Sector: Consumer Discretionary|Industry: Furnishings, Fixtures & Appliances|Market Cap: $7.43B|Employees: 43K
Mohawk Industries, Inc. designs, manufactures, sources, distributes, and markets flooring products for residential and commercial remodeling, and new construction channels in the United States, Europe, Latin America, and internationally. It operates through three segments: Global Ceramic, Flooring North America, and Flooring Rest of the World. The company provides ceramic, porcelain, and natural stone tiles products for floor and wall applications; natural stones, porcelain slabs, and quartz countertops, as well as installation materials; floor covering products comprising broadloom carpets, carpet tiles, rugs and mats, carpet pads, laminates, medium-density fiberboards, wood floorings, luxury vinyl tiles, and sheet vinyl; and roofing panels, insulation boards, mezzanine flooring products, medium-density fiberboard, and chipboards. It also licenses its intellectual property to flooring manufacturers. The company sells its products under the American Olean, Daltile, Decortiles, Eliane, EmilGroup, KAI, Kerama Marazzi, Marazzi, Ragno, Aladdin Commercial, Durkan, Foss, IVC, Karastan, Mohawk, Mohawk Group, Mohawk Home, Pergo, Portico, Quick-Step, Feltex, GH Commercial, Godfrey Hirst, Hycraft, IVC Commercial, IVC Home, Lentex, Leoline, and Moduleo, Redbook, Unilin, and Vitromex brands. It offers its products to company-owned service centers and stores, company-operated distributors, floor covering retailers, wholesalers, mass merchandisers, department stores, shop at home, buying groups, ceramic tile specialists, e-commerce retailers, residential builders, independent distributors, commercial contractors, and commercial end users. The company was incorporated in 1988 and is headquartered in Calhoun, Georgia.
Net sales for the three months ended March 30, 2024, were $2,679.4 million, compared to $2,806.2 million for the three months ended April 1, 2023, a decrease of 4.5%. This decrease was primarily attributed to an unfavorable net impact of price and product mix of approximately $172 million.
Gross profit for the three months ended March 30, 2024, was $649.5 million, compared to $643.4 million for the three months ended April 1, 2023. This increase was mainly due to lower input costs of approximately $146 million and productivity gains of approximately $35 million.
Operating income for the three months ended March 30, 2024, was $146.6 million, compared to operating income of $125.7 million for the three months ended April 1, 2023. The increase was primarily attributable to lower input costs of approximately $136 million and productivity gains of approximately $47 million.