Mohawk Industries Files Q3 2024 10-Q

TL;DR

MOHAWK INDUSTRIES (MHK) FILED ITS Q3 10-Q. CHECK FOR DETAILS.

AI Summary

Mohawk Industries Inc. reported its third-quarter results for the period ending September 28, 2024. The company's filing indicates a fiscal year end of December 31st. Specific financial figures and detailed segment performance are not provided in this header information.

Why It Matters

This filing provides an update on Mohawk Industries' financial performance for the third quarter of 2024, which can influence investor decisions and market perception.

Risk Assessment

Risk Level: low — This is a standard quarterly filing (10-Q) and does not inherently contain new, high-impact risks.

Key Players & Entities

• MOHAWK INDUSTRIES INC (company) — Filer
• 20240928 (date) — Conformed Period of Report
• 20241025 (date) — Filed as of Date
• 0000851968 (company) — Central Index Key
• 2273 (industry_code) — Standard Industrial Classification
• 521604305 (tax_id) — IRS Number
• DE (state) — State of Incorporation
• 1231 (date) — Fiscal Year End
• 10-Q (form_type) — Form Type
• 1934 Act (regulation) — SEC Act

FAQ

Filing Documents

• mhk-20240928.htm (10-Q) — 1422KB
• mhk_2024q3exhibit101.htm (EX-10.1) — 80KB
• mhk_2024q3exhibit102.htm (EX-10.2) — 68KB
• mhk_2024q3exhibit311.htm (EX-31.1) — 11KB
• mhk_2024q3exhibit312.htm (EX-31.2) — 11KB
• mhk_2024q3exhibit321.htm (EX-32.1) — 5KB
• mhk_2024q3exhibit322.htm (EX-32.2) — 5KB
• mhk_2024q3exhibit951.htm (EX-95.1) — 13KB
• image_0.jpg (GRAPHIC) — 83KB
• mhk-20240928_g1.jpg (GRAPHIC) — 648KB
• 0000851968-24-000125.txt ( ) — 10801KB
• mhk-20240928.xsd (EX-101.SCH) — 44KB
• mhk-20240928_cal.xml (EX-101.CAL) — 84KB
• mhk-20240928_def.xml (EX-101.DEF) — 189KB
• mhk-20240928_lab.xml (EX-101.LAB) — 567KB
• mhk-20240928_pre.xml (EX-101.PRE) — 409KB
• mhk-20240928_htm.xml (XML) — 1964KB

Forward Looking Statements

Forward Looking Statements 3

FINANCIAL INFORMATION

Part I. FINANCIAL INFORMATION

Financial Statements (unaudited)

Item 1. Financial Statements (unaudited) Condensed Consolidated Statements of Operations for the three and nin e months ended September 2 8 , 2024 and September 3 0 , 2023 4 Condensed Consolidated Statements of Comprehensive Income (Loss) for the three and n ine months ended September 2 8 , 2024 and September 30 , 2023 5 Condensed Consolidated Balance Sheets as of September 2 8 , 2024 and December 31, 2023 6 Condensed Consolidated Statements of Cash Flows for the n ine months ended September 2 8 , 2024 and September 30 , 2023 7 Notes to the Condensed Consolidated Financial Statements 8

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 25

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 32

Controls and Procedures

Item 4. Controls and Procedures 33

OTHER INFORMATION

Part II. OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 34

Risk Factors

Item 1A. Risk Factors 34

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 34

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 35

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 35

Other Information

Item 5. Other Information 36

Exhibits

Item 6. Exhibits 37 2 Table of Contents

Forward-Looking Statements

Forward-Looking Statements Certain of the statements in this Form 10-Q, particularly those anticipating future performance, business prospects, growth and operating strategies, and similar matters, and those that include the words "could," "should," "believes," "anticipates," "expects" and "estimates" or similar expressions constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. For those statements, Mohawk Industries, Inc. (the "Company") claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Management believes that these forward-looking statements are reasonable as and when made; however, caution should be taken not to place undue reliance on any such forward-looking statements because such statements speak only as of the date when made. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. There can be no assurance that the forward-looking statements will be accurate because they are based on many assumptions, which involve risks and uncertainties. The following important factors could cause future results to differ from historical experience and our present expectations or projections: changes in economic or industry conditions; competition; inflation and deflation in raw material prices, freight and other input costs; inflation and deflation in consumer markets; currency fluctuations; energy costs and supply; timing and level of capital expenditures; timing and implementation of price increases for the Company's products; impairment charges; identification and consummation of acquisitions on favorable terms, if at all; integration of acquisitions; international operations; introduction of new products; rationaliz

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 Nine Months Ended (In millions, except per share data) September 28, 2024 September 30, 2023 September 28, 2024 September 30, 2023 Net sales $ 2,719.0 2,766.1 8,199.7 8,522.8 Cost of sales 2,026.4 2,074.1 6,133.8 6,455.4 Gross profit 692.6 692.0 2,065.9 2,067.4 Selling, general and administrative expenses 480.3 549.6 1,493.0 1,646.2 Impairment of goodwill and indefinite-lived intangibles — 876.1 — 876.1 Operating income (loss) 212.3 ( 733.7 ) 572.9 ( 454.9 ) Interest expense 11.2 20.1 38.6 60.1 Other (income) and expense, net ( 0.7 ) ( 8.5 ) ( 0.2 ) ( 6.9 ) Earnings (loss) before income taxes 201.8 ( 745.3 ) 534.5 ( 508.1 ) Income tax expense 39.8 15.0 109.9 70.7 Net earnings (loss) including noncontrolling interests 162.0 ( 760.3 ) 424.6 ( 578.8 ) Less: net earnings attributable to noncontrolling interests — 0.1 0.1 0.2 Net earnings (loss) attributable to Mohawk Industries, Inc. $ 162.0 ( 760.4 ) 424.5 ( 579.0 ) Basic earnings (loss) per share attributable to Mohawk Industries, Inc. $ 2.57 ( 11.94 ) 6.69 ( 9.10 ) Weighted-average common shares outstanding—basic 63.1 63.7 63.5 63.6 Diluted earnings (loss) per share attributable to Mohawk Industries, Inc. $ 2.55 ( 11.94 ) 6.66 ( 9.10 ) Weighted-average common shares outstanding—diluted 63.4 63.7 63.8 63.6 See accompanying notes to the Condensed Consolidated Financial Statements. 4 Table of Contents MOHAWK INDUSTRIES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) Three Months Ended Nine Months Ended (In millions) September 28, 2024 September 30, 2023 September 28, 2024 September 30, 2023 Net earnings (loss) including noncontrolling interests $ 162.0 ( 760.3 ) 424.6 ( 578.8 ) Other comprehensive income (loss): Foreign currency translation adjustments 34.4 ( 185.6 ) ( 124.5 ) (

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