Mohawk Industries Reports Fourth Quarter 2023 Financial Results
Mohawk Industries reported fourth quarter 2023 net earnings of $139 million, or $2.18 per share. Net sales for the quarter were $2.6 billion, a 1.4% decrease compared to the prior year.
Calhoun, Ga. – Mohawk Industries announced its fourth quarter and full year 2023 financial results on February 8, 2024. The company reported net sales of $2.6 billion for the fourth quarter, a decrease of 1.4% compared to the $2.7 billion reported in the fourth quarter of 2022. Net earnings for the quarter were $139 million, or $2.18 per diluted share, compared to $33 million, or $0.52 per diluted share, in the prior year's fourth quarter.
For the full year ended December 31, 2023, net sales were $11.1 billion, a 5.1% decrease from $11.7 billion in 2022. The company reported a net loss of $440 million, or a loss of $6.90 per share, for the full year, which included non-cash impairment charges of $878 million. Adjusted net earnings for the full year were $587 million, or $9.19 per share.
Chairman and CEO Jeff Lorberbaum commented that the fourth quarter results exceeded expectations, benefiting from cost containment, productivity, and lower input costs. He noted that industry selling prices declined, and the company passed through decreasing energy and raw material costs. Mohawk focused on optimizing revenues and reducing costs through restructuring and manufacturing enhancements while managing inventory levels.
The company's segments showed varied performance. Global Ceramic Segment net sales decreased on a legacy and constant basis, while Flooring Rest of the World Segment saw a 1.5% decrease. Flooring North America Segment sales declined 3.6% due to reduced market volumes and competitive pressures. Mohawk stated it is investing in sales, merchandising, and new products to drive future growth across its segments.