Mohawk Industries Inc. Files 10-Q for Period Ending March 30, 2024

TL;DR

Mohawk Industries Inc. has submitted its Q1 2024 10-Q filing, detailing financial performance across its global segments.

AI Summary

MOHAWK INDUSTRIES INC (MHK) filed a Quarterly Report (10-Q) with the SEC on April 26, 2024. Mohawk Industries Inc. filed a 10-Q report for the period ending March 30, 2024. The filing covers the first quarter of fiscal year 2024. The company's fiscal year ends on December 31st. The report details operations across Global Ceramic, Flooring NA, and Flooring ROW segments. The filing includes data for the periods ending March 30, 2024, December 31, 2023, and March 31, 2023.

Why It Matters

For investors and stakeholders tracking MOHAWK INDUSTRIES INC, this filing contains several important signals. This filing provides investors with the latest quarterly financial data, crucial for assessing the company's performance and making informed investment decisions. Understanding the segment-specific performance (Global Ceramic, Flooring NA, Flooring ROW) is key to identifying growth drivers and potential challenges within Mohawk's diverse business.

Risk Assessment

Risk Level: medium — MOHAWK INDUSTRIES INC shows moderate risk based on this filing. The filing is a standard quarterly report (10-Q), which typically contains routine financial information. However, the absence of specific financial performance metrics in the provided header data prevents a more precise risk assessment.

Analyst Insight

Review the full 10-Q filing to analyze revenue, net income, and debt levels for Q1 2024 to understand the company's financial health and operational trends.

Key Numbers

• 2024-03-30 — Period End Date (Quarterly filing period)
• 2024-01-01 — Period Start Date (Quarterly filing period)
• 2023-03-31 — Prior Year Period End Date (Comparative period)
• 2023-01-01 — Prior Year Period Start Date (Comparative period)

Key Players & Entities

• MOHAWK INDUSTRIES INC (company) — Filer name
• MHK (company) — Ticker symbol
• 2024-03-30 (date) — Period of report
• 2024-04-26 (date) — Filed as of date
• 160 S INDUSTRIAL BLVD (address) — Business address street 1
• CALHOUN (location) — Business address city
• GA (location) — Business address state
• 30701 (postal_code) — Business address zip

FAQ

Industry Context

Mohawk Industries operates within the flooring manufacturing industry, producing a wide range of products including carpet, rugs, ceramic tile, and laminate flooring.

Regulatory Implications

As a publicly traded company, Mohawk Industries is subject to SEC regulations, including the requirement to file quarterly reports (10-Q) detailing its financial performance and business operations.

What Investors Should Do

1. Analyze the detailed financial statements within the 10-Q for revenue trends, profitability, and cash flow.
2. Examine management's discussion and analysis (MD&A) for insights into business performance, risks, and future outlook.
3. Compare Q1 2024 results to Q1 2023 and Q4 2023 to identify year-over-year and sequential changes.

Key Dates

• 2024-03-30: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-04-26: Filing Date — Date the 10-Q report was officially filed with the SEC.

Year-Over-Year Comparison

This filing represents the first quarterly report for fiscal year 2024, following the previous annual report (10-K) and prior quarterly filings.

Filing Documents

• mhk-20240330.htm (10-Q) — 982KB
• mhk_2024q1exhibit311.htm (EX-31.1) — 11KB
• mhk_2024q1exhibit312.htm (EX-31.2) — 11KB
• mhk_2024q1exhibit321.htm (EX-32.1) — 5KB
• mhk_2024q1exhibit322.htm (EX-32.2) — 5KB
• mhk_2024q1exhibit951.htm (EX-95.1) — 13KB
• mhk-20240330_g1.jpg (GRAPHIC) — 648KB
• 0000851968-24-000082.txt ( ) — 8233KB
• mhk-20240330.xsd (EX-101.SCH) — 42KB
• mhk-20240330_cal.xml (EX-101.CAL) — 81KB
• mhk-20240330_def.xml (EX-101.DEF) — 185KB
• mhk-20240330_lab.xml (EX-101.LAB) — 457KB
• mhk-20240330_pre.xml (EX-101.PRE) — 350KB
• mhk-20240330_htm.xml (XML) — 1253KB

FINANCIAL INFORMATION

Part I. FINANCIAL INFORMATION

Financial Statements (unaudited)

Item 1. Financial Statements (unaudited) Condensed Consolidated Statements of Operations for the three months ended March 30, 202 4 and April 1, 202 3 3 Condensed Consolidated Statements of Comprehensive Income (Loss) for the three months ended March 30, 202 4 and April 1, 202 3 4 Condensed Consolidated Balance Sheets as of March 30, 202 4 and December 31, 202 3 5 Condensed Consolidated Statements of Cash Flows for the three months ended March 30, 202 4 and April 1, 202 3 6 Notes to the Condensed Consolidated Financial Statements 7

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 22

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 27

Controls and Procedures

Item 4. Controls and Procedures 28

OTHER INFORMATION

Part II. OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 29

Risk Factors

Item 1A. Risk Factors 29

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 29

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 30

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 30

Other Information

Item 5. Other Information 31

Exhibits

Item 6. Exhibits 32 2 Table of Contents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS MOHAWK INDUSTRIES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) Three Months Ended (In millions, except per share data) March 30, 2024 April 1, 2023 Net sales $ 2,679.4 2,806.2 Cost of sales 2,029.9 2,162.8 Gross profit 649.5 643.4 Selling, general and administrative expenses 502.9 517.7 Operating income 146.6 125.7 Interest expense 14.9 17.1 Other (income) and expense, net ( 1.1 ) ( 0.6 ) Earnings before income taxes 132.8 109.2 Income tax expense 27.8 28.9 Net earnings including noncontrolling interests 105.0 80.3 Less: net earnings attributable to noncontrolling interests — 0.1 Net earnings attributable to Mohawk Industries, Inc. $ 105.0 80.2 Basic earnings per share attributable to Mohawk Industries, Inc. $ 1.65 1.26 Weighted-average common shares outstanding—basic 63.7 63.6 Diluted earnings per share attributable to Mohawk Industries, Inc. $ 1.64 1.26 Weighted-average common shares outstanding—diluted 64.0 63.8 See accompanying notes to the Condensed Consolidated Financial Statements. 3 Table of Contents MOHAWK INDUSTRIES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) Three Months Ended (In millions) March 30, 2024 April 1, 2023 Net earnings including noncontrolling interests $ 105.0 80.3 Other comprehensive income (loss): Foreign currency translation adjustments ( 87.9 ) 6.9 Prior pension and post-retirement benefit service cost and actuarial loss, net of tax — ( 0.5 ) Other comprehensive income (loss) ( 87.9 ) 6.4 Comprehensive income 17.1 86.7 Less: comprehensive loss attributable to noncontrolling interests — — Comprehensive income attributable to Mohawk Industries, Inc. $ 17.1 86.7 See accompanying notes to the Condensed Consolidated Financial Statements. 4 Table of Contents MOHAWK INDUSTRIES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (In millions, e

View Full Filing

View this 10-Q filing on SEC EDGAR