Mohawk Industries Inc. said Thursday it expects carpet and tile sales and profits to continue to improve in 2022 as the economy continues to bounce back around the globe.
Mohawk, the world’s biggest floor covering manufacturer headquartered in Calhoun, Georgia, reported on Thursday it earned $189 million, or $2.80 per share, in the fourth quarter of 2021. That was down from the $199 million, or $2.95 per share, earned in the same period a year earlier.
But the adjusted fourth quarterly earnings, disregarding one-time expenses, totaled $2.95 a share, which was still 9 cents a share above what analysts had forecast for the period.
For all of 2021, Mohawk reported adjusted net earnings of $1.03 billion, or $14.86 per share, on sales of $11.2 billion. Sales were up 17.3% last year and adjusted net earnings were more than double the $516 million, or $7.22, earned in 2020.
“For the full year, Mohawk’s business improved significantly,” Mohawk CEO Jeffrey Lorberbaum said in the company’s earnings announcement released after the market closed on Thursday. “Our operating margin for the year rose dramatically to approximately 12%. Our 2021 adjusted operating income approached $1.4 billion with adjusted EBITDA exceeding $1.9 billion.”