Mohawk Industries has announced fourth quarter 2024 net earnings of $93m (£71.8m), with adjusted net earnings at $123m (£95m). Net sales for the fourth quarter of 2024 were $2.6bn (£2bn), an increase of 1.0% as reported and a decrease of 1.0% on an adjusted basis versus the prior year.
Chairman and CEO Jeff Lorberbaum said: “Our fourth quarter results exceeded our expectations as sales actions, restructuring initiatives and productivity improvements benefited our performance. Additionally, the negative sales impact from U.S. hurricanes was limited to approximately $10m. While residential demand remained soft in our markets, our product introductions last year and our marketing initiatives contributed to our sales performance around the globe.
“The fourth quarter environment was an extension of conditions our industry faced throughout last year. Consumers continued to limit large discretionary purchases, and consumer confidence remained constrained by cumulative inflation, economic uncertainty and geopolitical tensions. During 2024, home sales around the world stayed suppressed, US homeowners remained locked in place with low mortgage rates, and existing US home sales fell to a 30-year low.
Speaking specifically about the company’s performance in the tile sector, Lorberbaum continued: “For the fourth quarter, our global ceramic segment’s net sales increased 1.5% as reported, or a 1.2% increase on an adjusted basis, versus the prior year. The segment’s operating margin was 3.4% as reported, or 5.3% on an adjusted basis. The segment’s operating margin was reduced by unfavourable pricing and mix, partially offset by productivity gains.”
www.mohawkind.com
