Mohawk Industries reported net sales for the third quarter ending October 2, 2021, were $2.8 billion, up 9.4%, compared to the third quarter of 2020 net sales $2.6 billion. For the 2021 nine-month period, net sales were $8.4 billion, an increase of 22.1% versus prior year.
Commenting on Mohawk Industries’ third quarter performance, Jeffrey S. Lorberbaum, Chairman and CEO, stated: “All of our businesses performed well, managing through a changing environment. In the period, Covid directly and indirectly impacted many economies, creating supply chain difficulties that disrupted production as well as leading to government lockdowns in Australia, New Zealand, and Malaysia that halted manufacturing and retail.”
During the quarter, Flooring North America Segment’s sales increased 6.9%, primarily due to favorable price and mix and productivity improvements, partially offset by inflation. Flooring North America had strong results given the material, transportation and labor constraints impacting sales and production during the period, Lorberbaum said.
For the quarter, Flooring Rest of the World Segment’s sales increased approximately 13% . The segment’s operating margins were 17.4%, as a result of pricing and mix improvements offset by inflation, a return to more normal seasonality in the period and Covid restrictions.
Residential remodeling and new construction are expected to improve next year. The commercial business should increase from its present low levels as economies recover going forward, the company said.