Mohawk Industries reports 4Q results

February 12, 2019
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Mohawk/Fordaq
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Mohawk Industries, Inc. announced 4Q 2018 net earnings of $229 million and diluted earnings per share (EPS) of $3.05. Adjusted net earnings were $188 million and EPS was $2.53, excluding restructuring, acquisition and other charges, a 26% decrease from last year.

Net sales for the 4Q 2018 were $2.45 billion, up 3% in the quarter and 5% on a constant currency basis. For the 4Q 2017, net sales were $2.37 billion, net earnings were $240 million and EPS was $3.21; adjusted net earnings were $256 million, and EPS was $3.42, excluding restructuring, acquisition and other charges.

For the twelve months ending December 31, 2018, net earnings and EPS were $862 million and $11.47, respectively.

For the twelve-month period ending December 31, 2017, net sales were $9.5 billion, net earnings were $972 million and EPS was $12.98; excluding restructuring, acquisition and other charges, net earnings and EPS were $1 billion and $13.61.

Jeffrey S. Lorberbaum, Chairman and CEO, stated, "The period was affected by significant inflation, slowing markets and LVT impacting sales of other products. Even as we executed price increases in many products, our businesses experienced greater pressures on pricing and mix. In the quarter, inflation continued to be a headwind across most of our categories, as higher cost materials flowed through our results. During the period, we decreased our manufacturing production to adapt to market demand. Our start-up costs for the quarter were higher than we projected, with LVT production improving slower than anticipated. Our new countertop and sheet vinyl plants initiated manufacturing, along with our Polish ceramic tile expansion.”

Mohawk Industries is the leading global flooring manufacturer. Mohawk's vertically integrated manufacturing and distribution processes provide competitive advantages in the production of carpet, rugs, ceramic tile, laminate, wood, stone and vinyl flooring.