Mohawk Q3 2024 Sales Down 1.7%, Earnings Up

Calhoun, GA, October 25, 2024-- Mohawk announced Q3 2024 net sales were $2.7 billion, a decrease of 1.7% compared to net sales of $2.8 billion in Q3 2023.

Net earnings for Q3 2024 were $162 million, compared to a net loss of $760.4 million in the same period last year.

For the nine months of 2024, net sales were $8.2 billion, a decrease of 3.8% compared to net sales of $8.5 billion in Q3 2023.

Net earnings for the first nine months of 2024 were $425 million, compared to a net loss of $579 million in the same period last year.

For Q3, the Global Ceramic segment reported a 3.1% decline in net sales, from $1.092 billion last year to $1.058 billion this year.

Flooring Rest of the World segment had Q3 2024 net sales of $687 million, a 3.5% compared to net sales of $712 million in Q3 2023.

For the Flooring North America segment Q3 2024 sales were $974 million, a 1.2% increase versus the prior year’s $962 million.

Commenting on the company’s Q3 results, chairman and CEO Jeff Lorberbaum stated, “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. 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.

“In all our regions, market conditions were slower than anticipated given high interest rates, lingering inflation and lower consumer confidence. During the quarter, our sales initiatives delivered volume gains in many product categories, offset by pricing pressures and negative mix. Though the commercial channel has lost some momentum as the year progressed, it continued to outperform residential.”