Mohawk Industries, one of the world’s largest manufacturers of ceramic tiles, has announced fourth quarter 2022 net earnings of $33m (£26.8m) and diluted earnings per share (EPS) of $0.52. Net sales for the fourth quarter of 2022 were $2.7bn, a decrease of 4.0% as reported. For the fourth quarter of 2021, net sales were $2.8bn, net earnings were $189 million and EPS was $2.80.
For the 2022 twelve-month period, net sales were approximately $11.7 billion, an increase of 4.8% versus prior year as reported or 8.8% on a constant currency and days basis. For the twelve-month period ending December 31, 2021, net sales were approximately $11.2 billion, net earnings were $1,033 million and EPS was $14.94.
Commenting on Mohawk Industries’ full year and fourth quarter performance, Jeffrey S. Lorberbaum, chair and CEO, said: “After a strong beginning to 2022, the US housing market declined under pressure from rising interest rates and high inflation. In Europe, energy and overall inflation escalated, and consumers reduced discretionary spending to pay for essentials. With lower home sales and residential remodelling in the second half of the year, our flooring volumes decreased. Throughout the year, commercial new construction and remodelling activity outperformed residential.”
“Mohawk concluded 2022 with a strong balance sheet, low net debt leverage of 1.3 times EBITDA and available liquidity of approximately $1.8 billion to manage the current environment and optimise our long-term results,” the company said. During 2022, it acquired five smaller businesses to extend the scope of its product offering and distribution. This month, Mohawk completed the acquisition of Elizabeth, a Brazilian ceramic producer, while it is awaiting regulatory approval for the acquisition of Vitromex in Mexico. “Both Vitromex and Elizabeth will almost double our local market positions, expand our customer base and product offering and improve our manufacturing capabilities,” Mohawk said.
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