were $1.64, compared with $1.26 in the first quarter of 2023.
Net sales for the first quarter of 2024 were $2.7 billion, down from $2.8 billion in the first quarter of 2023.
Mohawk's Flooring North America Segment first quarter sales declined 5.6% compared with the prior year. The company said sales improved through the quarter.
Mohawk said that market conditions were similar to the previous quarter, with "significant pricing and mix pressure due to industry competition for volume. Though slowing, the commercial channel continues to outperform residential. Residential remodeling remains soft due to low housing sales and the impact of inflation on discretionary spending."
“Though economic headwinds are impacting industry sales, margins and mix, our first quarter results reflected the positive effect of actions we are taking to enhance our performance," Chairman and CEO Jeff Lorberbaum stated. "Our earnings per share rose year over year as a result of restructuring, productivity initiatives and benefits from lower cost raw materials and energy, partially offset by weaker pricing and mix."
"The flooring industry appears to be at the bottom of this cycle, and we are managing the controllable aspects of our business to improve our results," Mohawk stated.
The full report for the first quarter of 2024 can be viewed here.
