Calhoun, Ga. -- Mohawk Industries reported net sales for the first quarter of 2019 were $2.44 billion, up 1% in the quarter compared to the same period last year. First quarter net earnings were $122 million.
Commenting on Mohawk Industries’ first quarter performance, Jeffrey S. Lorberbaum, chairman and CEO, said: “In the first quarter, we delivered results in-line with the high end of our expectations despite economies weakening in most regions and a stronger U.S. dollar, reducing our translated results. While U.S. housing markets began softer and higher inputs increased costs, both are showing signs of improvement as we enter the second quarter. Around the world, uneven demand impacted volume, increasing pressure on both price and mix. We reduced our production rates to balance our inventories with our customers’ demand and manage our working capital. Results from our recent acquisitions in Australia, New Zealand and Brazil are on track, and we remain optimistic about our ability to improve their market positions and costs.”