Mohawk Industries reports first-quarter decline in sales

The Global Ceramic segment posted the best performance, with revenues of US $1,045 million.

Mohawk Industries posted first-quarter 2024 revenues of US $2.7 billion, a 4.5% decline on the first quarter of 2023. The Global Ceramic segment’s sales fell by just 1.4% from $1,059 million to $1,045 million, compared to a more consistent 5.6% drop in the Flooring North America segment and a 7.4% contraction in the Flooring Rest of the World segment.

Commenting on the quarter’s results, CEO Jeff Lorberbaum noted that in the US, weather caused the suspension of operations at a number of the group’s manufacturing facilities and service centres in January, impacting costs and revenue. In Europe, Mohawk Industries’ Global Ceramic segment saw robust growth in porcelain panel sales after the recent capacity expansion.

In general, Lorberbaum added, the Global Ceramic segment is benefiting from the latest investments in new printing, polishing and rectifying technologies that are delivering higher value styles and formats to improve the product mix. These include decorative innovations with new glazes, three-dimensional surfaces and updated artisanal mosaics. In addition, the ceramic segment is continuing to implement new distribution and product strategies in each country so the brands complement each other in the marketplace.