US flooring producer Mohawk's Q2 operating income expands to $404 mn

Second quarter (Q2) revenue at Mohawk Industries, a US-based leading flooring manufacturer, increased 44 per cent to $3.0 billion against sales of $2.0 billion in the same period of previous fiscal. Operating income for Q2 FY21 expanded to $404.4 million (Q2 FY20: loss $60.9 million), and net earnings rose $336.3 million (loss: $48.3 million).

 

Second quarter (Q2) revenue at Mohawk Industries, a US-based leading flooring manufacturer, increased 44 per cent to $3.0 billion against sales of $2.0 billion in the same period of previous fiscal. Operating income for Q2 FY21 expanded to $404.4 million (Q2 FY20: loss $60.9 million), and net earnings rose $336.3 million (loss: $48.3 million).#

“In the quarter, we generated the highest quarterly sales of any period in our company’s history. Our revenues increased significantly over last year, when the pandemic interrupted the global economy. Our second quarter results were significantly stronger than we had anticipated across all our businesses with sales building on the momentum from our first period,” Jeffrey S Lorberbaum, chairman and CEO at Mohawk Industries, said in a press release.

 

Second quarter (Q2) revenue at Mohawk Industries, a US-based leading flooring manufacturer, increased 44 per cent to $3.0 billion against sales of $2.0 billion in the same period of previous fiscal. Operating income for Q2 FY21 expanded to $404.4 million (Q2 FY20: loss $60.9 million), and net earnings rose $336.3 million (loss: $48.3 million).#

“During the quarter, most of our manufacturing ran near capacity or were limited by material supply and labour availability. Raw material constraints in many of our operations led to unplanned production shut downs during the period. Overall, we successfully managed these interruptions that impeded our normal operations as well as regional manufacturing and customer closings related to Covid regulations in local areas,” Lorberbaum added.

 

Second quarter (Q2) revenue at Mohawk Industries, a US-based leading flooring manufacturer, increased 44 per cent to $3.0 billion against sales of $2.0 billion in the same period of previous fiscal. Operating income for Q2 FY21 expanded to $404.4 million (Q2 FY20: loss $60.9 million), and net earnings rose $336.3 million (loss: $48.3 million).#

Global ceramic business performed well around the world with strength in the residential channel and increase in commercial sales, reflecting the sales growth of 38 per cent to $1.0 billion ($753.3 million). Whereas sales of flooring North America rose 35 per cent to $1.0 billion ($800.0 million), and sales of flooring rest of the world segment were up to $833.1 million ($496.4 million).

 

Second quarter (Q2) revenue at Mohawk Industries, a US-based leading flooring manufacturer, increased 44 per cent to $3.0 billion against sales of $2.0 billion in the same period of previous fiscal. Operating income for Q2 FY21 expanded to $404.4 million (Q2 FY20: loss $60.9 million), and net earnings rose $336.3 million (loss: $48.3 million).#

“Around the world, flooring sales trends remain favourable with residential remodelling and new construction at high levels and commercial projects strengthening. In the third period, we expect our strong sales to continue, with typical seasonal slowing from the second quarter,” Lorberbaum said in the release. “We entered this year with uncertainty about Covid, the economic recovery, home renovation and new construction. Our business is stronger than we had anticipated, and we are increasing investments to support additional growth and improve efficiencies.”