Mohawk Industries Q3 Sales Down 1.7%

Mohawk Industries Inc. reported third-quarter 2024 net sales of $2.7 billion, a decrease of 1.7% from 2023’s third-quarter net sales of $2.8 billion.

Meanwhile, net earnings for the third quarter of 2024 reached $162 million, compared with a net loss of $760 million in the third quarter of 2023.

The company attributed the decrease in sales to high interest rates, lingering inflation and lower consumer confidence. Mohawk expects recent interest rate cuts in the U.S., Europe and Latin America will strengthen housing markets and increase flooring sales next year.

“We delivered a solid performance in soft market conditions, which reflects the positive impact of our sales initiatives, productivity and restructuring actions as well as lower input costs, partially offset by pricing and mix pressure,” Mohawk CEO Jeff Lorberbaum said in a statement.

“Due to our increased earnings and management of working capital, we generated free cash flow of $204 million in the quarter, for a total of $443 million year to date. This year, we are investing approximately $450 million in capital projects focused on growth, reducing costs and asset maintenance,” Lorberbaum said.

Mohawk’s stock fell 12.57% Oct. 25 after the third-quarter report was released, GuruFocus News reported.

The full report for the third quarter of 2024 can be viewed here.

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