Mohawk Industries, Inc. - MHK STOCK NEWS

Mohawk Industries reported Q3 2024 net earnings of $162 million with EPS of $2.55, and adjusted EPS of $2.90. Net sales were $2.7 billion, down 1.7% from prior year. The company generated free cash flow of $204 million in Q3, totaling $443 million year to date. Despite soft market conditions, performance was supported by sales initiatives, productivity improvements, and lower input costs, partially offset by pricing pressures. The company is executing restructuring initiatives expected to yield over $100 million in annual savings. Market conditions remained slower than anticipated due to high interest rates and lower consumer confidence, though commercial channel outperformed residential.

Mohawk Industries, Inc. (NYSE: MHK) has announced its Third Quarter 2024 earnings conference call, scheduled for Friday, October 25, 2024, at 11:00 am ET. The earnings release will be issued on Thursday, October 24, 2024. Investors can listen to the live broadcast on the company's website or register for the conference call. For those unable to attend, a replay will be available until November 22, 2024.

Mohawk Industries is the leading global flooring manufacturer, producing a wide range of products including carpet, rugs, ceramic tile, laminate, wood, stone, and vinyl flooring. The company has operations in multiple countries and owns several well-known brands in the industry. Over the past two decades, Mohawk has transformed from an American carpet manufacturer into the world's largest flooring company.

Mohawk Industries, Inc. (NYSE: MHK) has announced the promotion of Mauro Vandini to President of the Company's Global Ceramic Segment, effective September 15, 2024. Vandini will maintain his current role as President of Mohawk's European Ceramic business while taking on this new position. Jeff Lorberbaum, Mohawk's Chairman and CEO, praised Vandini's extensive knowledge of ceramic manufacturing, sales, and marketing.

Mohawk, the world's largest producer of ceramic tile, operates in eight countries across three continents and sells in approximately 140 nations. Vandini, who began his career with Marazzi Group in 1983, has been instrumental in modernizing European ceramic operations and expanding the business through acquisitions and market entries. Chris Wellborn will assist in Vandini's transition while continuing his role as Mohawk's President and COO.

Mohawk Industries (NYSE: MHK) reported Q2 2024 results with net earnings of $157 million and EPS of $2.46. Adjusted net earnings were $192 million with adjusted EPS of $3.00. Net sales decreased by 5.1% to $2.8 billion compared to Q2 2023. The company's performance reflected focus on sales initiatives, cost containment, and restructuring actions. Mohawk generated free cash flow of $142 million and repurchased 755,000 shares for $90 million. Despite soft market conditions, commercial channels outperformed residential. The company is initiating additional restructuring actions to generate annualized savings of $100 million. Segment-wise, Global Ceramic saw a 3.4% decline in net sales, Flooring Rest of World decreased by 8.3%, and Flooring North America declined by 4.3%.

Mohawk Industries (NYSE: MHK) has released its 15th annual impact report, showcasing significant progress in sustainability for 2023. The report, titled 'Surfaces with Purpose,' highlights the company's commitment to environmental and social responsibility.

Key achievements include:

• Exceeding greenhouse gas emissions intensity goal with a 36% reduction from 2010 baseline
• Recovering 44.9 million pounds of end-of-life products
• Recycling or reusing 58% of manufacturing waste
• Improving global water withdrawal intensity by 42% from 2010 baseline
• Maintaining a diverse workforce with 43% BIPOC employees in the U.S.
• Reducing global recordable incident rate by 10% compared to five years ago

Mohawk, the world's largest flooring manufacturer, operates in 19 countries and has recycled almost 60 billion plastic bottles in the past decade. The company continues to focus on product innovation, circularity, and reducing carbon, waste, and water usage.

Mohawk Industries (NYSE: MHK) will release its Second Quarter 2024 earnings on July 25, 2024. A live conference call will follow on July 26, 2024, at 11:00 am ET, accessible via their website or phone. Replays will be available until August 23, 2024.

Mohawk Industries is a global leader in flooring, producing a wide range of products including carpet, rugs, ceramic tile, laminate, wood, stone, and vinyl. The company leverages vertically integrated manufacturing and distribution processes, providing competitive advantages. Key brands include American Olean, Daltile, Durkan, and Mohawk.

Over the past two decades, Mohawk has expanded from an American carpet manufacturer to the world's largest flooring company with operations across Australia, Brazil, Canada, Europe, Malaysia, Mexico, New Zealand, and the United States.

Mohawk Industries, Inc. (NYSE: MHK) reported Q1 2024 net earnings of $105 million, EPS of $1.64, and adjusted net earnings of $119 million with adjusted EPS of $1.86. Net sales were $2.7 billion, a 4.5% decrease from the previous year. The company highlighted economic headwinds affecting industry sales but noted improved performance due to restructuring, cost reduction, and new product investments.

Mohawk Industries, Inc. (MHK) announces the First Quarter 2024 earnings release and invites investors to join the live conference call on April 26, 2024, at 11:00 am ET.

Mohawk Industries, Inc. (NYSE: MHK) reported fourth quarter 2023 net earnings of $139 million and earnings per share of $2.18, with adjusted net earnings of $125 million and adjusted EPS of $1.96. Net sales for the fourth quarter of 2023 were $2.6 billion, a decrease of 1.4%. For the twelve months ending December 31, 2023, the Company reported a net loss of $440 million, which included non-cash impairment charges of $878 million; adjusted net earnings were $587 million. Chairman and CEO Jeff Lorberbaum highlighted cost containment, productivity, and lower input costs as factors contributing to the positive results. The Global Ceramic Segment reported a 0.6% increase in net sales, while the Flooring Rest of the World Segment's net sales decreased by 1.5%. The Flooring North America Segment sales declined 3.6%. The company anticipates its first quarter adjusted EPS to be between $1.60 and $1.70, expecting improving industry conditions in the second half of the year.