Mohawk Industries Reports Q4 Results, Net Sales Down 1.0% Adjusted
Mohawk Industries announced fourth quarter 2024 net sales of $2.6 billion, up 1.0% as reported and down 1.0% on an adjusted basis. Net earnings were $93 million, or $1.48 per share.
Calhoun, Ga. – Mohawk Industries, a global flooring manufacturer, reported fourth quarter 2024 results on February 6, 2025, showing a slight decline in net sales compared to the prior year. Net sales for the fourth quarter reached $2.6 billion, marking a 1.0% decrease on an adjusted basis from the same period in 2023.
The company's net earnings for the fourth quarter amounted to $93 million, or $1.48 per diluted share. Adjusted net earnings were $123 million, or $1.95 per share. In the comparable fourth quarter of 2023, Mohawk Industries reported net sales of $2.6 billion and net earnings of $140 million.
For the full year ending December 31, 2024, net sales decreased by 2.7% to $10.8 billion. The company's net earnings for the year were $518 million. The prior year's results were significantly impacted by non-cash impairment charges totaling $878 million. Chairman and CEO Jeff Lorberbaum stated that the fourth quarter results exceeded expectations despite market headwinds.
Mohawk Industries faced market conditions characterized by consumer caution on large discretionary purchases, a subdued housing market, and higher interest rates. The company focused on product introductions and marketing initiatives to counter market pressures. Significant restructuring actions were also implemented to improve efficiency, contributing to a nearly 6% increase in full-year adjusted earnings per share despite the challenging environment.