Mohawk Industries reported Q3 net income of $162 million, down in sales

From GlobeNewswire: 2024-10-26 05:19:00

Mohawk Industries, Inc. (NYSE: MHK) reported Q3 2024 net income of $162 million, with EPS at $2.55; adjusted net income was $184 million, with adjusted EPS of $2.90. Net sales for the quarter were $2.7 billion, down 1.7% from the previous year. The company focused on cost management and reported improved operating results despite market pressures.

For the first nine months of 2024, net income was $425 million, with adjusted net income at $494 million. Adjusted EPS was $7.75. Net sales for the period were $8.2 billion, down 3.8% from the previous year. Mohawk Industries noted a soft market environment with lower sales in all regions.

Despite challenges in the market, Mohawk Industries remains confident in its strategic performance improvements. The company continues to focus on controlling costs, introducing innovative products, optimizing sales, and implementing restructuring measures to save over $1 billion annually.

In the third quarter, Mohawk Industries’ global ceramic business reported a 3.1% decline in net sales. The segment’s operating profit margin was 7.9%, which expanded to 8.6% after adjustments. The company is leveraging advanced technologies to enhance product portfolios and control costs effectively.

In the flooring business segment, global net sales decreased by 3.5% in Q3 2024. Operating profit margins improved to 10.5% after adjustments. Mohawk Industries is simplifying operations, reducing costs, and strengthening logistics to offset challenges in pricing and product mix.

Mohawk Industries provided a comprehensive financial overview, including adjusted EBITDA, net debt levels, and reconciliations of earnings to adjusted figures. Additionally, the company highlighted ongoing efforts to drive sales through product innovation, marketing initiatives, and promotional activities. Strategic cost management and operational improvements remain key focus areas for future performance. Contact CFO James Brunk for further information.

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