Mohawk Sales Declined 3.6% in Q1, Earnings Up 6.2%

Calhoun, GA, April 26, 2024-Mohawk announced net sales of $2.7 billion for Q1 2024, a 3.6% decline from Q1 2023’s $2.8 billion. 

Adjusted net earnings for Q1 2024 were $118.8 million, an increase of 6.2% compared to Q1 2023’s $111.9 million.

Net sales for the global ceramic division in Q1 2024 were $1.0 billion, a 1.4% decline. 

Flooring North America’s Q1 2024 net sales were $900 million, a 5.6% decline compared to net sales of $953 million in the prior year period.

Q1 sales for flooring ROW were $734 million, down 7.6% compared to $794 million in the prior year period.

Commenting on the company’s first quarter results, chairman and CEO Jeff Lorberbaum stated, “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. 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.

“Across our regions, market conditions remained similar to the prior 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. Retailers have reported that consumers are reluctant to initiate higher ticket projects, with flooring facing greater pressure since most replacements can be readily deferred.”