{"id":752316,"date":"2023-04-27T17:25:17","date_gmt":"2023-04-27T21:25:17","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/mohawk-industries-reports-q1-results-3\/"},"modified":"2023-04-27T17:25:17","modified_gmt":"2023-04-27T21:25:17","slug":"mohawk-industries-reports-q1-results-3","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/mohawk-industries-reports-q1-results-3\/","title":{"rendered":"Mohawk Industries Reports Q1 Results"},"content":{"rendered":"
\n

CALHOUN, Ga., April 27, 2023 (GLOBE NEWSWIRE) — Mohawk Industries, Inc. (NYSE: MHK) today announced first quarter 2023 net earnings of $80 million and diluted earnings per share (EPS) of $1.26. Adjusted net earnings were $112 million, and adjusted EPS was $1.75, excluding restructuring, acquisition and other charges. Net sales for the first quarter of 2023 were $2.8 billion, a decrease of 6.9% as reported and 5.9% on a constant currency and days basis. For the first quarter of 2022, net sales were $3.0 billion, net earnings were $245 million and EPS was $3.78. Adjusted net earnings were $246 million, and adjusted EPS was $3.78, excluding restructuring, acquisition and other charges.<\/p>\n

Commenting on Mohawk Industries\u2019 first quarter performance, Jeffrey S. Lorberbaum, Chairman and CEO, stated, \u201cAll of our businesses are adapting our strategies to a more challenging environment. We are managing our costs while investing in both our short and long-term growth. We exceeded our earnings expectations with the business maintaining higher pricing and stronger mix, and Flooring Rest of the World outperforming the other segments. The commercial channel continued to be stronger than residential with home remodeling projects being postponed and new housing construction being impacted by higher mortgage rates. Our balance sheet remains strong, and we generated $129 million of free cash flow in the quarter.\u201d<\/p>\n

We strategically invested in new product innovation, enhanced merchandising and customer trade shows to improve sales. We are continuing to reduce costs across the enterprise by enhancing productivity, streamlining processes and controlling administrative expenses. Our customers remained conservative with their inventory commitments, and our operations are running at lower utilization levels, creating higher costs from unabsorbed overhead. In Flooring North America and Flooring Rest of the World, our restructuring actions are on track and should improve the results of our business.<\/p>\n

We are limiting our capital investments to those providing significant sales, margin and process improvements. We are expanding our constrained categories that have the greatest growth potential when the economy improves, including LVT, premium laminate, quartz countertops, porcelain slabs and insulation products. We completed two ceramic acquisitions in Brazil and Mexico that had combined sales of approximately $425 million in 2022, almost doubling our existing market share. We are developing strategies to increase sales and beginning to consolidate the businesses to reduce cost, improve efficiencies and optimize production. We also continue to improve the small bolt-on acquisitions in Europe and the U.S. that we completed last year.<\/p>\n

Natural gas and electricity inflation remained a headwind in the first quarter, though our future results will benefit as lower energy costs flow through our P&L. Our sustainability strategy includes investments in the production of green energy, which reduces both our expenses and carbon footprint. Our two biomass energy plants lowered our costs and improved our results in the quarter. We also purchased some of our European energy at various times to reduce future cost volatility. Italian energy subsidies have recently been extended at reduced levels through the second quarter of 2023.<\/p>\n

For the first quarter, the Global Ceramic Segment reported a 0.5% decline in net sales as reported, or a 1.2% decline on a constant currency and days basis. The Segment\u2019s operating margin was 6.0% as reported, or 6.3% on an adjusted basis, as a result of favorable pricing and product mix and productivity gains, offset by inflation, lower volumes and temporary shutdowns. Our 2023 product launches with new sizes, unique visuals and polished finishes are benefiting our mix. We are reducing production to align with demand and competition in the marketplace is increasing. The U.S. is performing better than our other ceramic markets due to our greater sales in the commercial sector. Our more reliable U.S. domestic production is benefiting our sales, particularly in our premium collections that provide alternatives to European products. To increase our quartz countertop volume, we are expanding our business with national accounts, contractors and kitchen and bath retailers. In our European ceramic business, we maintained higher average selling prices than we anticipated, though our volumes decreased as residential remodeling slowed. Our other ceramic markets also declined with reduced spending on homes and greater reductions in customer inventories, though our sales trends in these regions seasonally improved as we progressed through the period.<\/p>\n

During the first quarter, our Flooring Rest of the World Segment\u2019s net sales decreased by 9.7% as reported or 5.5% on a constant currency and days basis. The Segment\u2019s operating margin was 9.5% as reported, or 12.6% on an adjusted basis, as a result of favorable pricing and product mix offset by inflation, lower volumes and temporary shutdowns. Our European businesses have been compressed as high energy prices and inflation impacted consumer budgets. Compared to the prior quarter, the Segment’s business improved as we increased promotions to strengthen sales, had fewer shutdowns, lowered costs and expanded product options for more constrained consumer budgets. As input costs decline, we expect competitive pressures to increase in the market. Both laminate and LVT volumes were lower in the quarter, and we are controlling our costs and production levels in response. We have begun the conversion of our residential LVT from flexible to rigid and are preparing to restructure the operations. Our sheet vinyl volume increased as consumers sought options to lower remodeling costs. In our new Eastern European sheet vinyl acquisition, we are improving the product offering and enhancing the facility\u2019s production and efficiencies. Our panels business has slowed with the market and inventory reductions in the channel. Our margins were higher than anticipated due to stronger pricing, lower input costs and benefits from our biomass energy production. We are making progress on achieving planned synergies in our French panels and German mezzanine flooring acquisitions. Our insulation category performed the best in the Segment as energy efficiency has become a greater priority, and our polyurethane products provide the greatest heat resistant properties. We have integrated our insulation acquisition in Ireland and the U.K., and our new facility is ramping up production ahead of schedule. In Australia and New Zealand, our results were reduced by higher interest rates and lower volumes. We are selectively introducing promotions to drive sales and have raised prices to offset cost inflation.<\/p>\n

In the first quarter, our Flooring North America Segment sales decreased 11.1%. The Segment had a negative operating margin of 0.2% as reported, or positive 0.5% on an adjusted basis, as a result of favorable pricing and product mix along with productivity gains, offset by inflation, reduced volumes, temporary shutdowns and incremental marketing investments. The Segment has been challenged by significant inflation, higher interest rates and more restrictive lending, which have weakened the housing market and our industry. As a result, our customers are more tightly managing their inventory levels, and we are aligning production with demand. Our margins should expand in the second quarter as our input costs improve and plant utilization increases. Our restructuring actions are on track and will lower our cost in the residential and commercial soft surface categories. Commercial sales remained solid with new construction and remodeling projects continuing in most channels. The commercial flooring accessories acquisition we completed last year has complemented our product offering and benefited our business. Sales of residential soft surfaces declined more than our other categories. The multifamily business remains the strongest category in residential, and we are expanding our participation in the channel. The U.S. LVT market is becoming more competitive as the industry slows and ocean freight costs decline. Imports from Asia are being interrupted as the U.S. requires proof of supply chain compliance as part of the forced labor protection act. Our West Coast LVT plant is continuing to ramp up and production will increase as we move through the year. Sheet vinyl sales are outperforming as consumers seek more budget-oriented options. During the quarter, our laminate sales in retail expanded with its increased acceptance as a waterproof alternative, though volumes in the other channels declined.<\/p>\n

Our industry is operating in a completely different environment than a year ago. Around the world, central banks are raising interest rates to slow their economies and reduce inflation. These actions lower our industry volume as new home sales and residential remodeling are postponed. The commercial sector has remained stronger than residential, though higher interest rates and tighter lending requirements could affect business investments as the year progresses. We are maximizing our sales and distribution by focusing on better performing channels, introducing differentiated products and providing enhanced service and value. We are proactively managing our spending and cost structures to optimize our results. We anticipate that industry volume and pricing will remain under pressure across our markets. We expect seasonal improvement in demand along with reduced energy and material costs to improve our future results. Given these factors, we anticipate our second quarter adjusted EPS to be between $2.56 and $2.66, excluding any restructuring, acquisition and other charges.<\/p>\n

This industry downturn is unique, with employment remaining high, businesses continuing to invest and homes maintaining their valuations. We are conservatively managing the near term while we invest in long-term growth through product innovation, capacity expansions and acquisitions. Our strong balance sheet enables us to navigate the current downturn as we prepare for the industry rebound that follows. Longer term, all of our regions require the updating of aging houses and significant new home construction to satisfy market needs. With our strength across regions, markets and products, we anticipate capturing increased opportunities when the recovery occurs in the housing market and the economy.<\/p>\n

\n ABOUT MOHAWK INDUSTRIES<\/strong>\n <\/p>\n

Mohawk Industries is the leading global flooring manufacturer that creates products to enhance residential and commercial spaces around the world. Mohawk\u2019s vertically integrated manufacturing and distribution processes provide competitive advantages in the production of carpet, rugs, ceramic tile, laminate, wood, stone and vinyl flooring. Our industry leading innovation has yielded products and technologies that differentiate our brands in the marketplace and satisfy all remodeling and new construction requirements. Our brands are among the most recognized in the industry and include American Olean, Daltile, Durkan, Eliane, Feltex, Godfrey Hirst, IVC, Karastan, Marazzi, Mohawk, Mohawk Group, Pergo, Quick-Step and Unilin. During the past decade, Mohawk has transformed its business from an American carpet manufacturer into the world\u2019s largest flooring company with operations in Australia, Brazil, Canada, Europe, Malaysia, Mexico, New Zealand, Russia and the United States.<\/p>\n

Certain of the statements in the immediately preceding paragraphs, particularly anticipating future performance, business prospects, growth and operating strategies and similar matters and those that include the words \u201ccould,\u201d \u201cshould,\u201d \u201cbelieves,\u201d \u201canticipates,\u201d \u201cexpects,\u201d and \u201cestimates,\u201d or similar expressions constitute \u201cforward-looking statements.\u201d For those statements, Mohawk claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.\u00a0\u00a0 There can be no assurance that the forward-looking statements will be accurate because they are based on many assumptions, which involve risks and uncertainties. The following important factors could cause future results to differ: changes in economic or industry conditions; competition; inflation and deflation in freight, raw material prices and other input costs; inflation and deflation in consumer markets; currency fluctuations; energy costs and supply; timing and level of capital expenditures; timing and implementation of price increases for the Company\u2019s products; impairment charges; integration of acquisitions; international operations; introduction of new products; rationalization of operations; taxes and tax reform; product and other claims; litigation; the risks and uncertainty related to the COVID-19 pandemic; regulatory and political changes in the jurisdictions in which the Company does business; and other risks identified in Mohawk\u2019s SEC reports and public announcements.<\/p>\n

\n Conference call Friday, April 28, 2023, at 11:00 AM Eastern Time<\/strong>\n <\/p>\n

To participate in the conference call via the Internet, please visit http:\/\/ir.mohawkind.com\/events\/event-details\/mohawk-industries-inc-1st-quarter-2023-earnings-call<\/a><\/strong>. To participate in the conference call via telephone, register in advance at https:\/\/dpregister.com\/sreg\/10177490\/f8f85704c6<\/a>\u00a0<\/strong>to receive a unique personal identification number or dial 1-833-630-1962 for U.S.\/Canada and 1-412-317-1843 for international\/local on the day of the call for operator assistance. A replay will be available until May 26, 2023, by dialing 1-877-344-7529 for U.S.\/Canada calls and 1-412-317-0088 for international\/local calls and entering access code #6741654.<\/p>\n\n\n\n
\n Contact:<\/strong>\u00a0<\/td>\n\u00a0<\/td>\n\n James Brunk, Chief Financial Officer<\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\n (706) 624-2239<\/strong>\n <\/td>\n<\/tr>\n<\/table>\n

\n
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n MOHAWK INDUSTRIES, INC. AND SUBSIDIARIES<\/strong>\n <\/td>\n<\/tr>\n
\n CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS<\/strong>\n <\/td>\n<\/tr>\n
(Unaudited)<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\nThree Months Ended<\/td>\n<\/tr>\n
\n (Amounts in thousands, except per share data)<\/em>\n <\/td>\n\u00a0<\/td>\n\n April 1, 2023<\/strong>
\n
\n
\n <\/strong>\n <\/td>\n		\u00a0<\/td>\n\u00a0<\/td>\nApril 2, 2022<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Net sales<\/strong>\n <\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 2,806,223<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3,015,663<\/td>\n<\/tr>\n
Cost of sales<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 2,162,781<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2,213,535<\/td>\n<\/tr>\n
\n Gross profit<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 643,442<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n802,128<\/td>\n<\/tr>\n
Selling, general and administrative expenses<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 517,652<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n481,327<\/td>\n<\/tr>\n
\n Operating income <\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 125,790<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n320,801<\/td>\n<\/tr>\n
Interest expense<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 17,137<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n11,481<\/td>\n<\/tr>\n
Other expense (income), net<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n (566<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n2,438<\/td>\n<\/tr>\n
\n Earnings before income taxes<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 109,219<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n306,882<\/td>\n<\/tr>\n
Income tax expense<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 28,943<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n61,448<\/td>\n<\/tr>\n
\n Net earnings including noncontrolling interests<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 80,276<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n245,434<\/td>\n<\/tr>\n
Net earnings attributable to noncontrolling interests<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 38<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n105<\/td>\n<\/tr>\n
\n Net earnings attributable to Mohawk Industries, Inc.<\/strong>\n <\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 80,238<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n245,329<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Basic earnings per share attributable to Mohawk Industries, Inc.<\/strong>\n <\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 1.26<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3.79<\/td>\n<\/tr>\n
\n Weighted-average common shares outstanding – basic<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 63,582<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n64,686<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Diluted earnings per share attributable to Mohawk Industries, Inc.<\/strong>\n <\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 1.26<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3.78<\/td>\n<\/tr>\n
\n Weighted-average common shares outstanding – diluted<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 63,846<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n64,970<\/td>\n<\/tr>\n<\/table>\n

\n \n <\/p>\n\n\n\n\n\n\n\n\n\n
\n Other Financial Information<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\nThree Months Ended<\/td>\n<\/tr>\n
\n (Amounts in thousands)<\/em>\n <\/td>\n\u00a0<\/td>\n\n April 1, 2023<\/strong>\n <\/td>\n\u00a0<\/td>\nApril 2, 2022<\/td>\n\u00a0<\/td>\n<\/tr>\n
Net cash provided by operating activities<\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 257,276<\/strong>\n <\/td>\n\u00a0<\/td>\n54,954<\/td>\n\u00a0<\/td>\n<\/tr>\n
Less: Capital expenditures<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 128,493<\/strong>\n <\/td>\n\u00a0<\/td>\n129,470<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Free cash flow<\/strong>\n <\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 128,783<\/strong>\n <\/td>\n\u00a0<\/td>\n(74,516<\/td>\n)<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Depreciation and amortization<\/strong>\n <\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 169,909<\/strong>\n <\/td>\n\u00a0<\/td>\n141,415<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

\n \n <\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n MOHAWK INDUSTRIES, INC. AND SUBSIDIARIES<\/strong>\n <\/td>\n<\/tr>\n
\n CONDENSED CONSOLIDATED BALANCE SHEETS<\/strong>\n <\/td>\n<\/tr>\n
(Unaudited)<\/td>\n<\/tr>\n
\n (Amounts in thousands)<\/em>\n <\/td>\n\n April 1, 2023<\/strong>\n <\/td>\n\u00a0<\/td>\nApril 2, 2022<\/td>\n<\/tr>\n
\n ASSETS<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Current assets:<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Cash and cash equivalents<\/td>\n\n $<\/strong>\n <\/td>\n\n 572,858<\/strong>\n <\/td>\n\u00a0<\/td>\n230,559<\/td>\n<\/tr>\n
Short-term investments<\/td>\n\u00a0<\/td>\n\n 150,000<\/strong>\n <\/td>\n\u00a0<\/td>\n310,000<\/td>\n<\/tr>\n
Receivables, net<\/td>\n\u00a0<\/td>\n\n 2,052,362<\/strong>\n <\/td>\n\u00a0<\/td>\n2,044,698<\/td>\n<\/tr>\n
Inventories<\/td>\n\u00a0<\/td>\n\n 2,729,876<\/strong>\n <\/td>\n\u00a0<\/td>\n2,513,244<\/td>\n<\/tr>\n
Prepaid expenses and other current assets<\/td>\n\u00a0<\/td>\n\n 556,043<\/strong>\n <\/td>\n\u00a0<\/td>\n466,238<\/td>\n<\/tr>\n
\n Total current assets<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 6,061,139<\/strong>\n <\/td>\n\u00a0<\/td>\n5,564,739<\/td>\n<\/tr>\n
Property, plant and equipment, net<\/td>\n\u00a0<\/td>\n\n 4,945,952<\/strong>\n <\/td>\n\u00a0<\/td>\n4,552,612<\/td>\n<\/tr>\n
Right of use operating lease assets<\/td>\n\u00a0<\/td>\n\n 396,064<\/strong>\n <\/td>\n\u00a0<\/td>\n384,740<\/td>\n<\/tr>\n
Goodwill<\/td>\n\u00a0<\/td>\n\n 2,022,457<\/strong>\n <\/td>\n\u00a0<\/td>\n2,579,385<\/td>\n<\/tr>\n
Intangible assets, net<\/td>\n\u00a0<\/td>\n\n 893,064<\/strong>\n <\/td>\n\u00a0<\/td>\n883,527<\/td>\n<\/tr>\n
Deferred income taxes and other non-current assets<\/td>\n\u00a0<\/td>\n\n 444,781<\/strong>\n <\/td>\n\u00a0<\/td>\n421,716<\/td>\n<\/tr>\n
\n Total assets<\/strong>\n <\/td>\n\n $<\/strong>\n <\/td>\n\n 14,763,457<\/strong>\n <\/td>\n\u00a0<\/td>\n14,386,719<\/td>\n<\/tr>\n
\n LIABILITIES AND STOCKHOLDERS’ EQUITY<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Current liabilities:<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Short-term debt and current portion of long-term debt<\/td>\n\n $<\/strong>\n <\/td>\n\n 1,056,473<\/strong>\n <\/td>\n\u00a0<\/td>\n1,546,463<\/td>\n<\/tr>\n
Accounts payable and accrued expenses<\/td>\n\u00a0<\/td>\n\n 2,155,412<\/strong>\n <\/td>\n\u00a0<\/td>\n2,220,347<\/td>\n<\/tr>\n
Current operating lease liabilities<\/td>\n\u00a0<\/td>\n\n 106,488<\/strong>\n <\/td>\n\u00a0<\/td>\n104,823<\/td>\n<\/tr>\n
\n Total current liabilities<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 3,318,373<\/strong>\n <\/td>\n\u00a0<\/td>\n3,871,633<\/td>\n<\/tr>\n
Long-term debt, less current portion<\/td>\n\u00a0<\/td>\n\n 2,265,138<\/strong>\n <\/td>\n\u00a0<\/td>\n1,088,401<\/td>\n<\/tr>\n
Non-current operating lease liabilities<\/td>\n\u00a0<\/td>\n\n 304,123<\/strong>\n <\/td>\n\u00a0<\/td>\n293,239<\/td>\n<\/tr>\n
Deferred income taxes and other long-term liabilities<\/td>\n\u00a0<\/td>\n\n 770,117<\/strong>\n <\/td>\n\u00a0<\/td>\n845,843<\/td>\n<\/tr>\n
\n Total liabilities<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 6,657,751<\/strong>\n <\/td>\n\u00a0<\/td>\n6,099,116<\/td>\n<\/tr>\n
\n Total stockholders’ equity<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 8,105,706<\/strong>\n <\/td>\n\u00a0<\/td>\n8,287,603<\/td>\n<\/tr>\n
\n Total liabilities and stockholders’ equity<\/strong>\n <\/td>\n\n $<\/strong>\n <\/td>\n\n 14,763,457<\/strong>\n <\/td>\n\u00a0<\/td>\n14,386,719<\/td>\n<\/tr>\n<\/table>\n

\n \n <\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n Segment Information <\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\nAs of or for the Three Months Ended<\/td>\n<\/tr>\n
\n (Amounts in thousands)<\/em>\n <\/td>\n\u00a0<\/td>\n\n April 1, 2023<\/strong>
\n
\n
\n <\/strong>\n <\/td>\n		\u00a0<\/td>\n\u00a0<\/td>\nApril 2, 2022<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Net sales:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Global Ceramic<\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 1,059,334<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,064,757<\/td>\n\u00a0<\/td>\n<\/tr>\n
Flooring NA<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 953,417<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,071,910<\/td>\n\u00a0<\/td>\n<\/tr>\n
Flooring ROW<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 793,472<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n878,996<\/td>\n\u00a0<\/td>\n<\/tr>\n
Consolidated net sales<\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 2,806,223<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3,015,663<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Operating income (loss):<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Global Ceramic<\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 63,317<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n100,338<\/td>\n\u00a0<\/td>\n<\/tr>\n
Flooring NA<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n (2,013<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n95,324<\/td>\n\u00a0<\/td>\n<\/tr>\n
Flooring ROW<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 75,245<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n134,650<\/td>\n\u00a0<\/td>\n<\/tr>\n
Corporate and intersegment eliminations<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n (10,759<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n(9,511<\/td>\n)<\/td>\n<\/tr>\n
Consolidated operating income<\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 125,790<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n320,801<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Assets:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Global Ceramic<\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 5,499,366<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n5,240,214<\/td>\n\u00a0<\/td>\n<\/tr>\n
Flooring NA<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 4,265,140<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n4,220,757<\/td>\n\u00a0<\/td>\n<\/tr>\n
Flooring ROW<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 4,314,799<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n4,413,013<\/td>\n\u00a0<\/td>\n<\/tr>\n
Corporate and intersegment eliminations<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 684,152<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n512,735<\/td>\n\u00a0<\/td>\n<\/tr>\n
Consolidated assets<\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 14,763,457<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n14,386,719<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

\n
\n
Reconciliation of Net Earnings Attributable to Mohawk Industries, Inc. to Adjusted Net Earnings Attributable to Mohawk Industries, Inc. and Adjusted Diluted Earnings Per Share Attributable to Mohawk Industries, Inc.<\/strong>\n <\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\u00a0<\/td>\n\u00a0<\/td>\nThree Months Ended<\/td>\n<\/tr>\n
\n (Amounts in thousands, except per share data)<\/em>\n <\/td>\n\u00a0<\/td>\n\n April 1, 2023<\/strong>
\n
\n
\n <\/strong>\n <\/td>\n		\u00a0<\/td>\n\u00a0<\/td>\nApril 2, 2022<\/td>\n\u00a0<\/td>\n<\/tr>\n
Net earnings attributable to Mohawk Industries, Inc.<\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 80,238<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n245,329<\/td>\n\u00a0<\/td>\n<\/tr>\n
Adjusting items:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Restructuring, acquisition and integration-related and other costs<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 32,123<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,918<\/td>\n\u00a0<\/td>\n<\/tr>\n
Inventory step-up from purchase accounting<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 3,305<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n<\/tr>\n
Release of indemnification asset<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n \u2014<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n7,263<\/td>\n\u00a0<\/td>\n<\/tr>\n
Income taxes – reversal of uncertain tax position<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n \u2014<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(7,263<\/td>\n)<\/td>\n<\/tr>\n
Income tax effect of adjusting items<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n (3,723<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n(1,684<\/td>\n)<\/td>\n<\/tr>\n
Adjusted net earnings attributable to Mohawk Industries, Inc.<\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 111,943<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n245,563<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Adjusted diluted earnings per share attributable to Mohawk Industries, Inc.<\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 1.75<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3.78<\/td>\n\u00a0<\/td>\n<\/tr>\n
Weighted-average common shares outstanding – diluted<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 63,846<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n64,970<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

\n \n <\/p>\n\n\n\n\n\n\n\n\n\n\n
\n Reconciliation of Total Debt to Net Debt Less Short-Term Investments<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
\n (Amounts in thousands)<\/em>\n <\/td>\n\n April 1, 2023<\/strong>\n <\/td>\n<\/tr>\n
Short-term debt and current portion of long-term debt<\/td>\n\n $<\/strong>\n <\/td>\n\n 1,056,473<\/strong>\n <\/td>\n<\/tr>\n
Long-term debt, less current portion<\/td>\n\u00a0<\/td>\n\n 2,265,138<\/strong>\n <\/td>\n<\/tr>\n
Total debt<\/td>\n\u00a0<\/td>\n\n 3,321,611<\/strong>\n <\/td>\n<\/tr>\n
Less: Cash and cash equivalents<\/td>\n\u00a0<\/td>\n\n 572,858<\/strong>\n <\/td>\n<\/tr>\n
Net debt<\/td>\n\u00a0<\/td>\n\n 2,748,753<\/strong>\n <\/td>\n<\/tr>\n
Less: Short-term investments<\/td>\n\u00a0<\/td>\n\n 150,000<\/strong>\n <\/td>\n<\/tr>\n
Net debt less short-term investments<\/td>\n\n $<\/strong>\n <\/td>\n\n 2,598,753<\/strong>\n <\/td>\n<\/tr>\n<\/table>\n

\n \n <\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n Reconciliation of Net Earnings (Loss) to Adjusted EBITDA<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\nTrailing Twelve<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\nThree Months Ended<\/td>\n\u00a0<\/td>\nMonths Ended<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n (Amounts in thousands)<\/em>\n <\/td>\nJuly 2,
2022<\/td>\n		\u00a0<\/td>\n\u00a0<\/td>\nOctober 1,
2022<\/td>\n		\u00a0<\/td>\n\u00a0<\/td>\nDecember 31,
2022<\/td>\n		\u00a0<\/td>\n\u00a0<\/td>\n\n April 1,<\/strong>
\n
\n 2023<\/strong>\n <\/td>\n		\u00a0<\/td>\n\u00a0<\/td>\n\n April 1,<\/strong>
\n
\n 2023<\/strong>\n <\/td>\n		\u00a0<\/td>\n<\/tr>\n
Net earnings (loss) including noncontrolling interests<\/td>\n$<\/td>\n280,510<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(533,713<\/td>\n)<\/td>\n\u00a0<\/td>\n33,552<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 80,276<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n (139,375<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n<\/tr>\n
Interest expense<\/td>\n\u00a0<\/td>\n12,059<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n13,797<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n14,601<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 17,137<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 57,594<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
Income tax expense<\/td>\n\u00a0<\/td>\n78,176<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n15,569<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2,917<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 28,943<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 125,605<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
Net earnings attributable to noncontrolling interests<\/td>\n\u00a0<\/td>\n(79<\/td>\n)<\/td>\n\u00a0<\/td>\n(256<\/td>\n)<\/td>\n\u00a0<\/td>\n(96<\/td>\n)<\/td>\n\u00a0<\/td>\n\n (38<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n\n (469<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n<\/tr>\n
Depreciation and amortization(1)<\/sup><\/td>\n\u00a0<\/td>\n141,569<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n153,466<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n159,014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 169,909<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 623,958<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
EBITDA<\/td>\n\u00a0<\/td>\n512,235<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(351,137<\/td>\n)<\/td>\n\u00a0<\/td>\n209,988<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 296,227<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 667,313<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
Restructuring, acquisition and integration-related and other costs<\/td>\n\u00a0<\/td>\n1,801<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n21,375<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n33,786<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 9,104<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 66,066<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
Inventory step-up from purchase accounting<\/td>\n\u00a0<\/td>\n143<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,401<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,218<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 3,305<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 6,067<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
Impairment of goodwill and indefinite-lived intangibles<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n695,771<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n \u2014<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 695,771<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
Legal settlements, reserves and fees, net of insurance proceeds<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n45,000<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n9,231<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n \u2014<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 54,231<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
Adjusted EBITDA<\/td>\n$<\/td>\n514,179<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n412,410<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n254,223<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 308,636<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 1,489,448<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Net debt less short-term investments to adjusted EBITDA<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 1.7<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

\n (1)<\/sup>
\n Includes accelerated depreciation of $13,085 for Q3 2022 and $15,915 for Q4 2022 in addition to $23,019 for Q1 2023.<\/sub>\n <\/p>\n\n\n\n\n\n\n\n\n\n
\n Reconciliation of Net Sales to Adjusted Net Sales <\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\nThree Months Ended<\/td>\n<\/tr>\n
\n (Amounts in thousands)<\/em>\n <\/td>\n\u00a0<\/td>\n\n April 1, 2023<\/strong>
\n
\n
\n <\/strong>\n <\/td>\n		\u00a0<\/td>\n\u00a0<\/td>\nApril 2, 2022<\/td>\n<\/tr>\n
\n Mohawk Consolidated<\/strong>\n <\/td>\n<\/tr>\n
Net sales<\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 2,806,223<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3,015,663<\/td>\n<\/tr>\n
Adjustment for constant shipping days<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n (948<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n\u2014<\/td>\n<\/tr>\n
Adjustment for constant exchange rates<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 30,960<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n<\/tr>\n
Adjusted net sales<\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 2,836,235<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3,015,663<\/td>\n<\/tr>\n<\/table>\n

\n \n <\/p>\n\n\n\n\n\n\n
\n Global Ceramic<\/strong>\n <\/td>\n<\/tr>\n
Net sales<\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 1,059,334<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,064,757<\/td>\n<\/tr>\n
Adjustment for constant shipping days<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n (948<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n\u2014<\/td>\n<\/tr>\n
Adjustment for constant exchange rates<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n (6,187<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n\u2014<\/td>\n<\/tr>\n
Adjusted net sales<\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 1,052,199<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,064,757<\/td>\n<\/tr>\n<\/table>\n

\n \n <\/p>\n\n\n\n\n\n
\n Flooring ROW<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Net sales<\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 793,472<\/strong>\n <\/td>\n\u00a0<\/td>\n878,996<\/td>\n<\/tr>\n
Adjustment for constant exchange rates<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 37,147<\/strong>\n <\/td>\n\u00a0<\/td>\n\u2014<\/td>\n<\/tr>\n
Adjusted net sales<\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 830,619<\/strong>\n <\/td>\n\u00a0<\/td>\n878,996<\/td>\n<\/tr>\n<\/table>\n

\n \n <\/p>\n\n\n\n\n\n\n\n\n\n\n\n
\n Reconciliation of Gross Profit to Adjusted Gross Profit<\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\nThree Months Ended<\/td>\n<\/tr>\n
\n (Amounts in thousands)<\/em>\n <\/td>\n\u00a0<\/td>\n\n April 1, 2023<\/strong>
\n
\n
\n <\/strong>\n <\/td>\n		\u00a0<\/td>\n\u00a0<\/td>\nApril 2, 2022<\/td>\n\u00a0<\/td>\n<\/tr>\n
Gross Profit<\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 643,442<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n802,128<\/td>\n\u00a0<\/td>\n<\/tr>\n
Adjustments to gross profit:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Restructuring, acquisition and integration-related and other costs<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 29,056<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n938<\/td>\n\u00a0<\/td>\n<\/tr>\n
Inventory step-up from purchase accounting<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 3,305<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n<\/tr>\n
Adjusted gross profit<\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 675,803<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n803,066<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Adjusted gross profit as a percent of net sales<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 24.1<\/strong>\n <\/td>\n\n %<\/strong>\n <\/td>\n\u00a0<\/td>\n26.6<\/td>\n%<\/td>\n<\/tr>\n<\/table>\n

\n \n <\/p>\n\n\n\n\n\n\n\n\n\n\n
\n Reconciliation of Selling, General and Administrative Expenses to Adjusted Selling, General and Administrative Expenses<\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\nThree Months Ended<\/td>\n<\/tr>\n
\n (Amounts in thousands)<\/em>\n <\/td>\n\u00a0<\/td>\n\n April 1, 2023<\/strong>
\n
\n
\n <\/strong>\n <\/td>\n		\u00a0<\/td>\n\u00a0<\/td>\nApril 2, 2022<\/td>\n\u00a0<\/td>\n<\/tr>\n
Selling, general and administrative expenses<\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 517,652<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n481,327<\/td>\n\u00a0<\/td>\n<\/tr>\n
Adjustments to selling, general and administrative expenses:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Restructuring, acquisition and integration-related and other costs<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n (4,058<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n(980<\/td>\n)<\/td>\n<\/tr>\n
Adjusted selling, general and administrative expenses<\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 513,594<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n480,347<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Adjusted selling, general and administrative expenses as a percent of net sales<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 18.3<\/strong>\n <\/td>\n\n %<\/strong>\n <\/td>\n\u00a0<\/td>\n15.9<\/td>\n%<\/td>\n<\/tr>\n<\/table>\n

\n \n <\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n
\n Reconciliation of Operating Income to Adjusted Operating Income<\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\nThree Months Ended<\/td>\n<\/tr>\n
\n (Amounts in thousands)<\/em>\n <\/td>\n\u00a0<\/td>\n\n April 1, 2023<\/strong>
\n
\n
\n <\/strong>\n <\/td>\n		\u00a0<\/td>\n\u00a0<\/td>\nApril 2, 2022<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Mohawk Consolidated<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Operating income<\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 125,790<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n320,801<\/td>\n\u00a0<\/td>\n<\/tr>\n
Adjustments to operating income:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Restructuring, acquisition and integration-related and other costs<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 33,114<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,918<\/td>\n\u00a0<\/td>\n<\/tr>\n
Inventory step-up from purchase accounting<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 3,305<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n<\/tr>\n
Adjusted operating income<\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 162,209<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n322,719<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Adjusted operating income as a percent of net sales<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 5.8<\/strong>\n <\/td>\n\n %<\/strong>\n <\/td>\n\u00a0<\/td>\n10.7<\/td>\n%<\/td>\n<\/tr>\n<\/table>\n

\n \n <\/p>\n\n\n\n\n\n\n\n\n\n
\n Global Ceramic<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Operating income<\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 63,317<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n100,338<\/td>\n\u00a0<\/td>\n<\/tr>\n
Adjustments to segment operating income:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Restructuring, acquisition and integration-related and other costs<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 637<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n<\/tr>\n
Inventory step-up from purchase accounting<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 2,941<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n<\/tr>\n
Adjusted segment operating income<\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 66,895<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n100,338<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Adjusted segment operating income as a percent of net sales<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 6.3<\/strong>\n <\/td>\n\n %<\/strong>\n <\/td>\n\u00a0<\/td>\n9.4<\/td>\n%<\/td>\n<\/tr>\n<\/table>\n

\n \n <\/p>\n\n\n\n\n\n\n\n\n
\n Flooring NA<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Operating (loss) income<\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n (2,013<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n95,324<\/td>\n\u00a0<\/td>\n<\/tr>\n
Adjustments to segment operating (loss) income:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Restructuring, acquisition and integration-related and other costs<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 6,990<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n105<\/td>\n\u00a0<\/td>\n<\/tr>\n
Adjusted segment operating income<\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 4,977<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n95,429<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Adjusted segment operating income as a percent of net sales<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 0.5<\/strong>\n <\/td>\n\n %<\/strong>\n <\/td>\n\u00a0<\/td>\n8.9<\/td>\n%<\/td>\n<\/tr>\n<\/table>\n

\n \n <\/p>\n\n\n\n\n\n\n\n\n\n
\n Flooring ROW<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Operating income<\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 75,245<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n134,650<\/td>\n\u00a0<\/td>\n<\/tr>\n
Adjustments to segment operating income:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Restructuring, acquisition and integration-related and other costs<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 24,497<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,813<\/td>\n\u00a0<\/td>\n<\/tr>\n
Inventory step-up from purchase accounting<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 364<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n<\/tr>\n
Adjusted segment operating income<\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 100,106<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n136,463<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Adjusted segment operating income as a percent of net sales<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 12.6<\/strong>\n <\/td>\n\n %<\/strong>\n <\/td>\n\u00a0<\/td>\n15.5<\/td>\n%<\/td>\n<\/tr>\n<\/table>\n

\n \n <\/p>\n\n\n\n\n\n\n\n\n\n\n\n
\n Reconciliation of Earnings Including Noncontrolling Interests Before Income Taxes to Adjusted Earnings Including Noncontrolling Interests Before Income Taxes<\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\nThree Months Ended<\/td>\n<\/tr>\n
\n (Amounts in thousands)<\/em>\n <\/td>\n\u00a0<\/td>\n\n April 1, 2023<\/strong>
\n
\n
\n <\/strong>\n <\/td>\n		\u00a0<\/td>\n\u00a0<\/td>\nApril 2, 2022<\/td>\n\u00a0<\/td>\n<\/tr>\n
Earnings before income taxes<\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 109,219<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n306,882<\/td>\n\u00a0<\/td>\n<\/tr>\n
Net earnings attributable to noncontrolling interests<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n (38<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n(105<\/td>\n)<\/td>\n<\/tr>\n
Adjustments to earnings including noncontrolling interests before income taxes:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Restructuring, acquisition and integration-related and other costs<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 32,123<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,918<\/td>\n\u00a0<\/td>\n<\/tr>\n
Inventory step-up from purchase accounting<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 3,305<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n<\/tr>\n
Release of indemnification asset<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n \u2014<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n7,263<\/td>\n\u00a0<\/td>\n<\/tr>\n
Adjusted earnings including noncontrolling interests before income taxes<\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 144,609<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n315,958<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

\n \n <\/p>\n\n\n\n\n\n\n\n\n\n\n
\n Reconciliation of Income Tax Expense to Adjusted Income Tax Expense<\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\nThree Months Ended<\/td>\n<\/tr>\n
\n (Amounts in thousands)<\/em>\n <\/td>\n\u00a0<\/td>\n\n April 1, 2023<\/strong>
\n
\n
\n <\/strong>\n <\/td>\n		\u00a0<\/td>\n\u00a0<\/td>\nApril 2, 2022<\/td>\n\u00a0<\/td>\n<\/tr>\n
Income tax expense<\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 28,943<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n61,448<\/td>\n\u00a0<\/td>\n<\/tr>\n
Income taxes – reversal of uncertain tax position<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n \u2014<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n7,263<\/td>\n\u00a0<\/td>\n<\/tr>\n
Income tax effect of adjusting items<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 3,723<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,684<\/td>\n\u00a0<\/td>\n<\/tr>\n
Adjusted income tax expense<\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 32,666<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n70,395<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Adjusted income tax rate<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 22.6<\/strong>\n <\/td>\n\n %<\/strong>\n <\/td>\n\u00a0<\/td>\n22.3<\/td>\n%<\/td>\n<\/tr>\n<\/table>\n

\n
The Company supplements its condensed consolidated financial statements, which are prepared and presented in accordance with US GAAP, with certain non-GAAP financial measures. As required by the Securities and Exchange Commission rules, the tables above present a reconciliation of the Company\u2019s non-GAAP financial measures to the most directly comparable US GAAP measure. Each of the non-GAAP measures set forth above should be considered in addition to the comparable US GAAP measure, and may not be comparable to similarly titled measures reported by other companies. The Company believes these non-GAAP measures, when reconciled to the corresponding US GAAP measure, help its investors as follows: Non-GAAP revenue measures that assist in identifying growth trends and in comparisons of revenue with prior and future periods and non-GAAP profitability measures that assist in understanding the long-term profitability trends of the Company’s business and in comparisons of its profits with prior and future periods.<\/p>\n

The Company excludes certain items from its non-GAAP revenue measures because these items can vary dramatically between periods and can obscure underlying business trends. Items excluded from the Company\u2019s non-GAAP revenue measures include: foreign currency transactions and translation.<\/p>\n

The Company excludes certain items from its non-GAAP profitability measures because these items may not be indicative of, or are unrelated to, the Company’s core operating performance. Items excluded from the Company’s non-GAAP profitability measures include: restructuring, acquisition and integration-related and other costs, legal settlements, reserves and fees, net of insurance proceeds, impairment of goodwill and indefinite-lived intangibles, acquisition purchase accounting, including inventory step-up from purchase accounting, release of indemnification assets and the reversal of uncertain tax positions.<\/p>\n


\n
\n \n <\/div>\n

<\/div>\n","protected":false},"excerpt":{"rendered":"

CALHOUN, Ga., April 27, 2023 (GLOBE NEWSWIRE) — Mohawk Industries, Inc. (NYSE: MHK) today announced first quarter 2023 net earnings of $80 million and diluted earnings per share (EPS) of $1.26. Adjusted net earnings were $112 million, and adjusted EPS was $1.75, excluding restructuring, acquisition and other charges. Net sales for the first quarter of 2023 were $2.8 billion, a decrease of 6.9% as reported and 5.9% on a constant currency and days basis. For the first quarter of 2022, net sales were $3.0 billion, net earnings were $245 million and EPS was $3.78. Adjusted net earnings were $246 million, and adjusted EPS was $3.78, excluding restructuring, acquisition and other charges. Commenting on Mohawk Industries\u2019 first quarter performance, Jeffrey S. … <\/p>\n

Continue reading “Mohawk Industries Reports Q1 Results”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-752316","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nMohawk Industries Reports Q1 Results - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/mohawk-industries-reports-q1-results-3\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Mohawk Industries Reports Q1 Results - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"CALHOUN, Ga., April 27, 2023 (GLOBE NEWSWIRE) — Mohawk Industries, Inc. (NYSE: MHK) today announced first quarter 2023 net earnings of $80 million and diluted earnings per share (EPS) of $1.26. Adjusted net earnings were $112 million, and adjusted EPS was $1.75, excluding restructuring, acquisition and other charges. Net sales for the first quarter of 2023 were $2.8 billion, a decrease of 6.9% as reported and 5.9% on a constant currency and days basis. For the first quarter of 2022, net sales were $3.0 billion, net earnings were $245 million and EPS was $3.78. Adjusted net earnings were $246 million, and adjusted EPS was $3.78, excluding restructuring, acquisition and other charges. Commenting on Mohawk Industries\u2019 first quarter performance, Jeffrey S. … Continue reading "Mohawk Industries Reports Q1 Results"\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/mohawk-industries-reports-q1-results-3\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2023-04-27T21:25:17+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODgyNzU5NSM1NTYyNDMzIzIwMDg0OTU=\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"16 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/mohawk-industries-reports-q1-results-3\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/mohawk-industries-reports-q1-results-3\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"Mohawk Industries Reports Q1 Results\",\"datePublished\":\"2023-04-27T21:25:17+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/mohawk-industries-reports-q1-results-3\\\/\"},\"wordCount\":3247,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/mohawk-industries-reports-q1-results-3\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.globenewswire.com\\\/newsroom\\\/ti?nf=ODgyNzU5NSM1NTYyNDMzIzIwMDg0OTU=\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/mohawk-industries-reports-q1-results-3\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/mohawk-industries-reports-q1-results-3\\\/\",\"name\":\"Mohawk Industries Reports Q1 Results - 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(NYSE: MHK) today announced first quarter 2023 net earnings of $80 million and diluted earnings per share (EPS) of $1.26. Adjusted net earnings were $112 million, and adjusted EPS was $1.75, excluding restructuring, acquisition and other charges. Net sales for the first quarter of 2023 were $2.8 billion, a decrease of 6.9% as reported and 5.9% on a constant currency and days basis. For the first quarter of 2022, net sales were $3.0 billion, net earnings were $245 million and EPS was $3.78. Adjusted net earnings were $246 million, and adjusted EPS was $3.78, excluding restructuring, acquisition and other charges. 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