Mohawk Increased Sales & Earnings In Q3

Calhoun, GA, October 27, 2017-Mohawk reported Q3 2017 net earnings of $270 million, compared to net earnings of $269.9 million in Q3 2016.

Net sales for Q3 2017 were $2.4 billion, compared to $2.3 billion in Q3 2016, a 2% increase.

The company’s global ceramic business had net sales of $893.4 million in Q3 2017, up 8.7% from the prior year quarter’s $822 million.

Flooring North America operations had net sales of $1.03 billion in Q3 2017, an increase of 2.3% compared to $1.01 billion in the same quarter last year.

Flooring rest of world had sales of $523 million in Q3 2017, an increase of 12.9% compared to Q3 2016’s $464 million.

Said Jeffrey S. Lorberbaum, chairman and CEO, "For the full year, we are investing about $900 million to optimize long-term results by entering new product categories, extending our reach into new geographies and facilitating growth in our existing businesses. These projects include ceramic expansions in Mexico, Russia, Italy and Poland; additional premium laminate, engineered wood, rug and polyester carpet capacity in the U.S.; and increased premium laminate capacity in Europe and Russia. These investments will satisfy increasing demand for our products as well as introduce state-of-the-art manufacturing technology to further our position as the industry's innovation leader. During 2018, in the U.S., we will launch production of rigid LVT as well as quartz countertops. In Europe, we will enter the rigid LVT, carpet tile and porcelain countertop businesses, and in Russia we will open a manufacturing plant to participate in the country's large sheet vinyl market.”