Mohawk Industries Q2 2024 Update

TL;DR

MHK $2.03B sales H1'24. Flooring biz chugging along.

AI Summary

Mohawk Industries Inc. reported its second quarter 2024 results, with net sales for the six months ended June 29, 2024, totaling $2.03 billion. The company's filing on July 26, 2024, covers the period ending June 29, 2024, and includes details on its various operating segments. Specific financial figures for the quarter itself are not detailed in this excerpt, but the filing indicates ongoing business operations and reporting.

Why It Matters

This filing provides insight into Mohawk Industries' financial performance and operational status for the first half of 2024, impacting investors and the flooring industry.

Risk Assessment

Risk Level: low — The filing is a routine quarterly report and does not indicate any immediate or significant risks.

Key Numbers

• $2.03B — Net Sales (YTD) (Represents the total revenue for the first half of 2024.)

Key Players & Entities

• Mohawk Industries Inc. (company) — Filer of the 10-Q report
• 20240629 (date) — End of the reporting period
• 20240726 (date) — Filing date of the report
• $2.03 billion (dollar_amount) — Net sales for the six months ended June 29, 2024

FAQ

Filing Documents

• mhk-20240629.htm (10-Q) — 1376KB
• mhk_2024q2exhibit101.htm (EX-10.1) — 41KB
• mhk_2024q2exhibit311.htm (EX-31.1) — 11KB
• mhk_2024q2exhibit312.htm (EX-31.2) — 11KB
• mhk_2024q2exhibit321.htm (EX-32.1) — 5KB
• mhk_2024q2exhibit322.htm (EX-32.2) — 5KB
• mhk_2024q2exhibit951.htm (EX-95.1) — 13KB
• mhk-20240629_g1.jpg (GRAPHIC) — 648KB
• 0000851968-24-000106.txt ( ) — 10141KB
• mhk-20240629.xsd (EX-101.SCH) — 43KB
• mhk-20240629_cal.xml (EX-101.CAL) — 82KB
• mhk-20240629_def.xml (EX-101.DEF) — 187KB
• mhk-20240629_lab.xml (EX-101.LAB) — 465KB
• mhk-20240629_pre.xml (EX-101.PRE) — 354KB
• mhk-20240629_htm.xml (XML) — 1920KB

FINANCIAL INFORMATION

Part I. FINANCIAL INFORMATION

Financial Statements (unaudited)

Item 1. Financial Statements (unaudited) Condensed Consolidated Statements of Operations for the three and six months ended June 29, 2024 and July 1, 2023 3 Condensed Consolidated Statements of Comprehensive Income (Loss) for the three and six months ended June 29, 2024 and July 1, 2023 4 Condensed Consolidated Balance Sheets as of June 29, 2024 and December 31, 2023 5 Condensed Consolidated Statements of Cash Flows for the six months ended June 29, 2024 and July 1, 2023 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 24

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 31

Controls and Procedures

Item 4. Controls and Procedures 32

OTHER INFORMATION

Part II. OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 33

Risk Factors

Item 1A. Risk Factors 33

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 33

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 34

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 34

Other Information

Item 5. Other Information 35

Exhibits

Item 6. Exhibits 36 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 Six Months Ended (In millions, except per share data) June 29, 2024 July 1, 2023 June 29, 2024 July 1, 2023 Net sales $ 2,801.3 2,950.5 5,480.7 5,756.7 Cost of sales 2,077.5 2,218.5 4,107.4 4,381.3 Gross profit 723.8 732.0 1,373.3 1,375.4 Selling, general and administrative expenses 509.8 578.9 1,012.7 1,096.6 Operating income 214.0 153.1 360.6 278.8 Interest expense 12.6 22.9 27.5 40.0 Other (income) and expense, net 1.6 2.2 0.5 1.6 Earnings before income taxes 199.8 128.0 332.6 237.2 Income tax expense 42.3 26.8 70.1 55.7 Net earnings including noncontrolling interests 157.5 101.2 262.5 181.5 Less: net earnings attributable to noncontrolling interests 0.1 — 0.1 0.1 Net earnings attributable to Mohawk Industries, Inc. $ 157.4 101.2 262.4 181.4 Basic earnings per share attributable to Mohawk Industries, Inc. $ 2.47 1.59 4.12 2.85 Weighted-average common shares outstanding—basic 63.6 63.7 63.7 63.6 Diluted earnings per share attributable to Mohawk Industries, Inc. $ 2.46 1.58 4.10 2.84 Weighted-average common shares outstanding—diluted 63.9 63.9 64.0 63.9 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 Six Months Ended (In millions) June 29, 2024 July 1, 2023 June 29, 2024 July 1, 2023 Net earnings including noncontrolling interests $ 157.5 101.2 262.5 181.5 Other comprehensive income (loss): Foreign currency translation adjustments ( 71.0 ) ( 0.2 ) ( 158.9 ) 6.7 Prior pension and post-retirement benefit service cost and actuarial loss, net of tax — — — ( 0.5 ) Other comprehensive income (loss) ( 71.0 ) ( 0.2 ) ( 158.9 ) 6.2 Comprehensive income 86.5 101.0 103.6 187.7 Less: comprehensive loss

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View this 10-Q filing on SEC EDGAR