, Nov. 08, 2024 (GLOBE NEWSWIRE) --  Mohawk Industries, Inc. (NYSE: MHK) Chris Wellborn Paul De Cock 2025 2 1 Wellborn Ken Walma 2025 2 1 De Cock Flooring North America Wellborn Mohawk Mohawk Jeff Lorberbaum " Chris Chris 140 /" Lorberbaum "Paul 2005 Flooring North America Flooring North America Paul Flooring Rest of the World  Flooring Unilin North America 1997 Unilin Group Mohawk Paul" Lorberbaum " Paul Ken Walma Flooring North America Ken Madison Air Air Movement & Heat Group Signify Eaton Corporatio ...

CALHOUN, Ga., Nov. 06, 2024 (GLOBE NEWSWIRE) -- Mohawk Industries, Inc. (NYSE: MHK) today announced the planned retirement of Chris Wellborn, President and Chief Operating Officer and the promotion of Paul De Cock to succeed Mr. Wellborn effective February 1, 2025. The Company also announced that Ken Walma is joining the organization and will succeed Mr. De Cock as President of the Flooring North America Segment on February 1, 2025, after acquiring comprehensive knowledge of the Company’s operations. Follow ...

Group 1 - The core viewpoint emphasizes a fundamentals-based approach to value investing, highlighting that low multiple stocks are not necessarily cheap and that long-term durability at affordable prices is crucial [1] - The company seeks to identify firms with steady long-term growth, no cyclicality, and a strong balance sheet, indicating a preference for stability in investment choices [1] - There is an acknowledgment of the risks involved in investing in successful companies, particularly the potential to overpay, which underscores the importance of valuation [1] Group 2 - The article reflects a positive growth outlook for Mohawk Industries, with expectations of rate cuts contributing to this perspective [1] - The author expresses a belief that in certain situations, the potential for growth can outweigh immediate price concerns, suggesting a long-term investment horizon [1]

If you like to see more ideas, please subscribe to the premium service "Value in Corporate Events" here and try the free trial. In this service we cover major earnings events, M&A, IPOs and other significant corporate events with actionable ideas. Furthermore, we provide coverage of situations and names on request! In the spring of 2023, I believed that shares of Mohawk Industries (NYSE: MHK ) were finding a floor around the $100 mark. The company was seeing earnings being pressured following the correction ...

Core Insights - Mohawk Industries, Inc. reported a net sales of $2,719.0 million for the three months ended September 28, 2024, a decrease from $2,766.1 million in the same period of 2023, reflecting a decline of 1.7% [3][4] - The company achieved a gross profit of $692.6 million for the third quarter of 2024, slightly up from $692.0 million in the prior year [3][4] - Operating income for the third quarter of 2024 was $212.3 million, a significant recovery from a loss of $733.7 million in the same quarter of 2023 [3][4] - Net earnings attributable to Mohawk Industries, Inc. were $162.0 million for the third quarter of 2024, compared to a loss of $760.4 million in the same period of the previous year [3][4] Financial Performance - For the nine months ended September 28, 2024, net sales totaled $8,199.7 million, down from $8,522.8 million in the same period of 2023 [3][4] - The cost of sales for the third quarter of 2024 was $2,026.4 million, compared to $2,074.1 million in the same quarter of 2023 [3][4] - Selling, general and administrative expenses decreased to $480.3 million in Q3 2024 from $549.6 million in Q3 2023 [3][4] Cash Flow and Capital Expenditures - Net cash provided by operating activities for the third quarter of 2024 was $319.6 million, down from $512.0 million in the same quarter of 2023 [4][5] - Free cash flow for the third quarter of 2024 was $204.2 million, compared to $384.6 million in the same period of 2023 [4][5] - Capital expenditures for the third quarter of 2024 were $115.4 million, slightly lower than $127.4 million in Q3 2023 [4][5] Balance Sheet Highlights - As of September 28, 2024, total assets were $13,313.2 million, an increase from $13,138.5 million as of September 30, 2023 [5][6] - Current liabilities decreased to $2,771.0 million from $3,188.6 million year-over-year [5][6] - Total stockholders' equity increased to $7,855.7 million from $7,271.4 million in the previous year [5][6] Segment Performance - Global Ceramic segment net sales for Q3 2024 were $1,058.0 million, down from $1,091.7 million in Q3 2023 [6][7] - Flooring North America segment reported net sales of $974.0 million, slightly up from $962.2 million in the same quarter of 2023 [6][7] - Flooring Rest of World segment net sales were $687.0 million, down from $712.2 million in the prior year [6][7]

Financial Performance - Net sales for Q3 2024 were $2.7 billion, a decrease of 2.1% on an adjusted basis year-over-year[16] - Adjusted EPS for Q3 2024 increased by 6.6% year-over-year to $2.90[16] - Free cash flow for Q3 2024 was $204 million[16] - Adjusted EBITDA for Q3 2024 was $392 million, a 0.8% increase year-over-year[18] Segment Performance - Global Ceramic sales for Q3 2024 were $1.058 billion, a decrease of 3.1%[19] - Flooring North America sales for Q3 2024 were $974 million, an increase of 1.2%[19] - Flooring Rest of the World sales for Q3 2024 were $687 million, a decrease of 3.5%[19] Macroeconomic Factors - U S Q2 2024 GDP increased by 3.0%[17] - September All Items Consumer Price Index in the U S fell to 2.4%[17] Future Outlook - Q4 adjusted EPS guidance is $1.77 to $1.87, excluding restructuring or other one-time charges[23] - The company anticipates a negative impact of $25-40 million on Q4 sales due to recent hurricanes in the U S [23]

Mohawk Industries, Inc. (MHK) reported strong third-quarter 2024 results (ended Sept. 30). Its earnings surpassed the Zacks Consensus Estimate and improved from the prior year despite pricing pressures and a negative mix. Stay up-to-date with all quarterly releases: See Zacks Earnings Calendar. On the other hand, net sales declined on a year-over-year basis but marginally beat the consensus mark. Mohawk noted that market conditions were slower than anticipated across the regions due to high interest rates, ...

Mohawk Industries (MHK) reported $2.72 billion in revenue for the quarter ended September 2024, representing a year-over-year decline of 1.7%. EPS of $2.90 for the same period compares to $2.72 a year ago.The reported revenue represents a surprise of +0.49% over the Zacks Consensus Estimate of $2.71 billion. With the consensus EPS estimate being $2.89, the EPS surprise was +0.35%.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to dete ...

Mohawk Industries (MHK) came out with quarterly earnings of $2.90 per share, beating the Zacks Consensus Estimate of $2.89 per share. This compares to earnings of $2.72 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 0.35%. A quarter ago, it was expected that this flooring maker would post earnings of $2.76 per share when it actually produced earnings of $3, delivering a surprise of 8.70%.Over the last four quarters, the compa ...

NEWS RELEASE For Release: Immediately Contact: James Brunk, Chief Financial Officer (706) 624-2239 MOHAWK INDUSTRIES REPORTS Q3 RESULTS Calhoun, Georgia, October 24, 2024 — Mohawk Industries, Inc. (NYSE: MHK) today announced third quarter 2024 net earnings of $162 million and earnings per share ("EPS") of $2.55; adjusted net earnings were $184 million, and adjusted EPS was $2.90. Net sales for the third quarter of 2024 were $2.7 billion, a decrease of 1.7% as reported and 2.1% on an adjusted basis versus th ...