Floorcovering giant Mohawk Industries on Thursday reported fourth quarter adjusted net earnings were down from a year ago due to soft demand, greater competition and reduced production volume.
The Calhoun, Georgia, company’s adjusted net earnings in the quarter were $161.6 million, or $2.25 per share, off from $187.5 million, or $2.53 per share a year ago, Mohawk reported after the close of the stock market.
But earnings beat the consensus analyst estimate of $2.20 per share, according to Seeking Alpha.
Jeffrey S. Lorberbaum, Mohawk’s chairman and CEO, said fourth quarter results were as expected with sales flat to last year and strong cash generation.
“In the U.S., markets continued to be influenced by the strong dollar, the impact of (Luxury Vinyl Tile) on other products and positive trends in housing that should be a tailwind,” he said in a statement. “Competition has increased in our global markets, impacting our pricing and mix as we leverage investments in sales and marketing to drive growth.”