Mohawk Industries, one of the largest tile and flooring manufacturing groups in the world, has announced first quarter 2024 net earnings of $105m (£82.9m). Net sales for the first quarter of 2024 were $2.7bn (£2.13bn), a decrease of 4.5% as reported and 5.5% on a legacy and constant basis versus the prior year. Interestingly, the company’s global ceramic segment reportedly declined just 1.4% in net sales, whereas its flooring segment declined 5.6% in America and 7.4% in the rest of the world.
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.”
Regarding the ceramic tile sector specifically, Lorberbaum said: “Across the segment, our investments in new printing, polishing and rectifying technologies are delivering higher value styles and formats to improve our mix. We are introducing decorative innovations with new glazes, three-dimensional surfaces and updated artisanal mosaics. In the US, weather caused the suspension of operations at a number of our manufacturing facilities and service centers in January, impacting our cost and revenue.”
He also highlights the fact the US ceramic tile industry has filed a petition against India in response to widespread dumping of ceramic tile in the country’s market and expects tariffs between 400-800% plus additional duties for subsidies (this compares to tariffs below 10% in Europe).
Lorberbaum concluded: “As the world’s largest flooring manufacturer, we expect to significantly benefit from our brand leadership, investments in new capabilities and recent acquisitions as the flooring market recovers. We have the products to inspire consumers, the infrastructure to deliver superior service and the balance sheet strength to invest in opportunities for the business.”
www.mohawkind.com
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